Going forward - Interesting - all the presentations I have attended since 2000 have indicated that the Navra system would perform well across all markets as long as there was liquidity and volatility and the security of the larger cap stocks!!! The returns projected at the presentations were of the order of 25-35% and the beta testing disc Steve gave some of us early devotees certainly substantiated this. I ran it for a six months and came up with a 35% return!! I must admit that I am somewhat dismayed when I hear people talking of a lowly 10%'ish projected return as what is being aimed for. What has happened to the system since that time - some of the stocks may be a bit too cumbersome to achieve much profit, too highly priced for the volume to be traded. However these last few weeks of discussions are really the first time that these poorer returns have been raised and I image if Steve thought his system would be capable of underperforming the index to this extent he would not have introduced a performance based fee! Why would you if you thought you would underperform. Any robust system should factor in all variables. Mystified going forward - agree with Michael on diversification although last year's stellar performers may not be those of the future.