Ferchi

A close reading of Burton's story helps to reveal what's going on here. For one thing, she's reporting the status of the bet through February 29, rather than the status of the bet after four years. That is peculiar, not least because the fund-of-funds only reports annual results: Loomis was waiting to see what its 2011 returns were before she wrote her story. Burton, by contrast, despite being 25 minutes behind Loomis with her story, only knows what the fund-of-funds returned through the end of 2010. Here's her explanation for how she calculates the performance of the fund-of-funds: