All time highs for the stock or bond markets?
Well, perhaps if you had been invested with me since 1999 or 2000 you would have seen all time highs because of our dodging losses in the rough years of 2000-2002. This is true even after deduction of all fees and expenses.
However, those investors who still cling to the “buy-and-hold-is-the-best-way to-invest” slogan pushed by Wall Street are probably still waiting to get back to even.
Three out of four of HCM’s stock market oriented “growth” strategies were at all time highs in December 2005, and both of our bond strategies, Tactical High Yield and Bond Protection also hit all time highs recently.
At the same time, most passive buy-and-hold investors are still well below the stock market highs of 2000 or the bond market highs of 2003—but look at all the fees they saved.
For those of you who decided that you wanted to end up with the most money, period, and became Hepburn Capital’s Adaptive Strategies clients, you have gotten the value you paid for. Congratulations on your good decision. However, investors who went the lowest-possible-cost route have gotten what they have paid for, too, I suppose.