Tough Year.

It's been a tough year as of yesterday with the major averages down between 2-6% for the year now.  Foreign markets have done much worse all on average down well into the double digits.  I thought I'd give you an idea how various other institutions, companies and asset classes have done.  Analysis does not include dividends that have or will be paid out between now and year end.

-Berkshire Hathaway {Warren Buffett's company}  down 6%.

-Hedge Funds {the folks who keep 20% of profits in a good year} see here.  On average most of these asset classes are down for the year as well.

-Jim Cramer's Action Alert's Plus:  -12.48% {Source Data supplied by Action Alerts Plus-Subscription required}

-Some well known mutual fund managers: 

  

Bill Miller, who has been managing the $921 million Legg Mason Capital Management Opportunity Fund (LMOPX_) since 1999, has seen his mid-cap value fund tumble 36% this year.  

  Ken Heebner, manager of the $1.8 billion large-growth CGM Focus Fund(CGMFX_) since 1997, has lost 27%. Heebner's $1.8 billion CGM Focus Fund(CGMFX) has plummeted 28% this year, Heebner, who's managed the fund since 1997, is known for having years in which the fund has rocketed more than 50% on outsized bets on targeted industries such as commodities or technology.

The $7.5 billion Calamos Growth Fund(CGRRX_), run by a large team including family members John P. Calamos Sr., John P. Calamos Jr. and Nick P. Calamos for 21 years, has dropped 11% this year. Like other large, known funds, the performance is better over a longer period, particularly 10 years.

Data Source:  Thetreet.com-Fund Managers Who Should Hang Their Heads.

General Electric.  -7.98%.

How have we done for clients?  While I never discuss specifics, I will say that on average we are down for the year in client accounts as of last night.  We are down in line with most of the major averages but not down as much as the most extreme.  Translation:  On average we are down a bit more than that 2.5% which is where the S&P 500 traded as of last night but on average not down the 6-7% which is where some of the more volitile major averages are currently trading.    {Note these results are not audited although I am willing to discuss and offer the evidence as to how I came up with that number if anybody is interested.  Also these numbers will likely change between now and year end-so treat it simply as a snapshot in time.} 

Everybody has been predicting a Santa Clause rally.  So far we haven't seen that.  We'll have to see what transpires in the next several weeks.  So far the 'jolly old elf" has brought nothing but coal.

*Long ETFs related to the S&P 500 in client and personal accounts  Long GE in certain client accounts as well as a legacy position or as an unsolicited position.