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Actually they somewhat did: "Spitznagel included a chart in his letter showing that a portfolio invested 96.7% in the S&P 500 and 3.3% in Universa’s fund would

Actually they somewhat did: "Spitznagel included a chart in his letter showing that a portfolio invested 96.7% in the S&P 500 and 3.3% in Universa’s fund would have been unscathed in March, a month in which the U.S. equity benchmark fell 12.4%. The same portfolio would have produced a compounded return of 11.5% a year since March of 2008 versus 7.9% for the index." This seems to suggest they needed to include the bad 2008-2009 time to come out looking better than just plain dca etf investing...

brenden2 6y ago
The way it's worded is very confusing to me. Kind of seems like they're trying to hide the fact that they underperform. I imagine once they take out their performance fees (usually 2% per year plus 20% when they exceed the benchmark) those gains aren't as impressive.
paulpauper 6y ago
yeah but you would have a capital gains tax on that option trade
- chillacy 6y ago
  It would be canceled out by your losses on the SPY if you used it as a hedge
- markvdb 6y ago
  Not over here. Belgium is the world taxation champion, but it has no capital gains tax on equities. As you can imagine, accumulating etfs are quite popular here...