Welcome to Spytrader,

     At Dunvegan Associates, we manage investment portfolios along traditional lines, using value methodology that we define as growth at a reasonable price. For some of our clients, we employ asset allocation, using our proprietary quantitative investment tools that have been developed over many years.

     As a consequence of the effectiveness of our quantitative work for the past two decades for longer-term investment, we have fine tuned our work to embrace much shorter-term horizons given the opportunities that high market volatility began to create over the past five years. We have prepared a model portfolio, the DVA Alpha Fund, that is representative of funds that are actively managed by Dunvegan. We usually update this portfolio after we have made similar changes for managed clients.

     Every day, we run through our numbers and position ourselves for the next session. With spytrader.com, we share our notes with you. We hope that these pages will be as valuable to you as they are to us. Admittedly, there may be some difficulty in understanding some of the terms and methods used. Your comments are invited as to how we can best translate to you some of the keys that help us decrease market noise and maintain returns during these volatile times.

A. C. Moore
Director