Companies are increasingly challenged to deliver earnings that justify their lofty stock prices. Due to the market’s historic over-valuation, prudent investors are looking for alternative investments to generate growth, and hedge against the myriad of troubles confronting the globe. Lang Asset Management offers an investment alternative that performs well in a declining stock market environment.

Lang’s Short-Biased Managed Accounts product incorporates a sophisticated, professional approach to selling short a portfolio of stocks. We look for over-valued stocks to sell short that exhibit technical weakness. Our universe of stocks is the S&P 500, so all of the stocks that we short are very liquid. Initial stock position sizes typically represent about 3 to 4% of the value of the portfolio depending upon its size, so a standard account will be well diversified when fully invested (25 to 30 securities). We do not utilize options or futures.

All accounts are set up in the client’s own name at a broker or a bank, as opposed to being “pooled” as with a typical hedge fund. Therefore, there is complete transparency, so clients have access to their accounts 24/7 on-line, and can see their exact holdings at all times. In addition, there is no “lock-out” period or additional fees charged if the client wishes to liquidate his or her account. Our minimum account size is $200,000.

We believe that we are entering a very dangerous timeframe, with all the attendant economic and market problems directly ahead, and that the magnitude of our returns will be quite favorable.

Short-Biased Managed Account History 12-31-99 (Inception) to 12-31-11
Time Period	Composite Gross Return (%)	Composite Net Return (%)	Nasdaq (%)	S & P 500 (%)
12-31-99 to 12-31-11	28.48	-2.06	-29.34	6.49

Lang Asset Management, Inc.(LAM) is a portfolio manager that invests solely in U. S. based fixed and equity securities. LAM is defined as an independent investment management firm that is not affiliated with any parent organization. Composite has been valued monthly and portfolio returns have been weighted by using beginning-of-month market values plus weighted cash flows. The benchmark is the reciprocal of the average of the two indices. All indices include dividend income. Performance results are presented both before and after management fees, trading, and custodial fees. No alteration of composites as presented here has occurred because of changes in personnel. A complete list of firm composites and performance results is available upon request. It cannot and should not be assumed that future results will be profitable or will equal or exceed past results.

For additional information and fee schedule click on Getting Started.