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After my recent critical remarks about BEARX, I wanted to see if I could
find some performance numbers for short-only hedge funds. BEARX is only
one manager and, by all accounts, not a very good one. It's not easy to
find the numbers but one site lists the average performance of hedge
funds in various categories without making you register and pay
exorbitant fees.
http://www.vanhedge.com/usinst.htm has 1995-99 performance for US funds
http://www.vanhedge.com/us.htm has 2000 performance for US funds
The short sellers are doing okay this year in this 'mother of all
bursting bubbles'. <g> They are up +7.6% YTD. Still not very good
compared to the market timers at +16.8% but at least they are in the
money and outperforming T-bills.
Different story in 1995-99 though. Short sellers +0.3% annualized.
Market timers +38.2% annualized. The short sellers actually did pretty
will in 1997 and 1999, better than in 2000, but the other years were
losers. The market timers were profitable every year.
Just goes to show that getting angry about the fundamentals and having
an 'opinion' about the market doesn't pay. Nah, I'm not talking about
JT. Would I do a thing like that? <g>
--
Dennis
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