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Definitely agree that it's outside the spirit of the agreement. But is it counter to the words of the agreement itself and contractual obligations? That's what this case will determine.

LOL. I'm not the one that's misunderstanding this case. She realized her winners and kept open her losers. That's not hard to understand. But only looking at the $50 million of unrealized losses is half the picture. If she realized $50 million, net-net, P/L would be zero. But the fee...

Yes--but do you know what P/L was realized? FFS.

For what? How much have investors made or lost? None of us have this information. This is tiring.

Let's put it this way. There is no lawsuit if the fees charged were based on realized and unrealized P/L (not just realized). I don't know why this is so hard to understand.

*sigh* Here is the summary of the claim. Again, this case is about fees and nothing about fund performance. There's not even enough information to determine if the fund made or lost money as a whole since inception. Why would TT or TDA be liable for how the fund manager takes fees from the...

I don't think you guys have read the claim. This is not what the claim is about. Please read the first five paragraphs.

That would mean every single financial news outlet with a guest outlining a view on a stock or strategy would be liable for the same. That's why they all have disclosures. Summarily dismissed with costs.

If memory serves, fees were determined by unrealized gains over and above a high water mark. If so, she did nothing wrong to the letter of the agreement. I'm sure her defense will argue that her investors were sophisticated parties (re: contract law) and that they should have known that this was...

Ummm....why? The case is about unjust enrichment of fees.

I'm Asian. I would lose this contest for sure!

There is a difference between terrorism and geopolitical unrest with the potential of war. We'll see. I tend to agree with you that this may be another shrugged off event, but it would be nice to get some more volatility. Today was such a boring day--went for a 40 km bike ride and went for a...

Can we please have the ES down 50 and NQ down 200 tomorrow? Thanks.

Odd. At this time, no other news outlet mentions anything about this. One would think that this is a significant development. Futures currently closed but, SPY = 243.53 down ~1.00 from close QQQ = 141.80 down ~0.55 from close

It sounds like we agree that there is insufficient information to determine the performance from either a dollar-weighted or time-weighted perspective. Actually, I think it's the other way around. The NAV is the NAV, whether there are unrealized gains or losses. However, the fees are...

Maybe it's just me, but I don't interpret Bobby's comment on his returns as trying to impress anyone. I just thought he was continuing the transparency of his strategy and noting that it actually hasn't been a great year.

The paradox is that short vol strategies need high volatility.

I don't know why I torture myself like this but I find it hard to believe that someone can misinterpret my point so badly. Your interpretation of what I said is very different than what I actually said. I agree that during the November 2014 to March 2016 period, the fund appears to have...

I give up. Some people just can't think critically.

What about the realized gains (that generated the fees) which is what the case is really about? Do you know the amount of realized gains from 2011 to 2014? If so, please share because that is the missing piece of information. Reading comprehension--it's important to understand what is written...