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@orrdavid @SowingAlphaSeed @TheBenSchmark @RealHerbHoover @svrnco (2)As for your puzzlement over AUM growth, although our AUM grew(particularly from 1996-2008), consider the fact that if you were running the short book of material managed accounts that were paying you on alpha, your short book AUM would not necessarily grow fast in a bull mkt. @orrdavid @SowingAlphaSeed @TheBenSchmark @RealHerbHoover @svrnco (3) As for the various funds we ran on a hedged/concentrated basis over the years, they were a small fraction of our AUM, compared to the short books we ran for clients in managed accounts. As a money manager, you should understand that. I am in the insurance business. @orrdavid @SowingAlphaSeed @TheBenSchmark @RealHerbHoover @svrnco (4) As for our short alpha, in our actual short-only fund (Ursus Partners, 1985-2023), it was LDD over the 38 years. Calculated monthly vs the S&P 500 from 1985 to 2004, actual size alpha calculated from 2005 to 2023. Maybe statistically significant over almost 40 years. Maybe.