Just looked at it. It gives CGM Focus an A+ down market rating and B up market rating.
As Charles said, hard to follow in the Scribd format.
IIRC, Heebner did very well in 2000 and 2001, which might have gone into their down market performance rating. I agree with davidmoran: "must've been number-crunched and written by Heebner's nephew or something".
CGM Focus was -48% in 2008, vs. -37% for the S&P 500, and it was only up 10.4% in 2009 vs. 26.5% for the S&P 500. It was -26% in 2011, vs. up 2% for the S&P 500.
More often than not, Heebner will be either in the bottom decile or top decile of performance for any given year. I consider him to be a Wild West Gunslinger of the mutual fund world. Yet an unsuspecting very conservative/risk averse investor looking over those tables might see that A+ down market performance and be very attracted to the fund, not wanting to take risk!
His current "risk averse, A+ down market rated" portfolio includes:
19.26% of fund assets in one stock, Morgan Stanley.
32% of fund assets are short US Treasuries !
12% of fund assets in Lennar Corporation
Morningstar says: "he has constructed a nearly 29% stake in homebuilders such as Lennar LEN"

@Scott.
Good grief...

Flying high in April, shot down in May.

Looking at the long term chart of TWTR, I wonder if there was any real long term enthusiasm for this stock? The lock out period kept investors tied to the stock but now that period is over and the price has done a round trip. I am one of those who hasn't fallen for these high flying social media stocks. I prefer something more solid.
http://www.google.com/finance?cid=32086821185414

Whole Foods getting absolutely obliterated AH. You have what feels like a significant portion of momentum names down substantially or in some cases massively (30-40-50%+) from the highs, but the market overall isn't down that bad. The Twitters of the world getting wrecked, but - to use something I own - a Conocophillips holding up quite nicely. I think it's probably not over for Twitter (Twitter founder Dorsey's co Square having also cancelled its IPO) and a number of other names.

Sunday evening we enjoyed the 60-Minutes special on "The 90+ Generation." Monday morning turned on the tube and there was Buffett and Munger jabbing with Becky. Thought for a moment we were watching a re-run. :)
If only all of us could possess that kind of energy and intellect into our 80s and 90s.
(Buffet is 83 and Munger 90.)
---
Added edit: The article's a pretty good read. At $190,000 a share not many of us could afford very many shares of Berkshire A. But, the B shares sell for $125. Here's a stock I wish I had bought many years ago. Looks like kind of an "in-betweener" - between a single company and a fund. I'm not as sanguine as many about the prospects after Warren leaves the scene though. Got to wonder what his son will bring to the table - if, as I understand it, he is to take the helm.

FYI:
Regards,
Ted
http://www.marketwatch.com/story/us-stocks-sell-off-nasdaq-leads-losses-2014-05-06/print?guid=70AC831A-6493-4E2B-A083-957568B1C7E4
Major Stock Indexes: http://markets.wsj.com/us

FYI Just one example is my a recent purchases of Apollo Commercial Real Estate Preferred Stock (ARI-A) 8.625%. I bought it last month, 4/3/14 @$25.64 a slight premium it is presently selling @$26.13 a 1.90% gain with a annual yield based on my purchase price of 8.28%. I also have a major stake in PFF.
Regards,
Ted
http://www.kiplinger.com/printstory.php?pid=12389
M* Snapshot Of ARI-A: http://financials.morningstar.com/preferred/quote.html?t=ARIPRA

That's the last fund I would have expected. I know it's grown very large. I recall 5-10 years ago a lot of the $$ from Catapillar's employees' pension fund came in. Tried to dig up the details on that, but can't for whatever reason. Do recall reading about it at the time.
Guess that's what happens when you have a great run like the fund has had. Recall same thing happened to DODBX nearly a decade ago - and if my fading memory is correct, that fund closed. Course everything blew up couple years later. :)

Did just add on dip under $15...let's trust it will not stay under $15 for long =).

FYI:
Regards,
Ted
http://www.marketwatch.com/story/warren-buffett-is-a-mutual-fund-2014-05-05/print?guid=BAA066FC-D446-11E3-A037-00212803FAD6

FYI:
Regards,
Ted
http://www.investmentnews.com/article/20140505/FREE/140509950?template=printart

FYI: (Click On Download)
Regards,
Ted
http://www.moneylifeshow.com/highlights.asp
M* Snapshot Of RSQVX: http://quotes.morningstar.com/fund/f?t=RSQVX&region=usa&culture=en-US

FYI:
Regards,
Ted
http://www.forbes.com/sites/baldwin/2014/05/05/forbes-mutual-fund-ratings-2014/print/

FYI:
Regards,
Ted
http://www.investmentnews.com/article/20140505/FREE/140509951?template=printart

@Charles: AGG Down -(.04)% SPY up .19%. I like BAC, and so does Warren Buffett, at $15.00 and change I might take a position. One of my investing secrets is buy when now one else wants it.
Regards,
Ted

FYI:
Regards,
Ted
http://www.marketwatch.com/story/dow-reverses-triple-digit-loss-ends-higher-2014-05-05/print?guid=A3A6E57D-F0DA-469A-8F8E-18EA06B41A3D
Major Stock Indexes: http://markets.wsj.com/us

A 62.5% drop! Wow......surprising for a global stock fund run by value investors with a stellar reputation. I would not have guessed that. Of course this speaks much more to the devastating drawdown experienced by global stock markets themselves. I believe the US Stock market drawdown was approximately 55%. Don't have figures for the drawdown of the average world stock fund.

Ted said: : "You can't go wrong with this fund, Dodge & Cox Global Value." (Fund doesn't exist - but I think he meant Dodge and Cox Global Growth DODWX which he linked)
Always pains me to disagree with Ted. But sure, you CAN go wrong with DODWX as with any other fund. DODWX opened at $10.00 on May 1, 2008. By the following March (a mere 10 months later) its NAV had slipped to $3.75. Talk about a rude introduction! (Of course it's had a stellar run since than:-)
I like D&C for a lot of reasons - not the least of which is their consistently very low fee structure for actively managed funds. However, had you been reading this board's precursor (Fund Alarm) in early 2009, you would have learned that they can't do anything right. :-)

Another Tweedy, Browne product:
http://quotes.morningstar.com/fund/tbgvx/f?pgid=hetopquote&t=TBGVX

I think I'd call TBGVX more of an international fund than global. It's American holdings are quite limited. FMIJX would be similar. But TBHDX, as Charles pointed out, would be another good global choice, maybe a touch more conservative than the others.

TBGVX is Tweedy's international offering. TWBVX was formerly the US offering. In fact, however, TWBVX transitioned to a global offering a while back -- details are on their fact sheets where they show their rationale for benchmarking the fund against the S&P500 vs. a global index for a certain number of years before benchmarking to a global index.
That said, I have no idea why TBGVX as the "international" offering has always held a pretty good share of US stocks.
I own PGVFX, BTW, and almost dropped it. Requires a fair degree of patience, and there appears to have been some turnover in their analyst staff. I'm on the fence. It tends to have an unusual portfolio, and a strong mid-cap value tilt; does not tend to hold cash. Its earlier record seems to have been based on its sidestepping the dot-com bust. Did not hold up so well in aftermath of the 2008 bust, but is finally digging itself out.
FWIW.

I recently open an health svings account with The Bruce Fund. I will add to this hsa for the next 10 years (until age 65). The website leaves a lot to be desired, but I believe my occassional health care related reimbursements won't create too much of a hassle. It would be nice if Bruce accounts could be linked electronically to external bank accounts for dispursement. As mentioned by Mozart325, nice YTD performance.