http://finance.yahoo.com/echarts?s=HSGFX+Interactive#symbol=hsgfx;range=20080208,20091229;compare=^gspc;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
Looks like he hedged the crash, took off the hedge (and lost over 30%), then put the hedge back on...