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<title><![CDATA[Heartland Value]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/forumview?bn=46110</link>
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<title><![CDATA[One of Nasgovitz Fine Picks - PXG]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=22&amp;mid=22&amp;tof=1&amp;off=1</link>
<description><![CDATA[I see almost no one reads this board so, to whom it may concern:

Check out Bill Nasgovitz and Brad Evans performance with Phoenix Footwear Group   (AMEX PXG).   Heartland is PXG's largest institutional investor owning upwards of 800K shares.   The majority of the shares were purchased several years ago in the $5.00+ range.   These two so-called investment "experts" have now ridden PXG shares all the way down to $0.16, thus losing millions for investors in the Value Fund.

So when you watch that swell video of Bill Nasgovitz patting himself on the back for being such an amazing financial wizard, remember, he and roughly half his CFA's were nailed by the SEC to the tune of $3.9M for fraud and, Nasgovitz himself was censured for fraud.   PXG is a shining example of just how lame Heartland Advisors really is.   The loses were totally avoidable and Brad Evans should have been fired a long time ago for negligence.

Be smart, do not invest with Heartland Advisors.]]></description>
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<pubDate>Mon, 06 Apr 2009 22:12:14 GMT</pubDate>
<author><![CDATA[sluethtrader]]></author>
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<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=21&amp;tof=2&amp;off=1</link>
<description><![CDATA[Testing]]></description>
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<pubDate>Wed, 30 Jul 2008 15:01:32 GMT</pubDate>
<author><![CDATA[nittanylion29]]></author>
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<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=20&amp;tof=3&amp;off=1</link>
<description><![CDATA[I'm happy with this fund. I got in 3 months ago and it is up over 11% in a down market.   I opened a ROTH IRA for me my wife and I think we we do very well over the long run.]]></description>
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<pubDate>Tue, 10 Jun 2008 19:52:37 GMT</pubDate>
<author><![CDATA[hosemharon]]></author>
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<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=19&amp;tof=4&amp;off=1</link>
<description><![CDATA[Pg A7 of the 5/22/08 IBD has the following stats:

Compound annual rates of returns, 1926-2007.

Small-cap stocks 12.5%
Large-cap stocks 10.4%
Long-term govt bonds 5.5%
Intermediate-term bonds 5.3%
T bills 3.7%
Inflation 3%
Corporate bonds 0.45%]]></description>
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<pubDate>Sat, 07 Jun 2008 14:06:30 GMT</pubDate>
<author><![CDATA[gapdwn]]></author>
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<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=18&amp;tof=5&amp;off=1</link>
<description><![CDATA[If you get a chance, check out the chart on top of pg A6 of IBD in the 4/22/08 issue. It compares value and growth returns since 1968. Never any guarantees that the performance will continue, but the track record of value is impressive-over twice the aggregate returns vs growth during the 40 yrs.]]></description>
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<pubDate>Sun, 27 Apr 2008 15:28:23 GMT</pubDate>
<author><![CDATA[gapdwn]]></author>
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<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=17&amp;tof=6&amp;off=1</link>
<description><![CDATA[Not only am I still in, I am adding on the weakness. My objective is Long-Term wealth building, not short-term ups and downs.

From mid-2006 until this year, I set aside after-tax (and after- retirement-account) money in the bank. Because most banks pay virtually no interest, these funds just sat there. But my motivation was to build a capital pool for use during the next market selloff. I didn't know when it would happen, or what the cause would be, but that a significant downturn would happen at some point in time. 

Sure enough, that time is here. Not only is the financial media reporting the economic woes, so too is mainstream media. There are stories involving problems that have not been seen since the last mkt downturn, since the 1990's (bank stocks reaching lows not seen since then; the 3/3/08 IBD issue reported that the Consumer Expectations Index declined to 57.9 in Feb, the lowest since Jan 1991.), 1980's (deliquent mortgages highest since 1985), and even since the 1930's (i.e., the recent Fed actions are the broadest since the Great Depression) and beyond (BSC posted its first net qtr loss since *1923* and is now *gone* following the run on this bank--when is the last time that anyone has heard of a run on a bank?).

This, to me, translates to an eyepopping long-term wealth-building opportunity if one can be properly positioned. One way I want to participate is via the experts at Heartland. I continue to feel that these guys have to be all over the value opportunities and that HRTVX shares will be handsomely rewarded over the next 5, 10, 15, 20 YEARS (not days, weeks, or even months). 

I also feel that the longer this market stays down, the better the flush job will be. From the debris will rise the strongest performers.

Heartland's Winter '07 newsletter contained a discussion of consumer confidence. At the time it was falling sharply, reaching 87. Heartland predicted a further decline. However, they pointed out that historically, when the reading falls below 65 for more than a month, the markets bottom. They included bar charts of small-cap R2k performance in the wake of the most recent instances in 1980, 82, 90, and 2003. The data indicate that the average 3-year gain in the wake of sub-65 CCI readings was 115.5%. The projected avg 5-yr gain is ~138%. HRTVX tends to outperform the R2k. The news this week was that the March '08 CCI "Plunged to a Worse-Than-Expected" to 64.5. I feel for people that are hurting, but much of the pain has seemingly been brought on by too much personal spending, debt accrual, and too little savings. On the flip side, this pain/CCI reading is bringing the wealth-building HRTVX opportunity into sharper focus for those who did not get into financial trouble.

Never any guarantees, and the present financial-market damage may take months or years to repair. Also, large-cap is more the vogue at present (I check this via the IBD fund relative-performance charts), and may continue to be so for a while. But the annual HRTVX report indicates that micro- and small-caps lost 41% and 21% in '07; yet, HRTVX limited their loss to 5.5%. The report goes on to suggest that these declines have resulted in historically low small- and micro-cap valuation levels. I like the fact that this team has been through several mkt cycles--some newer funds are sporting better recent returns, but they might get into trouble during difficult times.

So I am using the economic blackness and Heartland's insights as an opportunity to accumulate, and am optimistic about the future of the US and the HRTVX fund. In an IBD chart in the 3/12/08 issue, small-cap stocks were shown to gain an average annual return of ~12.5% from 1926-2007, which outpaced large-cap stocks (~10%), bonds (~5.5%), and T-Bills (~3.5%). The future looks bright!

Good luck everyone.]]></description>
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<pubDate>Sat, 29 Mar 2008 19:21:45 GMT</pubDate>
<author><![CDATA[gapdwn]]></author>
</item><item>
<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=16&amp;tof=7&amp;off=1</link>
<description><![CDATA[Are you folks still in at this level?   It's taken a beating in 1Q08.]]></description>
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<pubDate>Sat, 29 Mar 2008 19:21:44 GMT</pubDate>
<author><![CDATA[kpwright_mail]]></author>
</item><item>
<title><![CDATA[Re: Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=15&amp;tof=8&amp;off=1</link>
<description><![CDATA[I agree. 

I began purchasing HRTVX in 1995, doing so directly from the company rather than in an on-line account so as to keep from looking at the quotes and performance on frequent basis in order to focus on the long-term. During some years I did not even look at the quarterly statements. A couple of years ago I recall opening a statement and being shocked as to how the money in my account had grown.

As you correctly point out, small caps - particularly value - are out of favor at present. Growth, and, especially, large-cap growth, are in vogue (see, e.g., the IBD charts regarding big-cap vs small-cap and growth vs value). I remember blundering in the late 1990's by putting some money into growth funds that then had momentum and paid for my mistake during the post-y2k selloff (HRTVX drawdown during the post-y2k selloff were small). The situation now strikes me as being similar to the situation then. As the HRTVX people indicate, money flows into the large caps as bull markets mature and money seeks relative safety of highly liquid stocks. Growth also lags value, coming onstream later in a recovery cycle.

For whatever it's worth, I am using this period of small-cap value weakness to add to my HRTVX position. Over the course of the years that I have owned HTRVX, I've noted a couple of times that management has sent out "head's up" notices indicating that particularly attractive opportunities are in the offing for adding to positions at attractive prices. They've recently sent a couple of those messages. In the past, these messages have proven to be lucrative. I have to believe that with the implosion of housing, finance, and a slew of retail stocks, that HRTVX management will find a basket of securities that will outperform significantly during the next several years. These probably won't be super growth opportunities, but many will certainly rebound strongly. I have been stockpiling money (post after-tax and after-403B/457B/401K excess income) in the bank for 18 months awaiting a market selloff so as to have funds to take advantage of weakness. So I am starting to follow HRTVX management's suggestion. 

As an aside, I am not convinced that the Fed's recent actions, and the proposed stimulus package, will prevent more market downside during the next several months. I just have trouble believing that this much damage will be repaired in short order. The worldwide bull market lasted ~5 years. The S&P, and many worldwide markets, have only been down for 3 months - just seems that more corrective action is needed to undo excesses. The 2000 break took 2+ years to complete. If more downside ensues, I will continue to add to my HRTVX position. The fund has an excellent long-term performance, and is doing well over the past 5 years with a 17.25% annualized appreciation:

<a href=http://screen.yahoo.com/a?cc=SV&trfy=160%2F&b=1&z=trfy&db=funds&vw=1>http://screen.yahoo.com/a?cc=SV&trfy=160%2F&b=1&z=trfy&db=funds&vw=1</a>

One other thing - you might check out the UVT. This instrument might boost small-cap value returns. The SJH works for falling small-cap value.

Good luck.]]></description>
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<pubDate>Wed, 30 Jul 2008 15:01:32 GMT</pubDate>
<author><![CDATA[gapdwn]]></author>
</item><item>
<title><![CDATA[civil fraud charges]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=14&amp;mid=14&amp;tof=9&amp;off=1</link>
<description><![CDATA[<a href=http://www.fundalarm.com/arc1103.htm>http://www.fundalarm.com/arc1103.htm</a>

(Originally posted January 1, 2004)
[Archive Table of Contents]

More than three years after a couple of Heartland muni funds suffered massive devaluations, the SEC finally filed civil fraud charges against the firm .....And even after several months of scandal fatigue, at least two of the Heartland allegations are stunning: A trio of the firm's senior executives, including CEO William Nasgovitz, sold their own holdings in the failing funds before the news was made public.....Also, late in the crisis, Heartland's legal counsel sent an e-mail to her colleagues, advising them to purge their files of any materials related to "portfolio securities, underlying credits and valuation issues".....Several other allegations in the Heartland case are serious, but almost anticlimactic: 

The company failed to do the proper credit research, and failed to manage the funds' liquidity; 


The funds held high percentages of unrated bonds, in violation of prospectus provisions; 


Over a period of six months, several key executives, as well as fund managers, repeatedly manipulated the prices of fund holdings; 


Heartland misrepresented the cause of the devaluations in an official SEC filing. 


As usual, the SEC case carries only potential financial penalties, but some of the alleged conduct clearly verges on the criminal (it's interesting to note that Heartland specifically denies only one allegation: That Nasgovitz engaged in insider trading) .....If you own Heartland funds, you might want to keep a close eye on the criminal angle.....If the U.S. Attorney gets involved, we're talking slammer time, and the possible end of Heartland as a firm.]]></description>
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<pubDate>Sun, 30 Dec 2007 02:51:21 GMT</pubDate>
<author><![CDATA[oneofthe504th]]></author>
</item><item>
<title><![CDATA[Be patient]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=13&amp;mid=13&amp;tof=10&amp;off=1</link>
<description><![CDATA[In 2002 I was going to sell my heartland value shares.   Glad I did not they soared 70 percent in 2003.   Now I am not happy with their YTD return not their performance level compared to other small value funds. I am still going to hold on and see it as a buying opportunity.   Remember small caps are out of flavor right now.   But this will change when the economic climate is more stable.]]></description>
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<pubDate>Wed, 30 Jul 2008 15:01:32 GMT</pubDate>
<author><![CDATA[moxiegirl225]]></author>
</item><item>
<title><![CDATA[New guy]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=12&amp;mid=12&amp;tof=11&amp;off=1</link>
<description><![CDATA[I've held all the shares I bought in 1992 but I'm not sure about Nasgovitz's son's ability to grow the account beyond the past average.]]></description>
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<pubDate>Tue, 20 Nov 2007 03:50:46 GMT</pubDate>
<author><![CDATA[kpwright_mail]]></author>
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<title><![CDATA[What happened in 2003?]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=11&amp;mid=11&amp;tof=12&amp;off=1</link>
<description><![CDATA[for the stock to rise and then be flat.

Since I am new to this fund what is the growth outlook or will the price drop back to those levels and never recover.]]></description>
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<pubDate>Fri, 16 Nov 2007 14:16:25 GMT</pubDate>
<author><![CDATA[in4life75]]></author>
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<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=10&amp;tof=13&amp;off=1</link>
<description><![CDATA[I have been "stuck" with vgenx for several years.
the biggies right now
are oil
metals
foreign.

small cap value is out of vogue...so they say.
good luck to us all]]></description>
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<pubDate>Mon, 08 Oct 2007 05:12:21 GMT</pubDate>
<author><![CDATA[mmitty]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=9&amp;tof=14&amp;off=1</link>
<description><![CDATA[wonder why she sucks so bad?
TOP 10 HOLDINGS ( 13.49% OF TOTAL ASSETS)    
 
Company Symbol % Assets YTD Return % 
INTERDIGITAL COMM IDCC 4.30 0.10 
Sherritt International Corp N/A 1.92 -32.71 
NEWPARK RESOURCES NR 1.71 -31.12 
Medwave, Inc. N/A 0.00 N/A 
ALASKA AIR GROUP INC ALK 1.68 -22.33 
NEKTAR THERAPEUTIC NKTR 1.36 -75.86 
Vocaltec Comms N/A 0.00 -37.16 
HUDSON HIGHLAND GR HHGP 1.35 -45.69 
FOREST OIL CP (NEW) FST 1.17 N/A 
Aphton Corp. N/A 0.00 -15.95]]></description>
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<pubDate>Mon, 08 Oct 2007 05:09:26 GMT</pubDate>
<author><![CDATA[mmitty]]></author>
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<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=8&amp;tof=15&amp;off=1</link>
<description><![CDATA[I think they got a new manager.   I read it somewhere.   However I made alot of money with Heartland over the years.   I plan on holding till the end of the year.   It is never over until the end of the year.   In the past I planned to bail out but did not.   I am glad now.]]></description>
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<pubDate>Mon, 08 Oct 2007 05:12:21 GMT</pubDate>
<author><![CDATA[moxiegirl225]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=7&amp;tof=16&amp;off=1</link>
<description><![CDATA[Down today with no explanation? So what? I've ridden this pony since 1984, and my modest investment is now a very substantial amount. You shouldn't own something that keeps you awake at night. Over the long haul, this has been a rush to own and very rewarding. Let your money ride. No stock fund goes up every day. Relax and you'll be glad you did. HRTVX is not going to make you rich overnight. It may make you rich over time. It is one of the best investments I've made in 40 years of investing. Everything will be OK!]]></description>
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<pubDate>Thu, 13 Sep 2007 20:03:33 GMT</pubDate>
<author><![CDATA[bentherptr]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=6&amp;tof=17&amp;off=1</link>
<description><![CDATA[4 of its top 5 holdings (which represent about 10% of all holdings) are down 12%-50% YTD (thru 5/31).]]></description>
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<pubDate>Wed, 22 Aug 2007 22:53:59 GMT</pubDate>
<author><![CDATA[edcbeliever]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=5&amp;tof=18&amp;off=1</link>
<description><![CDATA[I have been in this fund since 1992 and have never sold a share.   It has been a good investment, I think my account is now worth about 5x what I put in.   In fact, if I would have invested only here over the years I would probably be better off.   

I have noticed over the years that the share price movements are erratic and dramatic.   I don't know why.]]></description>
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<pubDate>Fri, 17 Aug 2007 03:13:08 GMT</pubDate>
<author><![CDATA[kpwright_mail]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=4&amp;tof=19&amp;off=1</link>
<description><![CDATA[As mentioned prior, I have been in the Hartland Value Fund for a long time (15+ years) and have never seen these kind of losses (11% in 20 days) when all the averages have regained their footing. I attempted to reach someone at Vanguard for input; however I was not able to get past their gatekeepers. Is Hartland in trouble????]]></description>
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<pubDate>Wed, 08 Aug 2007 12:04:13 GMT</pubDate>
<author><![CDATA[charliehoovler]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=3&amp;tof=20&amp;off=1</link>
<description><![CDATA[We needs answers, I just reduced my position in the russel and place a large portion of that in Heartland-what a big mistake!   If anyone can shed some light or on the holdings that have played into this hoerrible decline, would be very apprecaitive.

Thanks]]></description>
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<pubDate>Mon, 08 Oct 2007 05:09:25 GMT</pubDate>
<author><![CDATA[sakegel]]></author>
</item><item>
<title><![CDATA[Re: Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=2&amp;tof=21&amp;off=1</link>
<description><![CDATA[I’ve been with them for a long, long time, and have never seen such a departure from the all of the other averages. I researched, and couldn’t find out anything. Anyone have a clue. If I can’t find an answer, I’m about to bail out.]]></description>
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<pubDate>Tue, 07 Aug 2007 22:10:00 GMT</pubDate>
<author><![CDATA[charliehoovler]]></author>
</item><item>
<title><![CDATA[Down today with no explanation:]]></title>
<link>http://messages.finance.yahoo.com/Mutual_Funds_%28A_to_Z%29/Mutual_Funds_H/threadview?m=tm&amp;bn=46110&amp;tid=1&amp;mid=1&amp;tof=22&amp;off=1</link>
<description><![CDATA[Why did it go down when 2 out of every stock went up? Something does not seem right.]]></description>
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<pubDate>Mon, 08 Oct 2007 05:12:21 GMT</pubDate>
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