Investment Manager’s Report:
“Its so hard, its so hard when you’re living in the devil’s playground.” Gram Rabbit
I’ve just received my annual attribution data for 2004. It concurs with Netscape founder Jim Clarke’s observation that the difference between the pig and the chicken is only revealed at breakfast; the trotter’s bacon is rather more committed than the chicken’s egg. And so with risk control and the parameters of operating within the context of a bear market rally (a.k.a. the devil’s playground).