trouser territory! It took us all year to get back to where we were by the following May. Then Summer 1998 blasted away at our portfolio and we dropped from a unit value of 1.23 to 0.60. Two words....Doh!  and DOH!
Interestingly, we were fundamentally using the same strategy as H&G, but H&G were making more of a profit...  The trouble was

timing. We were following Jim Slater's approach in a time when the smaller companies were suffering from being out of vogue and it just wasn't working.
Summer 99 was better - we held firm. Then at the end of the year someone said "blow this, we ought to change tack" So we dumped some stock and took some losses and spent £7500 in technology stocks. One month later we were nearly 50%

better off in total fund value. So we did more of the same for the next couple of meetings and this really paid off.

Since April 2000, however, we have had a slight downturn. We did however take some profits to spread the risk so when the market downturn came we were not as exposed as we could have been.

The moral of the story is... there is no moral - just don't start a club in May!