Ponytail without the "lumps" or "bumps"?

Is there a technique for tightening your ponytail without making the “lump” or “bump” in your hair around the tail?
Yaay, my hair is long enough again, but it frustrates me to no end that I can’t tighten my ponytail (using the grab-two-bits-of-hair-with-either-hand-and-pull-in-opposite-directions technique) without getting the “lumps” or “bumps” on the other side of the elastic band…..is there a way to get around this? Or is it just one of those things we haven’t mastered yet?