One more time, and sorry if this bothers anyone; regarding <<I also meant to ask, humbly, because I'm not an expert fund manager, that if you could double in first tier, and make 80% in 2nd-3rd tier, how do you lose 8%? >>
The answer is simply "you (he) did not." Starting from roughly the same date, say August 31 of 98 or so, von Emster's NAV is up about 30%; underperformance for sure, but not negative. The negative 8% is from the beginning of 1999; since then BTK is up 12% or so; "bounce" is probably up even more; VD is down 5% or so.
Now, if it's more fun to display the 2X, +80, -8 numbers just for the heck of it, without concern for periods, fine with me and I'll shut up. As I said before, it's not my intention to derail this deserved and entertaining bashing of Kurt von -g-
PB |
