1. Would Owning A Mutual Fund Be A Better Approach?
“Ignorance Is Sometimes Bliss.”

5. A Closer Look at Heebner’s
CGMFX Fund

6. Source: Morningstar Analytics, 1/31/14

7. Source: Morningstar Analytics, 1/31/14

8. Source: GuruFocus.com

9. Source: GuruFocus.com

10. Source: GuruFocus.com

11. Source: Morningstar Analytics, 1/31/14

12. The Hidden Costs of Mutual Funds
Portfolio managers can rack up steep expenses buying and selling securities, but that burden isn't reflected in a fund's standard expense ratio.
Estimates show trading costs for stock funds totaling 2% to 3% of assets annually, though conservative estimates place them closer to 1%.
There are other costs, not reported in the expense ratio, related to the buying and selling of securities in the portfolio, and those expenses can make a fund two or three times as costly as advertised.
Four main components: brokerage commissions, bid-ask spreads, opportunity costs and market-impact costs.”
Anna Prior (March, 2010). The Wall Street Journal

13. Source: PersonalFund, February 2014
Example: CGM Focus (CGMFX)
Investment: $10,000
Last Year's Itemized Costs of Owning This Fund
Your share of the fund's transaction costs
$446
4.46%
Amount you paid for fund management
$131
1.31%
Amount you paid for fund distribution $0
0.00%
Taxes you paid for holding the fund
One-Year Total Cost of Ownership
$577
5.77%
Source: PersonalFund, February 2014

14. How About Another Top Performing Mutual Fund?

15. Source: Morningstar Analytics, 1/31/14

16. Source: Morningstar Analytics, 1/31/14

17. Source: GuruFocus.com

18. Source: GuruFocus.com

19. Source: GuruFocus.com

20. Source: Morningstar Analytics, 1/31/14

21. Source: PersonalFund, February 2014
Meridian Growth Fund (MERDX)
Investment: $10,000
Last Year's Itemized Costs of Owning This Fund
Your share of the fund's transaction costs
$94
0.94%
Amount you paid for fund management
$99
0.99%
Amount you paid for fund distribution $0
0.00%
Taxes you paid for holding the fund
$193
1.93%
Source: PersonalFund, February 2014

22. What’s more important, Chasing the Returns or Chasing the Process?
When we own a Mutual Fund We Can’t See What Is Actually Happening “Under The Hood.” We Only See The End Result.
What’s more important, Chasing the Returns or Chasing the Process?

23. Our Process STEP 1 STEP 2 STEP 3 SCREENING
Seek out Fundamentally Sound Companies
MONTHLY
SCORING
Technical Trading System
Confirming Indicators
WEEKLY
EXECUTION
Monitor
BUY
SELL
LIMIT
On-Going

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