Lots of the names loaded with leverage, debt, off balance sheet entities, illiquid assets, pension obligations, and on and on
I guess I had a different view of what value investing is...a few different metrics that are simple ABCs, such as Enterprise Value = market cap + debt + obligations - cash. Then do ratio of EV to GAAP cash flow and find some companies worth picking. 50% of the holdings were absolutely not undervalued on that criteria, on top of being plain bad picks. Don't they know this stuff?

Is there any justice in life when you see the sort of knuckleheads that have sweet jobs?

Anyway, they changed the fund manager 4 months ago by the looks of it, and I'll be interested to see what the 09/30/08 holdings look like.