I'm always paying attention to David Einhorn's Greenlight Capital hedge fund. I think he's one of the best out there not only at running the fund, but being open and transparent about his style/strategy. His 2nd quarter letter is out, and here it is, via Dealbreaker.
As I mentioned at the end of last week, he move all their gold holdings from the ETF to bullion. The fees were higher in the ETF, believe it or not (I do), than paying to hold physical gold. When you're buying that much, the ETF expenses really add up. I also noticed that they've lightened up quite a bit on long exposure. I think its clear that the easy money off the bottom has already been made.