Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Heebner is Hedging His Bets Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, December 08, 2008

Heebner is Hedging His Bets

News summary by MFWire's editors

Kenneth Heebner, one of the hot names in the fund industry at Boston-based CGM Funds, is starting a hedge fund. The 68-year-old's decision to launch Wayfarer Capital LP typifies the contrary thinking of the fund industry veteran. The WSJ also reports that Heebner is in the process of reversing his bearish bet on financial stocks, now believing that the sector that has lead the bear market has bottomed.

Heebner thinks the turnaround is coming thanks to the recent moves made by the Treasury Department and Federal Reserve to kick start lending.

"A year from now, credit will be available because of the government's actions," Heebner told the paper.

Heebner is basing his bet on financials, which has grown to 40 percent of CGM Focus' portfolio, on measures such as "price-to-tangible book value" and "price-to-preprovision earnings."

So far, one could argue that the shift in outlook may have come too early. Heebner's CGM Focus has fallen 52 percent this year, 11 percent behind the Standard & Poor's 500 index. 

Edited by: Sean Hanna, Editor in Chief


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use