I think he'll say that the unemployment reports don't matter so much because they're lagging not leading indicators, although the weekly jobless claims have been pretty good as well. I think it will be difficult to justify his hedging policy as, assuming no change in the share price, his 10 year total return will turn negative in about 6-12 months. It seems like it would have been beneficial to stay in cash or bonds(I don't even know if the fund can do that, but individuals can) versus being fully hedged.
I'm more interested in what kind of excuses he will make for the 4 year return on his fund. S&P up almost 150% in the past 51 months, versus his significant decline. It must be in the worst 0.0001% of all performers.
I know that he keeps blathering on about the "complete market cycle", but at some point even he has got to admit he's the worst manager of all time.