this is how the fund mgrs evaluate themselves. if you listened to some AOD conf calls, you'd see them compare their performance to the S&P 500.
you don't seem to understand the numbers, maybe i was not totally clear. i've added back the dividends paid by AOD so i don't have to take out monthly divs from the SPY's.
trying to compare the two using an analysis of reinvesting the dividends is too much work for me. but i'd guess that the returns for AOD would be even worse if you did that - buying a stock that goes down doesn't usually provide positive returns on dividend reinvestments. in other words, i add .18 cents for the first dividend paid out in april 2008 (per my two year measurement period). if that had been reinvested, it would probably be worth less than 9 cents today. or how about the 12 cent div paid in june of 09. that would also be in a loss position today so my adding back as cash provided a better number for AOD.
is this beginning to make sense now ?
by the way, i upgraded the fund from strong sell to sell given the recent drop. expecting to go to neutral once the div cut has been announced.
please tell us something about your investments, etc... i've never seen you on the board before. i've been here since 2006.