Ann: Change in Portfolio Value, page-2

Another Zinger of a month...........

But who cares?! Eventually he'll be correct and jag another enormous performance fee. Just needs to do it once every few years and all is good.

Even a stopped clock is right twice a day and it's inevitable that the bearishness sentiment/settings will be rewarded.....predominantly for the manager's benefit of course.

The reality is that this fund has done zero for holders for more than 5 years now. If I was him, I'd be turning it up to maximum short and hoping that the market tanks shortly (which looks more likely than not( and next year will be a cracker.

Yes, it was very impressive during the early days of the GFC....hence the more flattering longer-term results but the GFC and immediate aftermath provided opportunities quite different to now.