You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

In the real world, illiquid assets carry a discount.

When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.

A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.