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Since 11/22/2000, when the fund opened, the Hussman fund, HSGFX, has increased a total of 45.7%, and has never dipped into the negagive column. That is to say that at no point would you have held a loss. BRKA, Buffet's stock, is up 19.4% during that period, and has gone negative twice. SPY, with dividends reinvested, has almost always been negative during that period, and is down a total of 28.5%. You can check out the rest of the indices yourself.

This shows what a good, active trader with a decent hedging algorithm can do. As time goes by, some of these numbers may change, and new and different vehicles may prove better. It is also the case the price of BRKA may not accurately reflect the prices of Buffet's holdings - there is likely to be a bit of positive or negative hype in the price.

Still, those are the facts, and it is not necessary to draw any global conclusions about the validity of any particular approach to see which would have been the best investment vehicle over the last 21 months. If the facts change, so will my holdings.

Of course, I have backtested trading systems which do better than Hussman or Buffet. It will be interesting to see what they do going forward.
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