agreed, it gets very tricky, especially when you make contributions to the fund. I fund that using a unit value works best for me. Starting date = R 1, and then a contribution means you buy units at that point in time.
Fanksays ...I totally agree...anyone can make fantastic returns ...it takes no skill whatsoever. Returns over time are the real measure....... and portfolio value (i.e. the capital employed) is absolutely a variable...much easier to show spectacular gains with a small portfolio of 100K than with 1 Bar...especially if you trading derivatives....issues of slippage and liquidity are very real....some see the world so simplisticly one wonders how they ever get by...but then again wht can expect if people cant count?