Evolveus

I tried to look up this testimony as well but no luck. From the excerpt in the book it seemed like it might have some interesting insights into Munger’s approach to initial biz evaluation.

I used "pass perfect" years ago. Their method really worked with my learning style. Topics were broken down in the chapters, then each chapter had sections. Then there were quizzes on all the topics, and you could not move forward until you had a passing grade on each section quiz. It basically forced me to thoroughly learn each section before I could advance to more material. Hold my feet to the fire in that regard was helpful to me. Best of luck whatever you choose! Evolveus THE Podcast Editors

River Road Asset Management flips back to 13D status: http://edgar.sec.gov/Archives/edgar/data/830122/000090901216000510/t307946.txt

Stanley Druckenmiller at Sohn 2016 transcript & deck The_End_Game_Charts.pdf The_Endgame_Sohn.pdf

+1 Looking forward to reading the 2015 annual if it surfaces.

Here is the link to the transcript from the recent conference call: http://www.fairholmefundsinc.com/Documents/Call2016.pdf

I'm not a chartist, and I don't know what that end of day flatness means, but I have that chart handy so I'll post it here to bring an image to Cardboard's comment.

Per SEC Form D's that have been filed, they have sold ~$90m worth of subscriptions when you tally the three offerings...not sure where the $40m is coming from. http://www.sec.gov/Archives/edgar/data/1586094/000158609413000001/xslFormDX01/primary_doc.xml

I think Workday checks a lot of the boxes that Khrom mentions in his letter. Net cash position, current depressed profitability due to growing scale, incentivized board/founder, long term vision not worried about volatility, and disrupting the HR/human capital management industry. Thoughts? http://www.bloomberg.com/news/articles/2015-08-31/workday-ceo-bhusri-says-tech-bubble-limited-to-private-companies

Minimum investment is $1m. Sounds a bit like IBKR to me, but not sure if that position is 'new' to them.

I agree - registration is not costly nor difficult. i work in wealth management and have my licenses (7, 65, 66), but I want to build my on track record that could be audited and legitimate using some outside money (not a PA). My main concern is a conflict of interest with my employer, aka getting fired, which is why i likely would accept no fees initially. I guess my question would be more of whether a structure like this (audited) would be considered more legitimate in the eyes of prospective future clients since it would not just be money in my personal account. I thought what Racemize did in writing quarterly letters, even though it was just him and his wife, shows an extra level of commitment. I've done the same for quite some time. I also have a dedicated LLC set up for this. Even though its not a ton of dough, I felt like putting together the LLC and writing quarterly letters (basically to myself) shows a certain level of dedication above and beyond saying 'hey, look at my IRA.' I'm OK with spending a couple grand in the early years - I want to get the clock started on something that can be audited without getting myself fired.

If you just wanted to start an incubator fund to develop an auditable track record is something like the IB Friends and Family structure a viable low cost / low regualtion option? Here are some snippets from IB's website about the Friedsn and Family Structure: Manage 15 or fewer* multiple accounts of varying types under a single login, including: Individual, Joint, Trust, IRA, UGMA/UTMA, Corporation, Partnership, Limited Liability Corporation, and Unincorporated Legal Structures * Only Advisors who are exempt from registration are eligible to open a Friends & Family account. Generally, most jurisdictions require that an advisor have 15 or fewer clients in order to qualify for exemption from registration. However, registration requirements can vary among jurisdictions. For example, advisors residing in the U.S. may be required to register under either State or Federal law if they meet certain criteria (e.g., total assets under management, number of clients, whether they receive compensation, etc.). It looks like they are saying that if you have less than 15 'clients' and are under a certain AUM then you may not have to register as an advisor. It also seems like this may vary by state. As far as just getting something off the ground to start the clock on a record that could be audited and not considered a PA, is something like this an option? In my case I would be doing it without collecting a fee in order to keep things simple from a regulatory standpoint and not cause any conflict of interest with my current employer. Thanks!

Here is Ackman's first letter to the Public shareholders of PSH Pershing-Square-Holdings-Ltd_-Q3Investor-Letter.pdf

Link to recent presentation from Denali at Columbia Busniess School that was out on the web in public space / Scribd. Please take down, or let me know so I can edit out if not intended for public use. http://www.scribd.com/doc/246928271/Denali-Investors-Columbia-Business-School-Presentation-2014-11-11-Final-Public

I've added several names to that list that I culled out of the Manual of Ideas book. Question: I exported my list from Internet Explorer as a .opml file. Does anyone have any experience import an .opml file type into these readers. I can just go and manually re-enter, but thought I'd ask. TIA!