It's a little delicate on the short side. What we're saying is basically we think the price is too high.
There are unique requirements on funds that do long and short. In our case, in shorting, there's extra work to be done in picking the stocks.
There are unique requirements on funds that do long and short, ... In our case, in shorting, there's extra work to be done in picking the stocks.
There's no question the market got overheated, ... It's just getting more rationally priced.
We feel as a long-term strategy having a portion of assets hedged is reasonable.
I wouldn't say that was a bad deal. I shorted it because I knew that if anything happened to cast doubt on its future growth rate, the stock would go down.
In the Apollo program, you're figuring out trajectories to get people to the moon, ... And in the world of investments, the field is in its infancy in terms of the science of investing.
We're really not rooting for a bear market. It's like fire insurance. You don't hope for a fire but you keep some insurance just in case. It's a good component for people with stock exposure to make the ride a little smoother.
