I like coincidences, so it was great fun to see the recent Fortune magazine article ‘America’s Hottest Investor’ focus on a true contrarian, mutual fund manager Ken Heebner, who also just happens to be at the top of his investment game. And who just happens to confirm my liking for Petrobas (PBR): “Petrobas could become the biggest stock in the world,” he says. Update on his liking of PBR on 25 June.
A few choice excerpts for your consideration:
Just how good has Heebner been? We may well be witnessing the most dazzling run of stock picking in mutual fund history. Since May 1998, Focus has an average annualized return of 24%, the best ten-year record of any U.S. mutual fund, compared with only 4% for Standard & Poor’s 500. Focus, which has $7.4 billion in assets, is already up 15% in 2008 (as of May 19), but it is 2007 that will be remembered as Heebner’s pi