Ann: Net Tangible Asset Backing, page-6

I think 7 years is a long time to under perform in the hope that it will be OK after 10 years. Based on those stats, I have taken the view that the first 3 years were a fluke to give them a 10 year out performance vs the 7 year under performance.

These guys should be performing well on the shorts and the longs if they were good readers of the markets and stocks. There have been plenty of overvalued stocks that have been decimated and plenty that have done well for a long play. As others have eluded, they are definitely not good stock pickers because the volatility and opportunity has been there for them to have made a killing in the markets over the last 7 years vs a blind index.