locatevalue

2007 -- FFH gains 2008 -- FFH gains (a lot of them because I was levered in the calls the day of the short selling ban) 2009 -- FFH gains, WFC gains (some), and ORH gains (account went up 50% the day of the buyout offer -- thanks to Cardboard) 2010 -- FUR gains, C gains, not sure I remember what else 2011 -- lost 35% in RothIRA 2012 -- Up 300% from BAC (it doesn't show in the numbers given because it excludes January 2012 which was epic month) Probably this is what Buffet and Munger mean to be very patient and swing hard at ideas with high conviction. I doubt if they would have done this concentrated and this levered but who cares,Some times luck favours the brave! Thess are unbelivable results!

Okay, special situation people: you must have full allocations by now, so hook us up! What looks interesting? Sorry, I missed this comment. My special situation is Metro PCS reverse merger to buy TMobile. Its a very intresting special situtaion and need to start its own thread..but will provide higlights 1. I am very confident that this merger will gothru as for both parties its mandatory and without it,Its going to be difficult competing with larger comeptitiors like verizona and AT&T 2. Current price values merged company at 8Billion which is 1/2 the market cap i am expecting (Read thru the sec merger doc, PCS its very intresting reverse merger)..They will pay current shareholder $4 special dividend per share on closing of the deal and issure more stock as part of merger and the combined valuations as today price $10 taking out cash dividend is 8.2b and i think it should trade similar or more than sprint cosnidering they dont spend capex like sprint and good FCF.)

0% cash 35% in special situation closing in March..I consider this as cash and move it to cash if gap closes or find a deep value

I agree with Sanjeev as well but their are always some exceptions and you seems to be one of them. You seems to have some knack in finding not just undervalues asserts but also able to see clear catalyst and move your money accordingly. I doubt the second part most of the people even in this board will be able to claim that way you can do! I guess their will be lot of people intrested if you open a shop.

ERIC, I doubt you would ever like to add further on any of these funds, the rate at which you are currently compound it doesn't makesense! Might be BB wish you open a fund and he invest in yours! I wish that as well!

Thanks you! This is really helpfull, I didn't know that we can have upto 35 non-accredited investors. I see yearly audit required if you have non-accredited , I guess everyone does it even if you only have accredited since it provides more transperancey. Prasad, I started on my CFA but with all my current commitments it will take another 2 to 3 years but i dont like to go in the route of mutual fund as i like LP struture a way better as you have flexibility to invest on any disocunted assets like realestate and can easily move to other countries discounted assets ect. I am planning to take the route of registered investment advisor and then take some non-accredited to build a record without that i really doubt if i will be able to attract any accredited investors. I agree with friends and family, They might treat it as piggy bank but i guess i have live with it at start!

Prasad, Thanks for sharing all these details, Rearly anyone already in this business do this kind of mentoring!. I stumbled on this board luckily while googling in late 2011 to see if anyone in market share my enthusiasum for BAC warrants and share and all my searches lead to this form.I work for BAC so its easy for me to see things but i realized the research eveyone do here really impressed and read everything on this board then on. I agree with your comments aboslutely, My personal portfolio is doing great but lot of volatility with 2010 40% up and 2011 34% down and 2012 75% up. I am able to do it fine beacuse i can always takes comfort on Intrinsic Value and can do concentration on 2 or 3 ideas and that would be very hard to replicate to manage public money and of if they drove out at end of 2011 then my 2012 results would be very different. The more i think it would be very hard to do this kind of concentration in public fund.So, I agree personal invetment skills will help managing public fund but your personal records will not be meaningful. After lot of reading on starting a fund i finalized on 2 things, Either to manage my fund as LP(hedge fund) or seperate accounts on IR. I really like LP as you have more flexibilty in investing and dont like static fee structure done on seperate accounts on IR. LP will help me setup similar to buffet partnership but the only concern is can i take funds from non accredited investor(i know i should ask a lawyer but i am cheap) since most of my friends willing to fund are non accredited investors with around 50k to invest. I am willing to do all overhead of LP if their is a way for this otherwise my only option is seperate accounts with IR which is easy. Any ideas/sugestions on this topic is very much appreciated!

+74.23% in 2012 , very focused portfolio with BAC common warrants and couple of special situations in wireless stocks

I am taking Level1 exam but started very late on prepartion around March. I should have picked December but was overly optimsitic and picked June. I am also using Schweser like Shane but haven't started doing practice tests yet. Scrambling to complete the material,Too much of info for me with backgroup of computer science. If i can pass it will be great otherwise atleast their is a next time in December and by the way i learned a lot of stuff on how analysts think. Good luck for you all!