Stillwater Capital, LLC

Hedge Funds 101…102…103……

How hot do you want your sauce today? 


This is what hedge funds looked like in 1995…

Woman in Bikini

Those same hedge funds today….


So as not to offend. Hedge funds in 1995….


Same hedge funds today…

 Eastbound and Down

Exhibit A...B...and C.

Exhibit A, B and C

Why? When you throw a 2 and 20 management fee structure on something, it’s going to attract a lot of people who want to participate, even if they aren’t skilled enough to pull it off.

 Hedge Funds on Track for Steep 2022 Fall

Another tough year, when it shouldn’t have been…

Lagging Behind 

That leads to this…


The crowded trades….


All this being said, there is still a lot of money to be made.

 Hedge Fund Titans

But in Los Angeles…


Who are these guys?

 Man Pointing

Frightening…for me!

Radical Transparency at Bridgewater 

What about performance?

Long-Term Laggard

Hut, hut, hike!


Appaloosa holdings

Appalosa Holdings

“You got to know when to hold em’ know when to fold em’”


Greenlight holdings

Greenlight Holdings

Green Brick Partners

Green Brick Partners

From $8,000,000,000 to $1,500,000,000

Greenlight Capital Inc.

Too many drawdowns

Bumpy Ride

Who is this math wiz?

Math Wiz

Through 2019…

Annual Returns for the S&P

All math, no emotion….


The Izzard of Awes…

The Izzard of Awes

Parabolic asset growth…

Parabolic Asset Growth

Chasing Alpha…

Chasing Alpha

Annus Horribles…

Annus Horribles

Tiger Cubs

Tiger Cubs

What a Melvin…

What a Melvin

No coming back…

Devastating Year



Playing games….


Sorry to see you go…

Melvin Capital Closes Its Doors

Who are these guy?

Business People

If you only had one book to read, this would be it

Soros on Soros

In July of 2021 Stan said in the WSJ that the Fed was behind the curve. He was right.


Who’s the baby now?

Forbes Magazine

Buffett won the bet!

Buffet's Index Fund

The Herbalife Fight

The Herbalife Fight

He should have stuck with it…


Ackman’s Top Holdings

Ackman’s Top Holdings

The art of the short sell from Lee Mikles the Master.

Lee Mikles the Master

The other Master I learned the business from, Mark Strome.

Mark Strome

And here is another Master, with a side gig. 

Pete Muller

My NELAX legacy. 

What a yutz! 

Lesson learned, always have a side gig. 

Where did this leave me?