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Brandes Investment Partners Still Underperforming Sharply, Losing Clients
reply to #15: I'm not defending any particular equity investing philosophy - my point is related more generally to asset allocation. I don't think you should judge equity investing of any kind on one-year performance. Just about every equity index that has been around since the Depression, including the DJIA, had its worst year since the Depression in 2008. If you were going to avoid every equity investing philosophy that had a bad year in 2008, you'd have to get out of equities entirely. In general, if your investment horizon is only one year, you shouldn't be in an asset class as volatile as equities in the first place. It follows that if one year is too short a period to invest in equities, one year is also too short to make a reasonable judgment about an equity investing strategy. On the other hand, if you have a long time horizon (and maybe some Pepto Bismol), one astoundingly bad year isn't a reason to avoid equities altogether. If someone thinks he can time the market; i.e., get in and out of different asset classes (equities, bonds, real estate, commodities, etc.) at the right time over the long term, more power to him. He would be the only person on Earth with that talent. Your allocation to equities sounds pretty conservative, but perfectly reasonable as long as you weren't planning to liquidate that part of your portfolio anytime soon and the volatility isn't keeping you up at night.— January 22, 2009 10:45 p.m.
Brandes Investment Partners Still Underperforming Sharply, Losing Clients
reply to #12: Great call - you win the Monday Morning Quarterback Award! Let me guess...we should have sold our houses a couple of years ago and bought oil futures, then sold the oil futures last summer and bought Treasuries. So now what? Are you going to predict who won last year's World Series? You might consider that investing in stocks isn't meant to be a one-year commitment. When you're in for the long term, one bad year - even a year as bad as 2008 - doesn't prove an investing philosophy is wrong.— January 22, 2009 8:35 p.m.