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Michael,

We must be close, Sir.

Not that I would expend an ounce of energy to defend any NY-based hedge fund (says the Chicago CTA), but as if this has just been a typical period since Mar ’09 “No more than 23% of active managers in any segment of the U.S. equities market outperformed the S&P 500 over the past 5 years” practically brings tears to my eyes – in laughter. And also hope. Hope that we are close to the next “unforeseen sequence of events” typically favorable for our preferred style of trading.

Attached is from this weekend’s Wall St. Journal in case you missed it.

Keep up the great work!

Thanks!

The Deranged Trust Pension Funds
The Deranged Trust Pension Funds

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