Ann: Change in Portfolio Value, page-11

0.83% vs market at over 6% just demonstrates again to me how many ticking time bomb shorts he has in that portfolio.

I think this is one of the reasons it is tracking down with NTA gap increasing. It is anticipation of more stock picking errors coming to light each month. He appears to have both long and short side badly wrong exposing 200% of the portfolio to the markets. Absolute wealth destroyer. 

Maybe going back to the local shares will reduce his errors.