August Performance

Index	August %	YTD %
S&P 500 TR	3.61	14.97
MSCI EAFE	5.16	21.14
上海 Shanghai	-21.80	46.51
Fund
Entertain. Trends	0.31	20.96
Green Dragon	-0.25	28.84
Best of Funds	-2.64	5.20
Pharma & Dogs	-1.04	5.89
China Fund	-0.85	11.28
Software Security	-2.37	25.43
Yield to Me	-0.81	11.52
Catch a Falling Knife	-5.54	-46.74

I went heavily bearish in my Best of Funds, with large positions in TLT, UUP, FXY, plus multiple positions in inverse ETFs such as FXP, SRS, SKF, EEV, QID, DTO, etc. It started paying off at the end of August, but I'm ready to reverse if the market climbs higher.

China Fund also has a large neutral position plus bearish with heavy FXP exposure.

Other portfolios have raised cash or moved to more defensive holdings.

Out of Double Short Oil, Double Short Real Estate

In the Best of Funds portfolio, I closed out PowerShares DB Crude Oil Double Short (DTO) and ProShares Ultra Short Real Estate (SRS). I don't think the trades are wrong fundamentally, but I was down about 30 percent and 20 percent, showing the timing risk of leveraged funds. The failed trades cost about $13,000, or $0.13 on the shares, which closed at $14.42 yesterday. That makes for a loss of about 0.9 percent for the fund.

I'm still in several other short funds, which have losses clustered around 10 percent.