Ann: September Quarterly Report and Appendix 4C, page-50

Well that's not the bottom line, is my point. Psychologically you may feel like it is but really you're selling a portion of your gains and your initial stake.

If I bought $10k worth of TNY and now it's worth $100k, you can tell yourself that selling $10K is getting "free carry" but from an accounting perspective you're selling $1k of your initial stake and $9k of capital gains. It doesn't matter if you're sitting on $90K worth of gains, or whether you bought $100K yesterday (again, ignoring tax considerations) - you've got $100K at risk.

I've now sold more $ worth of TNY than I ever bought, but that's nothing but a feel-good score keeping - if it goes to zero tomorrow I wouldn't be happy that I'd made money on my initial investment, I'd be pissed that I just lot everything that I had yesterday.