2009-07-01

June Performance

Index

June %

YTD %

S&P 500 TR

0.20

3.16

MSCI EAFE

-0.77

5.64

上海 Shanghai

12.40

62.5

Fund



Entertain. Trends

1.10

13.86

Green Dragon

-3.84

18.89

Best of Funds

-7.09

6.93

Pharma & Dogs

0.26

2.70

China Fund

2.43

8.27

Software Security

1.11

20.73

Yield to Me

-6.08

4.91

Catch a Falling Knife

-1.16

-35.09



My Best of Funds portfolio was a disappointment. I was burned by falling gold prices, which hit gold miners hard, in addition to several entries into short positions that for the most part did not pay off. As of today, I lifted the shorts and am considering playing the reflation trade in China, with the amount of money being poured in. At the very least, I'm going to stop trying to second guess the market and wait for it to show me it is ready to decline.

Year to date, however, my funds are holding up well and outperforming, though China has lagged due to my bearishness and the short fund has been obliterated. It's a good learning experience for working on the short side though.

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