With this concentrated fund, which has recently been essentially a sector fund (energy and materials in 2007 and so far in 2008), if you really believe in CGMFX as a long term investment, it makes a whole lot of sense to initiate a position or add to your position when the fund is on sale -- i.e., when the fund drops say 5-10% from its most recent high.  There have been a number of these corrections when either Ken's preferred sectors were experiencing a temporary correction or he was re-tooling into other sectors.  What I am advocating is buying into this fund on the inevitable dips -- nothing more and nothing less. I have tremendous confidence in Ken's stock picking abilities, and I currently have a 10% position in CGMFX.

Kevin