Hedge Fund Priest?Subscribe
Ok guys, first and foremost I am a religious man, so this isn't designed to bash on "religion," but I do like controversy! So how do you guys think this is going to end? Here is this guy who is a preist and started a hedge fund three years ago. His record has been positive, cough* cough* bull market cough*. Do guys think after reading a couple books you are in a position to manage a fund? He does and the thing I will give the man is he is at least able to raise money, but most of his money comes from his congregation though which can end bad when the market drops and his leveraged fund doesn't have anyway to hedge his loses and he feels the wrath of the market gods. Here are some highlight quotes:
"The Rev. Emmanuel Lemelson says his life changed forever when he discovered the good book.
That would be “The Intelligent Investor,” Benjamin Graham’s dense tome on the ins and outs of Wall Street investing."
"Three-year-old Amvona manages around $20 million, or double that including the use of leverage, or borrowed money. It charges a 25% performance fee—well above the hedge-fund norm."
"Mr. Lemelson usually wagers on relatively unknown individual stocks rising, like seismic-equipment-technology maker Geospace Technologies Corp. That has been a winning strategy for a few years running as small-capitalization stocks saw steady gains. It returned a total of 150% from inception to mid-2015, according to audited returns and investment documents, roughly triple the pace of the S&P 500, including dividends, during the same period."
"Mr. Lemelson has spent much of his life looking to make a better living. Before ordination, he ran a website, also called Amvona, selling discount photography equipment manufactured in China. Amvona was sued in 2004 for copying a competitor’s patents; two years later, Amvona accepted an offer of judgment against it and paid to end the case, court documents show."
Seems like this guy is just chasing money and he came across a niche that pays well, but my worry is when shtf he won't know what hit him. Here's the article: