I'm not asking for myself, I'm asking for Ebullio Capital Management, and its founder, Lars Steffensen. In February the commodities fund took a 86 percent hit, after declining 70 percent in January, and YTD, is down 96 percent. Investors are forming a disorderly line for the exits. From the outside in, things look ass-bleedingly bad. But it's cool! Lars is not stressing. People come back from this sort of thing all the time, Lars included.

“Extraordinary circumstances” forced the fund “to liquidate and/or cancel parts of the physical book and liquidate some long-held speculative positions, mainly in LME non-ferrous metals,” Ebullio founder Lars Steffensen wrote in the report, referring to the London Metal Exchange.

“We took the hit,” Steffensen, 42, said by phone today, confirming the contents of the letter and declining to elaborate. “I’ve always bounced back,” he said.

The fund is waiving its 2 percent management fee for 2010.

So, anyway, like I said, I'm polling the group so we can give Lars an accurate picture of whether or not this is feasible. Do bounce backs like this happen all the time? Looking for hard data and/or total guesstimates.

Ebullio Hedge Fund Fell 86% Last Month on Metals Loss [Bloomberg via BI]