Since October 2002, the top performing letter according to Hulbert Interactive was Fredhager.com, up an astonishing 89% annualized. This is even more astonishing because Fredhager's longer term performance is quite poor, down 8% annualized over the last five years. And since 1999, when the Hulbert Financial Digest began monitoring it, Fredhager.com is up 4.4% annualized. During this wild ride at some point Fredhager.com's portfolio lost 97% of its value in one year. Fredhager.com's strategy seems to be take immense gambles, often focusing heavily on one stock. Right now this is Rambus (RMBS), a risky play on intellectual property in the semiconductor market and on how judges and courts misunderstand technology and deceive themselves up with ridiculous arguments.