the Forum, Dewey, and hope you get something out of it. As you know, this is not a profit center for me, rather it is a self-discipline routing to force me to study the hog market fundamentals in sufficient detail with the goal that it will improve my hog trading.

And I believe it is.

On 1/30/11 my neighbor and I organized Howards' Hog Fund as a small exempt pool. Since then it has gained an average of 2.48% per month. Not great but far better than the 0% to 0.25% Fed Funds rate we have been on or the 0.25% to 0.5% Fed Funds rate we now have following the infamous rate hike yesterday.

As I have watched and participated in the markets over the years, I have come to the conclusion that there is one constant that you can always depend on in the market place.

Having a dependable constant to work with, it seems to me that it should be possible to design a program that will make money when the market goes up, when the market goes down or when the market wanders aimlessly without and sense of direction.

This constant is the fact that time passes - today will end and you take advantage of it by buying an asset that pays a constant, dependable rate of return and you sell and asset that decays away with the passage of time. If I have understood you correctly, you are in the insurance business and sell assets (policies) that decay away with the passage of time.

Best wishes,

dhm