The Oracle Of Manitoba

摘要

Discipline" and "patience" are probably the two most valuable words in value investing. It stands to reason, then, that few places would serve as better incubators for a value investor than The Pas, in Manitoba. Close to polar bear country, where Hudson Bay winds chill the air to 40 degrees below zero and the wait for spring lasts eight months, The Pas is the hometown of Randolph McDuff, a stock picker with an astounding record. Since McDuff began running his RMG ValueCatalyst small-company fund eight years ago, he has earned a compound annual return of 36.4%. Not a single diversified stock fund in Lipper Analyti-cals universe of 1,555 mutual funds can match that. Ken Heebner's CGM Focus Fund comes closest at 32.2% a year over the same period. McDuff's RMG Value Oriented Growth, which buys large companies like Bayer and Fresenius Medical, comes in third at 25.5%. Warren Buffett's Berkshire Hathaway has returned a compound annual 11% over that period; the S&P 500,1.1% (including dividends).