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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: biowa who wrote (7570)	2/8/2000 2:14:00 PM
From: Andreas Helke	Read Replies (2) \| Respond to of 9719

With real money the performance would not be quite the same. The VD model made quite a bit of money with shorting Entremed stock at times where it would not have been possible to short it at a real brokerage. But even on the long side the VD model made an incredible amount of money. When the VD model started its composition was pretty similar to my personal biotech portfolio. In my personal portfolio I do no short time trading and only very limited dumping of positions. Up to the end of 1999 the VD model was massively outperforming my personal biotech portfolio. Only this year my personal portfolio with the composition of 12/31/1999 was outperforming the VD Model from 12/31/1999 for 5 to 10%. But the model portfolio is again catching up with 57.9% ytd compared to 60.16%. The real portfolio even claims to be up 68%. But since this is calculated as a margin account I donït know what this number really means. I find it unfortunate that the VD model is handled as a margin account. The successfull use of margin has a big role in the impressive performance of the VD model. But it makes it almost impossible for an outsider to figure out how well the portfolio would have been doing if it was not margined. Only Cytokine1ïs spreadsheet would have a decent chance to calculate the equivalent non margined performance if it contained a formula that is taking money in and outflows due to margin use into account. Andreas