08年9月的时候我全卖了，所以我自己从没到过那个floor。
2010年我的回报是23%，这个怎么样？
For 2010, you beat S&P 500 or TSX by 7%. So, congratulations !
However, there are two more parameters one need to consider:
1). What are the risks taken in order to gain this 7% ?
2). What is your long-term performance ?
For instance, September of 2008 might be an interim top and there was a sharp down-turn in 2009. I guess you missed the big gain in 2009 to 2010.
What is your performance for 2010 ?
A more fundamental issue of an operation is what will you do if your portfolio is down. For instance, your established position at 1400 of Venture index, what will you do if it goes down to 1350 ?
As a index speculator, all you have is technical analysis and/or macro analysis. If gold is below $1000, gas is below $1, oil is below $80, Venture will be crushed flat. What will you do ?
Your answer is that you will get out long before at a smaller loss. However, such question always exist as soon as you have a position.
Same question exists for an individual company. At the top of the crisis, AXP was sold for $10. Buffett held 13% of the company and was on CNBC. When asked about it, he just smiled and said it was overdone.
At the time, if one opens up AXP's 10-K, one could see pretty clearly that AXP can stand total loss of $60 B loan over the next few years and still stay alive. The only risks are: 1). Executives are crooks; 2). AXP was nationalized. So, decisions are much easier.
Since you are managing large sums, I guess we can all learn from each other's experiences. Different views or even heated arguments are needed in order to flush out new ideas.
So, let's keep this topic alive and fight like comrades in the market.
