我做的熊市基金主要是SDS,DXD,QID,SKF,FXP这些。 感觉这一轮（第二轮）下跌是因为unwind of carry trade和crash of commodities，还有redemption of hedgies and mutual。这一轮下跌基本结束的标志是美元开始走软和油价见底。未来美国政府大概还要1－2T用来救市。至少会看到一个日本式的十年，如果不是大萧条的话。 I read some of your posts. I think taking out home equity to short the market is a very risky move. Great opportunities are accompanied with great risks. Even if you spot the major trend, you might still stand to lose because of volatility and lack of discipline, or being overwhelmed by your emotions. Using bear market funds is less risky than outright shorting 'cause you lose 100% at most. I wish you the best, my friend.