I think you will find those selling have lost confidence in the...

I think you will find those selling have lost confidence in the manager and are prepared to take the haircut to avoid any aggressive reversal. It's all well and good for those who have bought recently to get excited... but for those of us that bought at the float... although pleasing, it just reinforces everything that is wrong with this manager. They make big bets - and when they win - they win big and conversely the opposite is true.

I am prepared to take the risk and see where this goes, but I also completely understand why shareholders would pull the pin on this one - even with the considerable discount.

It's probably just sour grapes - but I can't forgive and forget the massive increase in AUM for the float and the aggressive (foolhardy) deployment of capital. Notwithstanding, I accept the responsibility for my investment. However, I don't see this fund as being anywhere close to a 'hedge fund'. If anything, it just deploys aggressive leverage to win big or lose big. For those that think that's what a hedge fund does... you have no idea.

Anyway, congrats to those that bought at the low in March... you deserve the massive gain. It would have been no easy decision to invest in this fund - seeing it was on a one way path to zero.