Why would you short Tassals *now*?, page-328

Biomass value is driven by price, no doubt. But driven more by weight x number of fish at sea.
So as you are growing the business and leaving fish in the water the biomass value naturally increases even when prices flip around. And the biomass includes 3 seperate year classes, so small, medium and large fish, all with different prices attached.

And the tracking error bit, @rustynailz, is irrelevant. TGR is not big enough to warrant concern. It's probably 50bp or less of the SmallOrds...so if it rallied 20% it would cost you 10bp of performance if you didnt own them. Not worth worrying about.