watching fast money right now and they are treating dennis gartman like some guru encouraging people to get his newsletter. so how is his performance? do any of these tv gurus make any money? did this guy really lose money in a year that was straight up 30%? wtf http://www.fundmymutualfund.com/2009/12/dennis-gartmans-horizons-alphapro.html â¢Mr. Gartman's investors, though, are down. The units, sold to investors for $10 a few months ago, closed at $9.12 on Friday, giving the ETF a market cap of about $52.5-million. Now, we have to be fair: For starters, about 50 cents of the purchase price was eaten up in underwriting fees. We can't blame Mr. Gartman for that. â¢And the net asset value of the fund is, as of the most recent calculation, $9.35. So while investors are down about 9 per cent, Mr. Gartman's picks have only cost them 3 per cent. (So in American language it sounds like a "loaded" ETF - never heard of such a thing in the States.... meaning you have to give 5% just to buy into the ETF i.e. the manager has to make you more than 5% just to break even) â¢But the market is up 30 per cent since the fund launched. (I am not sure where the 30% comes from, maybe the Toronto Index, although I thought it had done much better since March than 30%?) What's up with that? â¢Mr. Gartman didn't get back to me, but the people at Horizons AlphaPro tell me the fund is intended to be market neutral, meaning it won't move with the market. Why? Because it's long and short, and supposedly constructed in such a way that the market's performance has no net effect on the returns. The only thing that does have an effect, in theory, is the manager's skill. It may be early days, but Mr. Gartman's performance has been found wanting.