Just read a book, A Man For All Markets, by Edward O. Thorp(He beat gambling market and wall street market),this book recommended by Waffen Buffet, Charles Munger and etc. When he run a fund last time, same as ICAP, management fee is 1%, performance fee is 20%. But when his fund not able to achieve performance(his performance is exceed 18++%)(Remember ICAP made advertisement in 200x ICAP can achieve 15% based on history）, he will reduce management fee that year and return money back to investor. Greedy fund manager from other fund question his way, Edward had mentioned in this book sometimes in order to achieve high return %，he had no choice returned money back to investor and reduce fund size. So let see what TTB will do in the future. We notice he didn't reduce management fee so far, he is waiting durian drop. I don't mind he waiting durian drop and hold a lot of cash. But when durian drop, he is going to reduce 20% performance or stay same 20% performance fee? I suggest TTB read that book. Edward O. Thorp proved he emphasized on his fund investors, now we want to see how is TTB.

Before MCO factory had been closed for 2-4 weeks. After MCO, factory completely closed. QR will be very bad, similar to last year MCO.