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Category: Spoke Fund ®
Roger that, Bruce Berkowitz
Good quote from Bruce Berkowitz of Fairholme Funds, who was just named Morningstar’s U.S. mutual fund manager of the year for 2009. I’ve had a lot of fun and continue to enjoy myself. We expand our circle of competence – slowly. We hopefully get better and wiser and don’t make the same mistake twice. After […]
Spoke Funds®: Performance Measurement
The below originally went out in my last letter to investors. I’m reproducing it here for the benefit of any investors or Spoke Fund managers who haven’t seen it yet. Q. Do the returns I see in your Tarpon Folio ads exactly mirror the performance of all your investors’ accounts? A. Great question I’ve gotten […]
Two Quotes on Mutual Funds You Probably Missed
From a WSJ article on a new report by Harvard professor John Coates on the non-partisan Committee on Capital Markets Regulation. On taxes paid by investors in mutual funds: I was struck as an investor as much as an academic by how unfair the process is, especially for middle-class people. We’ve set up a system […]
Building a Spoke Fund®: Critical Path Items
As per my last post, here are the things I’d recommend new portfolio managers consider to jump start the launch of your own Spoke Fund®. A couple of notes first: My apologies for the delay in posting these. I’ve been amazed at the feedback I’ve gotten on the first few posts. That said, our portfolios […]
How To Think About Building a Spoke Fund®
Below are some thoughts for new portfolio managers to consider before building a Spoke Fund®. I’ll elaborate more on these ideas and others every week. A Caveat When it comes to building a Spoke, I am assuming you already have the magic rocks necessary to be a good portfolio manager. It entails some hefty responsibilities, […]
Why I Built a Spoke Fund®
A year ago I was struggling to solve a challenging problem. After years of dreaming, I was finally going to start my own investment fund. The problem, though, was choosing the kind of fund I wanted to run. I wanted to build a firm that was independent of Wall Street, so I could manage my […]
What is a Spoke Fund® ?
A Spoke Fund® is a group of separate investor accounts linked to a portfolio containing most of the liquid net worth of that fund’s manager. “Spoke Fund®” is short for “hub and spoke” model. The portfolio manager’s money is the hub and the spokes lead to each investor’s account. Any changes in the hub are […]