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These guys have not bought into the bullish narrative, they hold 20% cash and around 30% in their main fund. This is why comparing them to the xso over the short term is irrelevant not dividends. This also highlights their willingness to sell early not too late..They are really bearish at the moment and have been comparing the current run up in small cap stocks to previous periods prior to market busts.. obviously they will underperform on the upside but if the market falls 30% they will hardly struggle.. plenty of dumb managers out there but these guys aren’t one of them..
These guys have not bought into the bullish narrative, they hold 20% cash and around 30% in their main fund. This is why comparing them to the xso over the short term is irrelevant not dividends. This also highlights their willingness to sell early not too late..
They are really bearish at the moment and have been comparing the current run up in small cap stocks to previous periods prior to market busts.. obviously they will underperform on the upside but if the market falls 30% they will hardly struggle.. plenty of dumb managers out there but these guys aren’t one of them..
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