He says he has since diversified his portfolio, picking shares in established Canadian companies and industries that provide considerable dividend income.
Along with PowerShares, Dorsey Wright, the well-known research shop, has its own ETF that uses a trend following methodology when picking its portfolio constituents.
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With this strategy, he argues, investors can reduce the volatility of the portfolio and the risk of picking the loser rather than the winner.
The San-Francisco bank is picking up yet another portfolio from a struggling European bank.
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Mitchelson and Sit have the portfolio manager titles, but stock picking is really done at weekly five-hour gabfests where 12 people gather around a big jar of jelly beans in Sit Investment Associates' cozy conference room adorned with bamboo wallpaper and an oil painting of foggy mountains west of Shanghai.
As it has for some time now, the portfolio is currently finding more buys using the growth approach, which is responsible for picking eight of the stocks in the 10-stock portfolio.
Keiser, who has led the portfolio since 2006, says that stock picking in this sector has changed a lot as technologies such as PCs and servers have become commoditized and the sector's annual revenue growth has slowed from 18% in the late 1990s to 9% now.
He gained fame in 1986 for coauthoring a paper pointing out that asset allocation, not stock picking, is the engine of portfolio performance.
But why was the deal represented to the outside investors as if ACA Management, a company who had long interest in the deal, had sole responsibility in picking all of the names in the portfolio?
We rebalance our major portfolio every 28 days, but the strategy behind our stock picking has not changed since our inception.
Currently, the strategy is finding more buys using the growth approach, which is responsible for picking eight of the stocks in the 10-stock portfolio.
But with a portfolio that is now so huge, Mr. Buffett will have a more difficult time in the future picking stocks that will perform better than an index fund, Mr. Miller says.
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