The document compares the performance of several Denver money manager portfolios to the S&P 500 index over three different time periods: the 1990s, 2000s, and from 1990 to 2009. It shows that most of the money manager portfolios outperformed the S&P 500 during the 1990s and 2000s, with some portfolios doubling or tripling the returns of the S&P 500. However, over the full 20-year period from 1990 to 2009, the money manager portfolios on average did not significantly outperform the S&P 500.

1. The Lost Portfolios vs S&P 500
Denver Money Manager
Decade?
1/1/2000 - 12/31/2009
120% 111.6% 111.5% 110.2%
107.9% 110.4% 107.7%
104.1%
99.1%
100% 92.6%
84.9% 84.8%
80%
60%
40%
20%
0%
-9.1%
-20%
S&
D All
Ba on
90
80
70
60
50
40
30
20
10
P
M oc
/1
/2
/3
/4
/5
/6
/7
/8
/9
rc d I
50
B
M at
0
0
0
0
0
0
0
0
0
la nd
0
y’s e
G ion
lo
Ag x
ba
g
l

2. The Roaring ‘90s 500
Denver Money Manager Portfolios vs S&P 1/1/1990 - 12/31/1999
450% 433%
400%
350%
300% 291%
274%
257%
250% 241%
224%
208%
200% 192%
177%
161%
146%
150%
110%
100%
50%
0%
S&
D All
Ba on
90
80
70
60
50
40
30
20
10
P
M oc
/1
/2
/3
/4
/5
/6
/7
/8
/9
rc d I
50
B
M at
0
0
0
0
0
0
0
0
0
la nd
0
y’s e
G ion
lo
Ag x
ba
g
l

3. The Money Manager Portfolios Years
Denver
Last Twenty vs S&P 500
1/1/1990 - 12/31/2009
622% 620% 611%
625% 596%
575%
548%
518%
500% 485%
449%
412%
384%
375%
288%
250%
125%
0%
S&
D All
Ba on
90
80
70
60
50
40
30
20
10
P
M oc
/1
/2
/3
/4
/5
/6
/7
/8
/9
rc d I
50
B
M at
0
0
0
0
0
0
0
0
0
la nd
0
y’s e
G ion
lo
Ag x
ba
g
l