Veteran investor David Winters has seen bear markets, but never one like this. Throughout his 24-year career, the fund manager has invested in distressed stocks and bonds, seeing many of them skyrocket.
In 2007, his Wintergreen fund trounced the broader market, up 21 percent versus a 6 percent gain for the Standard & Poor's 500 index. By last June, Winters, 46, had turned conservative, selling financial-industry stocks and putting nearly a quarter of the fund's assets in cash. But then the stock market crashed, and Wintergreen lost 39 percent in 2008 alone and, at one point, nearly half its value. Year-to-date, the fund is down almost 15 percent; the S&P is down 17 percent.
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In 2007, his Wintergreen fund trounced the broader market, up 21 percent versus a 6 percent gain for the Standard & Poor's 500 index. By last June, Winters, 46, had turned conservative, selling financial-industry stocks and putting nearly a quarter of the fund's assets in cash. But then the stock market crashed, and Wintergreen lost 39 percent in 2008 alone and, at one point, nearly half its value. Year-to-date, the fund is down almost 15 percent; the S&P is down 17 percent.
Read the complete interview
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