The market is up some 1.39% while the average gain in my portfolio is 2.33%, so I’m gaining a little based on beta, which also explains the downside underperformance. I had a propitious adding to EK which is up 9% today and helping raise the average.

To date, while I have lost some outperformance relative to the index, I have in absolute terms performed admirably. I have not to date gone negative, thus losing money from the starting principal or par value. Of course that may yet change, the cushion is not large enough to rule that out. It will likely take a year or so for that to be accomplished.

In addition, it looks as if the market has room to stretch its legs to the upside. I have maintained a fairly high cash position, and will continue to take profits as we move higher. If the cash position grows too large, I will recycle it into new positions that have attractive risk/reward characteristics. I want, in the eventuality of a severe market crash to maintain ample buying power. I will sacrifice a little upside, to ensure the downside.