It's a good strategy, if you can afford not to withdraw from the fund on the year (and for several years after) you 97% bet turns sour - there was an article somewhere, which showed that options on S&P singe the great depression almost a hundred years ago, would have only slightly outperformed the index, due to losing in the bear market.
> It's a good strategy, if you can afford not to withdraw from the fund on the year (and for several years after) you 97% bet turns sour
If the bet turns sour, you close the fund. The idea is that you grow the fund and take your two and twenty while your bets are winning, and you keep your prior years' two and twenty after your fund collapses.
