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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Jon Tara who wrote (8687)	12/22/1997 10:01:00 AM
From: Terry	Read Replies (1) \| Respond to of 9285

Tice's performance has been much better than his benchmark. The Prudent Bear Fund is down about 16% since the beginning of 1996, I don't have to tell you that the S&P is up much more than that. DISCLAIMER: I am a former employee.

To: Jon Tara who wrote (8687)	12/26/1997 10:38:00 AM
From: Fernando Saldanha	Read Replies (1) \| Respond to of 9285

Jon, I do not think the objective of a short fund is making money. Rather, it is to have a negative correlation with the overall market. I have many longs, and if I can reduce the volatility of my portfolio at a small cost that would be a great deal for me, since I could increase my leverage. For example, if I can buy an index fund that exactly mimics the S&P 500, and then also buy a short fund that always does better than shorting the S&P 500, I would have a riskless arbitrage.