In the March 2016 issue of Richard C. Young’s Intelligence Report, Dick Young wrote:
The Great John Neff
John Neff, in his Vanguard Windsor fund days, was an outstanding proponent of investing in the forlorn, the unloved, the out-of-favor. John was noted for his patience and willingness to be out of synch for extended periods. During my institutional brokerage days, I loved working with Wellington Management, Windsor fund’s management company. I knew many managers and analysts at Wellington and fondly remember, when I was the new kid on the block with a lot to learn, the helpful, informative lunches and analyst sessions. These learning sessions still serve me well today. And the contrary opinion, out-of-phase success of John Neff played a big part in the learning curve I share with you over four decades later.
Maximizers Up While NASDAQ Crashes
What about the climate we are investing in today? How have the Maximizers [Ed. note: Read more about the Maximizers here] performed in the new century? Most important is that the Maximizers, perhaps shocking to you, have not recorded a single down year. Moreover, in the early going of this brutishly difficult year, the non-dividend centric NASDAQ is off to the slaughterhouse with a scary -14.16% in just the first five weeks of the year. Meanwhile, the Maximizers are actually up 1.77%. How is that for “protect and preserve?” Quite comforting, is it not?
My charts on corporate profits and industrial production now point to an economic cycle in the final stages of completion.