Yes, this is a fund that is targeted to home mortgage. Understand that. But...could we have not "selected" at least a few that knew how to make loans that people can actually pay back? Did you really have to weigh this down with institutions that saw fit to sling 0 down undocumented money around? Finally, do you not have the liberty to foresee and avoid getting absolutely squashed by a Freddie and Fannie meltdown? Don't you have the capability to cash out and avoid a slaughter over the period of a few days when you know bad financials may be due? Is there a pilot that is flying this plane, or is this a perfunctory communal suicide since the whole industry is into depression? If that's the case, what is the point of the fund - let's just go 100% cash and wait a year. We have to figure that the collective whole of it will slide more going forward. The point is to identify the few institutions that might recover sooner than others and re-focus the fund on those. How can you not foresee 25% drops if you are, indeed, professional investors and you do this for a living?