cheezeborger cheezeborger

The Windy City holds a soft spot in our hearts here at UTC.  Although its been over a decade since we traded sharp elbows in the pits of the CME, we miss the greasy spoons that dot the landscape.

The Wiener Circle comes to mind. And of course the famous Billy Goat Tavern, the diner that provided the source of inspiration for a series of legendary skits from comic genius John Belushi.

Spiros “Sig” Segalas of JennisonDryden is a genius as well.  With his flagship Harbor Capital Appreciation fund (HACAX) sporting a track record more impressive than John Holmes’ manhood, Segalas has long been a Big Swingin’ Dick on the street.

But a series of missteps has left the legend’s investing touch colder than John Belushi’s corpse.  With his fund barely up year-to-date, it is not a stretch to say that the average Greek diner is banking more drachma than Harbor Capital Appreciation fund.

After puking and choking on large positions such as Chico’s (CHS ) and more recently Whole Foods Market (WFMI) our favorite Greek fund manager is uncharacteristically serving up slop in the form of year-to-date returns.

However, Sig ain’t going down without a fight. His latest quarterly report to shareholders dated October 11th is unapologetic, predicting a decline in commodity related stocks and a resurgence in his traditional stock in trade, ie large cap growth stocks.

Despite the tough guy posturing, Sig continues to lag his indexes and peers.  We are not about to write him off, and in fact he is one of he few managers on Wall Street we would actually give our cash to. His guru status is well deserved and if any one on The Street has a right to be cocky it is the Greek God of mutual funds, not the 24-year old punks on Wall Street Warriors.

Talking tough is fine Sig, just back it up. Although Wall Street ain’t no diner, most fund managers are only one bad trade away from flipping burgers for a living.

Comments:

<< Back to main