no..... not sarcastic. since we're not in person it's hard to convey. Just curious since you obviously are controlling opm, wondered if you found more success being short over long in recent times...(prior to this last run) ?! As far as hedge funds you won't get me on their (your) side. I think they need to be regulated and could really mess things up in the markets more than any other force. JMHO. But my view is that the market will take care of many of them, and hopefully they will fold up shop. Can't see how they'll outperform better than mutual fund managers have done even with the ability to be short. As usual some will always wind up on the far end of the bell curve. regards, ICe p.s. JFYI semi book-to-bill out on thursday.