Featured Articles | Hepburn Capital Management

President’s Letter: Proven Superiority

Posted on November 1, 2008

President’s letter Active Management Proves Its Superiority! The past year has clearly shown the superiority of active management and has also focused a bright light on the potentially fatal flaws of passive buy and hold. This is a great opportunity for NAAIM members to get out the message of active management and grow our businesses. Everyone knows that the great American investment creed is ‘buy low

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Diversification: When More is Less

Posted on March 28, 2007

Diversification: When More is Less The idea that institutional investors are the biggest players in the market is nothing new, but a quote from the Wall Street Journal, recounted by Robert Folsom of Elliott Wave International really caught my eye. “Institutional investing is now largely the business of giants. America’s 100 largest money managers alone now hold 58% of all stocks.” This reminded me of a

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The Fatal Flaw

Posted on August 18, 2006

The following is a letter I wrote to the Certified Financial Planners Board of Standards, the College For Financial Planning, and the Financial Planners Association in late 2002. Its message is as relevant today as it was then. Will Hepburn The Fatal Flaw in Most Financial Plans To Whom This May Concern: I believe very strongly that certain standards in the financial planning industry are promoting

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The Math of Losing

Posted on August 17, 2006

It has been said that the three most important rules of investing are: Don’t lose your money! Don’t lose your money! Don’t lose your money! The reason this is so important can be seen in the math of losing:

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Don’t Get Railroaded by Wall Street

Posted on December 22, 2005

Don’t Get Railroaded by Wall Street Stock market investing isn’t always as easy as it seemed in the 1990s. Over 200 years of stock market history shows us that there have been seven generation-long bear markets that averaged 14 years in length, during which times money in the stock market generally lost purchasing power. Buy-and-Hold investors often suffer huge losses during these periods, yet traditional financial

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