How hot do you want your sauce today?
![Sauces Sauces](image/138010087.jpg)
This is what hedge funds looked like in 1995…
![Woman in Bikini Woman in Bikini](image/138010086.jpg)
Those same hedge funds today….
![Relaxing Relaxing](image/138010085.jpg)
So as not to offend. Hedge funds in 1995….
![Surf Surf](image/138010084.jpg)
Same hedge funds today…
![Eastbound and Down Eastbound and Down](image/138010083.jpg)
Exhibit A...B...and C.
![Exhibit A, B and C Exhibit A, B and C](image/138014878.png)
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 Hedge Funds on Track for Steep 2022 Fall](image/138010082.png)
Another tough year, when it shouldn’t have been…
That leads to this…
![COVID COVID](image/138010080.png)
The crowded trades….
All this being said, there is still a lot of money to be made.
![Hedge Fund Titans Hedge Fund Titans](image/138010078.png)
But in Los Angeles…
![Wasteland Wasteland](image/138010077.jpg)
Who are these guys?
![Man Pointing Man Pointing](image/138010076.jpg)
Frightening…for me!
What about performance?
![Long-Term Laggard Long-Term Laggard](image/138010074.png)
Hut, hut, hike!
![Sport Sport](image/138010073.jpg)
Appaloosa holdings
![Appalosa Holdings Appalosa Holdings](image/138010072.jpg)
“You got to know when to hold em’ know when to fold em’”
![Gamble Gamble](image/138010070.jpg)
Greenlight holdings
![Greenlight Holdings Greenlight Holdings](image/138010071.jpg)
Green Brick Partners
![Green Brick Partners Green Brick Partners](image/138010069.png)
From $8,000,000,000 to $1,500,000,000
![Greenlight Capital Inc. Greenlight Capital Inc.](image/138010068.png)
Too many drawdowns
![Bumpy Ride Bumpy Ride](image/138010067.png)
Who is this math wiz?
![Math Wiz Math Wiz](image/138010066.jpg)
Through 2019…
![Annual Returns for the S&P Annual Returns for the S&P](image/138010065.jpg)
All math, no emotion….
![Math Math](image/138010064.jpg)
The Izzard of Awes…
![The Izzard of Awes The Izzard of Awes](image/138010063.jpg)
Parabolic asset growth…
![Parabolic Asset Growth Parabolic Asset Growth](image/138010062.png)
Chasing Alpha…
![Chasing Alpha Chasing Alpha](image/138010061.jpg)
Annus Horribles…
![Annus Horribles Annus Horribles](image/138010060.jpg)
Tiger Cubs
![Tiger Cubs Tiger Cubs](image/138010059.png)
What a Melvin…
![What a Melvin What a Melvin](image/138010058.jpg)
No coming back…
![Devastating Year Devastating Year](image/138010057.png)
Meme-a-Palooza
![Meme-a-Palooza Meme-a-Palooza](image/138010056.jpg)
Playing games….
![Graph Graph](image/138010055.png)
Sorry to see you go…
![Melvin Capital Closes Its Doors Melvin Capital Closes Its Doors](image/138010054.jpg)
Who are these guy?
![Business People Business People](image/138010053.jpg)
If you only had one book to read, this would be it…
![Soros on Soros Soros on Soros](image/138010051.jpg)
In July of 2021 Stan said in the WSJ that the Fed was behind the curve. He was right.
![Inflation Inflation](image/138010050.png)
Who’s the baby now?
![Forbes Magazine Forbes Magazine](image/138010052.png)
Buffett won the bet!
![Buffet's Index Fund Buffet's Index Fund](image/138010049.png)
The Herbalife Fight
![The Herbalife Fight The Herbalife Fight](image/138010048.jpg)
He should have stuck with it…
![Graph Graph](image/138010047.png)
Ackman’s Top Holdings
![Ackman’s Top Holdings Ackman’s Top Holdings](image/138010046.jpg)
The art of the short sell from Lee Mikles the Master.
![Lee Mikles the Master Lee Mikles the Master](image/138010045.png)
The other Master I learned the business from, Mark Strome.
![Mark Strome Mark Strome](image/138010044.jpg)
And here is another Master, with a side gig.
![Pete Muller Pete Muller](image/138014877.jpg)
My NELAX legacy.
![](image/138011977.jpg)
What a yutz!
![](image/138011976.jpg)
Lesson learned, always have a side gig.
![](image/138014876.jpg)
Where did this leave me?
![](image/138010042.jpg)