A slight head wind, page-9

Over the last few months Justin has been the victim of irrational takeovers that have destroyed ALF's performance. This can happen at any time. The fact that takeovers occurred in stocks shorted by ALF indicates that Justin was correct in his assessment of the companies being weak.

If you consider his previous track record a huge turnaround in fortunes a likely to occur.
The only problem is that these recent setbacks may have dented Justin's confidence in the short term & he might play it a little on the conservative side while he turns things around.

It should be noted that ALF's net exposure to the market at the end of February was only 5% which indicates that he expects the market to pull back as the market has already out performed expectations for this year.