Michael,
I have only read public (e.g. NYT) articles about JR's strategy (heavy - way more than 100% - leverage, currencies, short Japan at right time, long US the right time, no information about beta or monthly performance).
But, my point was in the long run, with the kind of leverage that JR employed, his returns are rather shabby. His investors would have done better by putting on much lower leverage and hence risk on the S&P500. They would have saved on taxes and investment fees, too. That doesn't make JR any less smart, as he collected those fees. ;-)
TTFN,
-BGR. |
