Hmm, they did not mention this during the 60 Minutes interview (60 Minutes: T Boone Pickens) but like almost all of us who have never seen a market like this where nothing works and every strategy ever devised is useless - Pickens has gone to nearly all cash in his hedge fund. So we have Citadel at 30% cash, SAC Capital at 50% cash, Pickens at nearly 100% cash... I keep wondering when the value mutual funds make a stand and start buying things at 3-5 PE but apparently they are either not willing or getting redemptions as well. The problem is many value mutual funds are being destroyed as well - legendary Marty Whitman of Third Avenue Value (TAVFX) is down 51% for the year - no different than Ken Heebner despite running just about completely different strategies; one runs a deep value methodology and one runs a growth concentrated methodology. Both yield same results. So this is probably why the value mutual funds have stopped buying - we think they are somehow outperforming but they're being systematically impaled just the same. Whitman (who is 84 years old) says this is the worst market he has seen; even worse than 1974.

Summary: No methodology is working.

• Roughly half the investors in T.