«I have consistently told partners that we expect to
shine on a relative basis during minus years for the Dow, whereas plus years of any magnitude may find us blushing» Warren Buffett, Partnership Letter 1962
Similarly, I expect that in the event of a general bull market in stocks, the fund will not
shine so brightly in terms of
relative performance., The math of investing would favour the fund, however, over several bull and bear market cycles because,
on a percentage
basis, lost dollars are simply harder to replace than gained dollars are to lose.