Introduction I have been following Hulbert for 15 yrs I have used Hulbert Financial Digest To select Stock…But not for timing Hulbert Newsletters with the highest return which often have high Betas My objective is not to buy & hold

Hulbert Hulbert says easiest way to loss money, follow Last Years hottest NL. Best results – NLs with good 10–15 yr returns Hulbert says that a NLs can be a good stock pickers or good timers but not both Timing - Pat Finnegan's Stock Chart timing signal Using signals for Stock Entry and Exsist

Studying News Letters Hulbert has been publishing for 33 yrs Looking for NL to help select stocks Hulbert Financial Digest tracks 189 NL

Out Line of Presentation A Newletters can contain one Portfolio or as many as 9 portfolios Hulbert data base: NLs monthly return (1 - 9 Portfolios) Every Portfolios (inside NL) monthly return Hulbert is reporting monthly on 541 Portfolios at this time. NL-P

Hulbert Goal is find Newsletters that have good performance over 15, 10, 5 years Some of these top Portfolios suffer major declines during Financial Crisis & early It appears that Portfolios with high returns also have a very high Beta. (When the market is going down these Portfolios go down fast, you lose more than the market averages).

Raw Return NL-P First slide covers YTD July / /13 Second slide covers months 1/ /12 Third slide reviews last three years 1/ /12 Fourth slide will review last five years 1/ /12 Fifth slide looks at the last ten years 1/03 – 12/12 Fifth slide looks at the last ten years 1/98 – 12/12

July YTD 2013 Performance Investment Reporter-Higher Risk Stks 26% Medical Technology Stk- Trader Portfolio 106% Buyback Letter – Health & Bio Tech 39% Turnaround Letter – Small-Cap >1B 21% Linde Equity Report1P 39%

ONE YR PERFORMANCE as of 12/2012 by NL-P Annualize Investment Reporter-Higher Risk Stks 210% Medical Technology Stk- Trader Portfolio 74% Buyback Letter – Health & Bio Tech 50% Turnaround Letter – Small-Cap >1B 45% Linde Equity Report1P 23%

Three Yr Performance as of 12/12 by NL-P Annualized Investment Reporter-Higher Risk Stk 73% Medical Technology–Traders Portfolio 21% Buyback Letter – Health & Bio – Tech 24% Turnaround Letter – Small Cap >$1B 22% Linde Equity Report 1P 11%

Five YR as of 12/2012 by NL-P Annualized Beg 1/08 Investment Reporter- Higher Risk Stks 17% Medical Technology Stk – Trader P -14% Buyback Letter – Health & Bio Tech 8% Turnaround Letter – Small Cap >1B 0% Linde Equity Report 1P 6%

Ten YR as of 12/12 by NL-P Annualized Beg 1/03 The Investment Reporter - Higher risk 20% Medical Technology- Trader P 20% Buyback Letter – Health & Bio 17% Turnaround Letter – Small Cap >1B 13% Linde Equity Report 1P 9%

Fifteen YRs Jan Dec 2012 The Investment Reporter - Higher risk 8% Medical Technology- Trader P XX Buyback Letter – Health & Bio XX Turnaround Letter – Small Cap >1B 10% Linde Equity Report 1P XX

Investment Reporter Cost per year $337 p/yr Number of Portfolios - 13 started 1941 FrequencyWeekly Best Portfolio 10yrs P - Higher Risk - 20% P – Conservative stk - 18% Strategy – Fundamental + L/T view Average Holding Period 5 years Number of Securites P-High Risk - 2 Volatility vs Wilshire 11% higher 75% Canadian, 25% US stock

Buyback Letter Cost per year $195 p/yr Number of Portfolios - 9 started 1997 FrequencyMonthly Portfolios5P Best Health & Bio Tech Strategy – Efficient market over looks stk buyback Average Holding Period 11 Months Volatility vs Wilshire 5% less

Turnaround Letter Cost per year $ 195p/yr No. of Portfolio 3 started 1987 Strategy– Stk to recover from previous period Number of Securites – 19 Average Holding period 863 days Volatility vs Wilshire 70% more

Forbes Special Situation Cost per year $295 p/yr Number of Portfolios one started 2001 Strategy –Fundamental Frequency once a month with 1 stk p/mo Number of Securites – 13 Average Holding period 231 days Volatility vs Wilshire 70% higher

Linde Cost per year $149 p/yr started 2001 FrequencyMonthly with one stk Strategy– Stk with high equity returns Number of Securites 13 Average Holding period 572 days Volatility vs Wilshire 89% more

NL-P Draw Down annz 14 Jan 08 thru Feb 09 Investment Reporter- High Risk -63% Medical Tech – Trader Portfolio -67% Buyback Letter- Health & Bio -38% Turnaround Letter- Small Cap >1B -72% Linde Equity -53% Forbes Special Situation-25%

Conclusion Best performers have high Beta to the market Need to have a exit plan for Bear Mkt Should consider the Investment Reporter Published since 1941 Negative – 75% of allocation Canadian Stocks Some Canadian Stocks thinly traded