A quick look at the Geared share fund of CFS shows that the approx 50% drop in the market produced a 84% drop in the fund.
Perhaps like the tortoise racing the hare with a metre start and halving the distance every second shows the hare never catches the tortoise, the fund price will never reach zero.
All the same some of their disclaimers are ambiguous about the guarantee that a wipeout can't happen.
