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…

Those same hedge funds today….


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


Same hedge funds today…


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.


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


That leads to this…

The crowded trades….


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


But in Los Angeles…


Who are these guys?


Frightening…for me!


What about performance?

Hut, hut, hike!

Appaloosa holdings

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

Greenlight holdings

Green Brick Partners

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

Too many drawdowns

Who is this math wiz?

Through 2019…

All math, no emotion….

The Izzard of Awes…

Parabolic asset growth…

Chasing Alpha…

Annus Horribles…

Tiger Cubs

What a Melvin…

No coming back…


Playing games….

Sorry to see you go…

Who are these guy?

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

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

Who’s the baby now?

Buffett won the bet!

The Herbalife Fight

He should have stuck with it…

Ackman’s Top Holdings

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

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

And here is another Master, with a side gig. 

My NELAX legacy. 

What a yutz! 

Lesson learned, always have a side gig. 

Where did this leave me?