king of all gurus: Ken Heebner

bet on copper:real supply-demand imbalance;
              water has been in increasingly shortsupply in some mining regions in       Chile[the world's leading producer].

bet on hotel REITS: supply/ demand imbalance,Revenue per available room

bet on oil:

Withoil, we're looking at adding 1.5 million barrels a day of incrementaldemand, and when I look around the world and factor in natural declinesin major oilfields in Saudi Arabia and elsewhere, I have troublefinding 1.5 million barrels a day in incremental supply.

bet on:tube and pipe products used by oil drillers
guys have been aggressive about raising prices based on the fact that there's a shortage of what they're selling

Ken Heebner's returns are:YTD 3 year 5 year
60.39% 31.59% 32.10



He concentrated on homebuilders from 2001 to 2005 and airlines in the late 1990s. Heebner also bet against technology and telephone stocks in 2000, before the collapse of Nasdaq Composite. A surge in commodity demand from Asia led Heebner to quadruple his holdings in mining and metals companies this past year, to 25 percent.His fund has huge sector bets and has ability to short .Fund has more than three fourths of its assets in cyclicals:energy and industrial stocks.Top 10 holdings accounts for more than half of assets.