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Lazurus - V6.6 8.25.16
Transcript of Lazurus - V6.6 8.25.16
winning feels good.”
- Vin Scully
HEADS VS TAILS
S&P 500 ANNUAL RETURN %
annual return %
88 Year Average=
Impact of Missing the Best Days in the Stock Market (1974-2015)
Outcome of $10,000 Initially Invested
11.0% Annual Return
5.5% Annual Return
2.1% Annual Return
-1.2% Annual Return
Source: Fama & French daily market returns
retrieved from www.crsp.com
The Power of Compounding
Terms of Investment
High Water Mark
Lock-Up & Liquidity
0% below 10% annual hurdle, 50/50 split on additional returns
No lock-up, monthly liquidity up to 60 days notice
$1 million (Institutions), $500,000 (individuals)
Hold on to Losers
Behavioral Finance Fund
Laurie Santos: “A Monkey Economy As Irrational As Ours.” TEDGlobal 2010, July 2010.
“The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence.” Hersh Shefrin and Meir Statman. Journal of Finance, Vol XL, NO 3, July 1985.
The Power of Compounding: This graph illustrates the value of $1 million after 10, 20, and 30 year periods at various rates of annualized growth. It is not a representation of past or future performance of any investment or a representation that any investor or portfolio will or is likely to achieve profits or losses similar to those show.
Justin B. Borus
Manager & CIO
Brian T. Abrams
General Counsel & Chief Compliance Officer
Business Manager & Investor Relations
These materials are not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of the Fund managed by Lazarus are offered to selected investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). Any decision to invest must be based solely upon the information set forth in the Offering Documents, regardless of any information investors may have been otherwise furnished, including these materials.
The description herein of Lazarus’ approach and the targeted characteristics of the Fund’s strategies and investments is based on current expectations and should not be considered definitive or a guarantee that the approaches, strategies, and investment portfolio will, in fact, possess these characteristics. The opinions expressed herein are solely those of Lazarus and have not been verified, confirmed, or otherwise attested to by any third party.
The parent company of Lazarus holds a material ownership interest in the parent company of AthenaInvest Advisors and Messrs. Borus and Abrams serve on such company’s Board of Directors. Lazarus holds an exclusive license to AthenaInvest Advisors’ strategies for use in private investment funds.