Ann: Change in Portfolio Value, page-3

I have been watching this for a long time. In theory it is akin to buying CASH at a 20% discount. But if the people who you give your cash to lose 2% a month, then your discount is gone in 10 months.

Being a long/short fund I find it impossible they cannot just be line ball each month. How can you lose when the market goes up and also lose when the market goes down. (I looked for last Dec when market went down and ALF also went down... more than market)

It is impossible to get it wrong every month for years?

Can anyone point to their investment thesis that is just WRONG for this day and age. If you were throwing darts at a board, then a long/short will balance each month.