Ann: Change in Portfolio Value, page-14

@pargolf. I really feel for you, and I apologise for being right !

You are quite correct in your assessment by saying “I must say I could not understand why so many posters expected the fund to perform in a down market, given that ALF has not been overall short in the portfolio.”

Thats the frustrating thing, that hes not taking a stance either way, in that he will win significantly if the market falls, or by going long if the market continues its rise ! How can you, when the shorts almost equal the longs, month after month, year after year !
Did you lose overall ? Or did you break even after everything ? You must have been in for a while when the SP was $1.35 or similar and things were going well and when it was a long only fund ?
Dont worry about Geoff ! Now that you are effectively out, can I please ask you to think of us poor (and getting poorer) remaining shareholders who have to suffer the foolish actions of these managers and pay them for the privilege.
“now that I am out, JB will probably rediscover the lost art of making money.

Nah ! I think that lost art will remain completely hidden to JB for the foreseeable future. !