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They went to cash and the market fell nearly 20% further. Anyone with any kind of decent leverage in something like STW and who held on would have received major margin calls. Nobody knew where the bottom of the market was going to be - I think Steve put it well when he told his clients we...

Just a clarification for the sake of being pedantic. STW does have fees, although they are quite a bit lower than most actively managed funds. 0.286% MER + brokerage to buy/sell + approx 0.07-0.14% bid-ask spread (ideally this bid-ask spread should be close to, or at least, approaching zero...