There are so many moving parts in play that I don't really blame Jim and John. As has already been mentioned, I'm sure they wouldn't have intentionally taken on the kind of losses Jim did. Things might not have been quite so bad for the hedge funds without the government intervention on shorting, and Jim couldn't have predicted that forced short squeeze.

I keep hearing that the fund redemption period is over. One thing our American friends need to remember if they're playing on the TSX is that fund redemption period is never over in Canada. For most mutuals here, you can redeem at any time if you haven't assumed a back end/no load fee for the fund. In fact, there will likely be a new wave of selling on the Canadian side of the border because it is tax loss selling season. I think things will be fairly flat for the next two months, and don't expect them to improve until January. The one thing I do hope is that the POG will still rise gradually.

MR