THE ECLECTICA FUND - NOVEMBER 2003
Investment Manager’s Report: The devil is in the detail
This has been a year of biblical proportion. I am reminded of Jesus, fasting in the desert for 40 days & nights, seeking clarity for the difficult road ahead. Then, as now, such fastidious abstention brought much temptation. Look at the bear market rally. Both the German and NASDAQ markets are up almost 80% from their lows. Such wonderful gains could be ours if we would only renounce our blessed risk control.