In a year when the Dow and the S&P are both up more than 24% by mid-July and the Nasdaq Composite rose 31% in the second quarter alone, it's not difficult for a US fund manager to post impressive returns.
Some, however, stand out from the crowd.
William Fleckenstein, a hedge fund manager based in Seattle, is one. His RTM (reversion to mean) fund is down 23% on the year.
Perhaps one of the more peculiar aspects of the fund is that it holds only one stock. And that stock - Pan American Silver - is as close as he can get to a pure play on silver in a period when the metal's spot price has hit a four-year low.
The rest of Fleckenstein's assets have been put to use shorting the technology sector. This was while the Pacific High Tech index, which measures the 100 largest technology companies, increased 76% year-on-year.
But Fleckenstein is sticking to his guns. "This is going to be the greatest train wreck in history," he says of the technology crash he's sure will happen some time in the next nine months.