Ann: September Quarterly Report and Appendix 4C, page-46

I find Free Carry a strange concept, it always reminds me of the "house money" fallacy/cognitative bias. It's all your money, whether it's invested capital or accrued gains, and when you sell a portion you aren't selling your "investment money" so you're only left with gains, you're always selling a pro-rata split of investment and gains.

It's similar people refusing to sell purely because they don't want to lock in a capital loss - they've already lost the money whether it has been realized or not (tax considerations aside)