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Technology Stocks : Semiconductor and Semi-Equipment Analysts - Their Calls
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To: Berk who wrote (49)10/9/1999 7:34:00 AM
From: FJB  Read Replies (2) of 195
 
His track record is atrocious. He runs something called the Prudent Bear fund. This is a fund which has been short the market since early '96. I just wanted to have some record of his latest prediction.

Bob

Here is what Mr. Tice was doing in early '97:

The other bear funds chalked up negative returns last year, compared with a 22.96% gain by the S&P. But not for lack of trying. One of the most aggressive bear funds going is the year-old Prudent Bear fund. Manager David Tice says he's positioned the fund for a long-term market decline that could take a decade for stocks to break even. He has sold short 57% of the fund's assets and owns puts on the S&P 400 midcap index and the Morgan Stanley High-Tech Index. The $15 million fund dropped 14% last year and is off 3.4% this year. But Tice says it will go up sharply if the market declines. When it dropped sharply in the summer of 1996--with the S&P 500 down 7.4% between May 24 and July 24--the Prudent Bear fund was up 14%, Tice says.
businessweek.com
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