Seriously, I think you're right: it's a lot harder when you're in it. Because even though the overall short over the last 3 years has been a huge money winner, I doubt there's anybody in here who has been a short-and-hold the whole time. In fact, I'd be curious how many shorts have performed better than they would have if they'd just shorted-and-held.

I've been short the whole time; at least through BEARX. And while every now and then a rally makes me question that decision, in the end it serves me better than trying to time the rallies would - at least for me. I've owned BEARX since early early 2000, have never sold any, but have added to it from time to time.

I'm sure some people have managed to beat my returns, but I wouldn't have been able to. Even if I could, I doubt the difference in returns would be worth my time given my modest capital base.

Obviously short-and-hold for BEARX is different, as there is no margin call to worry about. But it counts for something. ;)

-Ortman