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Brandes Extremely Bullish. But Is That Comforting?

Brandes Investment Partners in its first quarter message to investors says it is "unflinchingly enthusiastic about the values we are finding" in the stock market. Today will be looked upon as one of history's "most timely and rewarding periods to invest." However, Brandes says it is "frustrated and disappointed with the results we have delivered on your behalf...we are not pleased nor proud of our performance." The money manager, which looks for so-called undervalued stocks, had a dismal year in 2008. Brandes's U.S. value stocks lost 55.4% versus the Standard & Poor's 500's loss of 37%. Brandes's small caps lost 59.5% versus the Russell 2000's minus 33.8%. Brandes's various categories of bonds underperformed starkly, too. The firm took big positions in beaten-down financial stocks, but got hit hard in Freddie Mac, Washington Mutual, Countrywide, and Royal Bank of Scotland. It remains bullish on the financials. Brandes was among the largest investors in newspapers such as Gannett and McClatchy, and took a hosing. It also lost in its big bets on Ford, General Motors, and Kodak. It has $40.6 billion under management, down 51% from 2007 and 60% from 2005.

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Brandes Investment Partners in its first quarter message to investors says it is "unflinchingly enthusiastic about the values we are finding" in the stock market. Today will be looked upon as one of history's "most timely and rewarding periods to invest." However, Brandes says it is "frustrated and disappointed with the results we have delivered on your behalf...we are not pleased nor proud of our performance." The money manager, which looks for so-called undervalued stocks, had a dismal year in 2008. Brandes's U.S. value stocks lost 55.4% versus the Standard & Poor's 500's loss of 37%. Brandes's small caps lost 59.5% versus the Russell 2000's minus 33.8%. Brandes's various categories of bonds underperformed starkly, too. The firm took big positions in beaten-down financial stocks, but got hit hard in Freddie Mac, Washington Mutual, Countrywide, and Royal Bank of Scotland. It remains bullish on the financials. Brandes was among the largest investors in newspapers such as Gannett and McClatchy, and took a hosing. It also lost in its big bets on Ford, General Motors, and Kodak. It has $40.6 billion under management, down 51% from 2007 and 60% from 2005.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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