By Paul Price
Murphy's Law says that anything bad that can happen, will happen.
Market Shadows beat Murphy's Law. We learned of a good mistake in our Virtual Value Portfolio. Our holding of Cognizant Technologies (CTSH) experienced a 2 for 1 split on March 7, 2014 but the number of shares showing in our Virtual Value Portfolio did not get adjusted while the share price did. Our results have been understated by the value of 52 shares of CTSH since the split's effective date.
This has now been corrected, giving our reported YTD results a boost.
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The first quarter of 2014 is now on the books. We posted a 5.25% total return for the three-month period ended March 31, 2014. Here are the numbers as of today's close, compared with our year-end 2013 figures.
Our original $100,000 has grown to $146,878 in 17 months and four days. Our annualized returns on this unleveraged, long-only value mix has been 33.5% since inception on Oct. 26, 2012.
The S&P 500, the DJIA and the Nasdaq Composite all posted unexciting returns in this year's opening three-months.
