why are?, page-7

I certainly didn't predict it, that's why I've held throughout!!.

Apart from the terrible macro situation (who knows where to from here?), MAD was a victim of it's own success. Way too much leverage with warrants/mini's/margin loans and the ASX200 exacerbated this with index fund action. People were forced to sell at prices they didn't like. Add to this a few shorters along the way and it was a perfect storm.

Now that a lot of the leverage has gone, and index funds will be less active, we have a chance to rebuild some momentum in the medium term. I suspect a lot of the shorts will be covered at these levels in the near future.