AccentricInv

You're referring to the ratings and reports for issue 10 (10/23/2015)? After clicking ratings & reports, I'm able to see the list of 257 companies, and can download each pdf individually. Is this what you're asking?

Also regarding the point about new clients... wouldn't you face the same issues with a hedge fund also though? Say you have a new client that comes in at the market peak. In a HF structure, they'd still be buying the fund at an all time NAV high (which is essentially the same thing as slicing the new client account at current prices to match the model portfolio wgts in a SMA structure). I agree onboarding new clients at market peaks is definitely not optimal. But I always figured it's the clients decision when they'd like to fund, and only the PM's responsibility what to do with assets afterwards. To Mephitopheles' point, if you think prices are too high to purchase for new clients, why not sell the stake for existing clients as well? If you're using new client's inflows in a HF structure to bring down your equity weighting, you could achieve the same goal by selling securities for all investors in a SMA structure. The only difference is that in the HF structure you use new inflows to "dilute" the equity wgt, while in the SMA you have to actively sell (and suffer tax implications). Let me know if this makes sense... I'm don't know if there are other tax implications also.

Just curious, why do you think it's been a bigger pain than expected? (I'm planning to run SMA's also). The biggest drawback I see is having to rebalance the portfolio for each new inflow to keep the accounts in-line, instead of being able to keep the inflow in cash and allocating that position to all investors as you'd be able to in a fund (ie you're able to raise the cash position from inflows, instead of having to sell positions to raise the cash allocation in a SMA structure). But I figure the administrative burden of a fund structure and the benefits of transparency it offers outweighs this downside. Are there any other critical drawbacks that I'm overlooking?

Thanks everyone for the advice. There's some good thoughts in here. Would love to hear any other experiences others may have to share as well. Regarding Bares Capital, I can't believe I've never heard of this guy. I just listened to a couple interviews with him and am pleasantly surprised by how many similarities there are between our investment styles. The manual of ideas interview is especially great. I just bought his book, and am looking forward to giving it a thorough read.

For all you fund managers out there, what was the biggest surprise / hurdle that you had to face to get your fund off the ground. Everyone knows raising money from friends & family, building a track record, etc is tough. But is there anything outside of this caught you by surprise? For those who started with a small amount of AUM, curious how you managed to pay your living expenses? (Any and all advice for someone thinking of starting their own venture would be greatly appreciated!)

It's not about how much you earn. It's about what you're worth. And who's worth the most? Companies that lose money. Pintrest, Snapchat, no revenue. Amazon has lost money for every f*cking quarter for the last 20 fucking years and that Jeff Bezos is the king.

He's still at 40M and so doesn't need to report to the SEC or file a 13F. Someone please correct me if I'm wrong?

I've been thinking recently of ways to lock in today's low interest rates, to have dry powder in case the market crashes in the medium term. Are there anyways good ways to do this without having to pay interest on the unused portion? For example, like a HELOC but with a fixed instead of variable rate, where you only pay interest on the amount you withdraw. Any other suggestions?