> We don't know what the strategies are so we are not in a position to evaluate the alpha. Then neither are you, and this entire discussion becomes rather mean

> We don't know what the strategies are so we are not in a position to evaluate the alpha. Then neither are you, and this entire discussion becomes rather meaningless, wouldn't you say? What we do have are public numbers that indicate, whatever the strategies may be, their returns exist independent of tax-advantaged leverage.