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Why has Warren Buffett’s Berkshire Hathaway underperformed the small cap index over the last decade? We discuss in a paper presented at Michigan Tech: paper  -  And our 2011 APMP Scholarship is awarded to a senior finance major: report


Sean Gohman publishes his thesis on the history and operation of the Cliff Mine, located in Keweenaw County, Michigan, a project we supported due to the historical significance of the mine and townsite (now a ghost town): Cliff Mine Thesis (published November 2010).


We award scholarships to finance students in the applied portfolio program, and support the historic MTU Cliff Mine Archeology Project: video and blog. Michigan Tech magazine discusses the student run portfolio—and issues faced by the management team: article.   And we award our 2009 LSGI Scholarship to a Michigan Tech finance student.


Historical statistics indicate that active portfolio managers have difficulty beating the major market indexes—adding ‘alpha’ or excess returns—for their investors. That being the case, how did Charles Munger and Warren Buffett generate excess returns when they managed their investment limited partnerships early in their career? And how did the 75 year old daughter of one of Buffett’s best known finance professors give away over $100 million to the high school she attended years ago? We address these issues, and more, in a white paper presented to applied finance students at Michigan Technological University - Excess returns: Can active managers generate ‘alpha’?


For the third time in eight years the Michigan Tech Applied Portfolio Management team won the national championship in the value category in the University of Dayton investment symposium—and we award our 2008 LSGI scholarship to a MTU finance student.


We sponsor  the Michigan Technological University School of Business & Economics Applied Portfolio Management (APMP) students in their annual quest to be named the best student money managers in the nation. The MTU students manage around a million dollars of their college’s endowment.


We award scholarships to Michigan Tech finance students and initiate a work/study program for students at Upper Michigan’s Finlandia University starting next fall—and support Division I NCAA college hockey at Tech. 


Forty percent of our LSGI Fund portfolio was included in the Fortune Small Business 100 list featuring 100 of the fastest growing public firms in the U.S. We recently published a study on the impact of monetary policy on the performance of small cap stocks - a topic of both academic and practical interest to our investors: MTU white paper


Information on the MTU APMP Program:  Michigan Tech APMP


The Michigan Tech APMP team competed in the University of Dayton student investment symposium in 2008. Over 2300 participants, 267 universities, and 69 countries were represented. Michigan Tech’s APMP team was named 2008 National Champions in the value category – for the second year in a row – based on their strategy and actual returns.


The Michigan Tech team has been National Champions three times in the last eight years. All the members of the APMP team will receive an engraved gold MTU Cross pen from LSGI to commemorate their success.


MTU’s APMP student Tony Hellenbrand is interviewed by CNBC’s Larry Kudlow on Morning Call in July of 2008. The MTU team has also opened the NASDAQ market.


Link to Tony’s CNBC interview: Hellenbrand

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