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Chris Rees

Portfolio Manager

Investment Strategy

The strategy is Don't Lose Money. Whatever I may produce in terms of out-performance, relative to the market, is a pure by-product of how much safety I have built into the portfolio. An investment and a portfolio will move in the direction of least resistance; if it can't go down, it will go sideways or up. If I can protect against the downside, the alternatives tend to take care of themselves. I'm a big believer in running a concentrated portfolio. Typically, the portfolio holds ten names. This allows me to focus in on my very best ideas. When it’s hard to find good value we may only hold five names and more cash.  During periods of extreme market or sector stress when there is more value to be found, we may invest in fifteen names and be fully invested. So the degree of concentration, although still highly concentrated, will vary somewhat depending on market conditions. However, when running a concentrated portfolio, you do not have the luxury of investing in losers on the scale of most conventional mutual funds. For a concentrated portfolio, there is a much higher requirement to get it right. The portfolio is put together like a jigsaw puzzle. Too many people think of an investment portfolio as just a bunch of random stock picks thrown into a basket. A good portfolio doesn't work like that. In a good portfolio, the investments work and fit together. Entry points, allocation, sector, country and currency considerations all play a part. The concept of being a good stock picker, in my opinion, is overstated. The importance of being a good portfolio manager and strategic planner is understated. In general, the portfolio seeks 'deep value' and 'special situation' investments, with an emphasis on companies selling at a discount to tangible book or liquidation value. This means that often the portfolio invests in unpopular or tainted names that won't make you popular at cocktail parties. Also, the portfolio often invests in companies, sectors, and/or the market in general during times of extreme stress and fear. Investing into fear and falling portfolio and market prices requires fortitude, perseverance and patience. My style of investing is definitely not suited for everyone. There is a saying in sailing which is apt here. “You do not need a good captain for good weather.” It’s not during storms and adversity when we get paid but it is where we do our best work and sow the important seeds for future profit. Another item of importance in a concentrated portfolio is the art of transitioning. The portfolio is always in transition. It's always coming from somewhere on its way to somewhere else. And it almost never gets exactly where it's going, or, if it does, it's only 'there' for a very short time. The reason for this is money flow. Money doesn't stay in the same place very long. I don't try to go to where the money is. I try to go where the money will go next. This tends to keep me away from the Kool-Aid and wild parties. It also helps keep me sober and close to a seat when the music stops. The ability to successfully transition a portfolio and stay in front of money movement is an important management tool. But, that said, I am not perfect. I do, and will, make mistakes. I'm really not a very smart guy. There are still plenty of things I don't know. But I do know my limitations and I do have a pretty simple idea: When I get it right, I like to make money. When I get it wrong, I want my money back. A global perspective is also important in a successful portfolio. It makes no sense to limit potential investments to one country, or one currency, or one sector. Instead, I seek to find the very best, safest investments I can find, wherever I can find them, and then blend, diversify, fit and balance them together into a high-powered concentrated global portfolio that, over the long term, has proved to be a viable and effective way of producing profits in an unpredictable, volatile, and ever changing global marketplace.

17+ YRS 9.67% 5.99% View Fund Stats Track Fund
10 YRS -3.32% 7.24% Fund has a 10 year track record.  
5 YRS -8.96% 16.37% Fund has a 5 year track record.  
3 YRS 4.53% 11.16% Fund has a 3 year track record.  
1 YR 12.97% 15.43% Fund has a 1 year track record.  
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(TFP) TENSTOCKS.COM Third Floor Portfolio
13+ YRS 3.02% 9.24% View Fund Stats Track Fund
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(TSATX) TENSTOCKS.COM After Tax Portfolio
9+ YRS -4.73% 14.96% View Fund Stats Track Fund
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