Tan Teng Boo had been bearish since April/May 2011.
"Since April/May 2011, I have been bearish on equities globally, including that of Bursa Malaysia. My bearish views have not changed one iota" (source).
(See previous posting: another extreme forecast that went wrong.)
He was persistent on his bearish view and missed the the run-ups in stock markets.
Icap's average return since inception is still decent, thanks to exceptionally strong performance of the fund in the initial years.
Personally, I prefer a semi-log graph to linear graph in fund performance chart like this. It gives better depiction of a fund performance as the fund size grows. (In linear chart, a 30sen increase in NAV from a reference price of RM3 looks more impressive than a 10sen increase in NAV from a reference price of RM1, even though both having the same 10% growth.)
His global fund is not that lucky.
He had been reminding us the investing rule of never lose money. For a 50% loss in an investment, you need a 100% to make up the earlier loss.