may not have assets, but he's got style. Bloomberg reports
that Heebner is sticking to his bets, even though his fund has been in the bottom 6 percent of its category in four of the last five years.
In the two years since June 2008, AUM for the mutual fund assets plummeted to $1.9 billion from $10.3 billion.
Heebner, who PMs CGM Focus Fund
], told Bloomberg
: "Most people think this is the worst time in the world to be optimistic, but my portfolio is positioned for strength in the U.S. I am functioning in a contrarian mode."
The article says Heebner was "America's No. 1 stock picker" until 2008, when he "lost his touch" and most of his investors.
Heebner believes "there are forces out there driving the U.S. in a positive direction." Not everyone has the same outlook, but the 71-year-old PM doesn't seem to be bothered by the pessimism.
He said that the negative outlook "historically has been associated with maximum points of opportunity for investing."
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