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Pastimes : Prudent Bear Fund (BEARX): contrarian investing -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (667)	12/20/2000 2:19:10 PM
From: Michael July	Read Replies (2) \| Respond to of 793

Just received the latest Annual report and I am not impressed by what is in the fund. Tice had a 25% LONG position in stocks including ~9% in healthcare, ~8% in metals (the gold stocks he owns are generally speculative names), and %4 in technology. His put options only comprised 5.4% of the fund. So where was the rest of our money....55.3% in Treasury securities!!!!! That is NOT why I bought this fund. I've already got a Treasury MM. With the debacle that has occurred in the technology sector this year this fund should be skyrocketing. Sure it's nice to see it going up but it should be making multi-year highs by now. The bottom line is Tice was right about what was going to happen but he didn't position the fund accordingly. That high percentage in Treasuries on Sept 30th tells me he was scared of losing more money. In addition, his stock/option picking skills leave little to be desired given the slow increase in share price. Sorry to sound negative but this guy has been tooting his message for a long time but has little to show for it. Hopefully that will change but the big money in the tech massacre has been made. Everyone is jumping on the bandwagon now which only drives up the price of buying any additional put options.