In a word, "blech".
I actually have far more colorful descriptions of this quarter's performance, but I try to keep the language here family-friendly (which is no doubt a major shock to those who actually know me!).
In any case, this was a lousy, frustrating, pain-in-the-butt kind of quarter. There's no question that a few big disappointments weighed on results. BioMimetic Therapeutics (Nasdaq: BMTI) has gotten absolutely crushed ever since a pretty iffy FDA panel meeting (and a reset of expectations that its product will get bounced by the agency). ISTA Pharmaceuticals (Nasdaq: ISTA) did great and then gave most of it back, and my bank stocks did mostly nothing.
Making matter worse, I know the ultimate end-of-quarter performance isn't really as good as it looks. I think the big run-up in the last week or two was window dressing and I think a lot of it is going to evaporate.
Ugh. The joys of investing, right?
So, without further adieu (or whining), here's the numbers:
Q2'11 Performance
Portfolio A - (2.6%)
Portfolio B - +2.8%
Combined Portfolios - (0.8%)
S&P 500 - (0.4%)
Nasdaq - (0.3%)
Russell 3000 - (0.5%)
YTD Performance
Portfolio A - +9.7%
Portfolio B - +8.4%
Combined Portfolios - +9.2%
S&P 500 - +5.0%
Nasdaq - +4.5%
Russell 3000 - +5.4%
Disclosure - I own shares of BioMimetic and ISTA
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