sugekfund,Well, you definitely resonate with me. I just noticed this on several of the top pickers. I too believe underperforms should be compared against the long S&P position.Look at it this way. A "foolish" investor can either do one of two things.1) Sit back, relax, and invest in the S&P index.2) Go long and/or short away on several stocks (after rigorous due diligence of course).Therefore, your theoretical CAPS performance should be compared against what option 1 would have achieved. I doubt your broker would think you were sane if you explained to him/her that you were going to go long the S&P, but found this great stock to invest in. However, in the very same conversation you were also considering shorting the S&P, but instead found some doggy stock to short. It just doesn't make sense.
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