LJM led just about every fund out there in overall Sharpe for much of the past decade, up until 2008. I'm not sure what your point is... Were you trading during crash years? Seems to me you are also saying blind quantitative analysis of one year's performance, especially last year, tells us little about long term performance? Especially during less ideal conditions? I'm not sure I have anything more to add to this discussion. I think my point is more than made.