Seeing a lot of tweets about blown up hedge funds. It certainly makes sense. A lot of funds run with too much leverage. In addition, they often allow monthly or quarterly redemptions which inconveniently means they get redemption requests at exactly the wrong times. To make matters worse, if they have a whole team of traders and analysts, these folks often abandon ship as soon as they realize they won’t see a bonus for some time because the fund is too far below its high watermark. Personally, I was never interested in this model. To invest in a concentrated way in highly volatile small cap equities, I believe you need permanent or quasi-permanent capital. I also don’t think you can build up a huge cost structure that needs to be fed. I started my fund with only 1 super long term oriented outside investor. I said no to every other request to invest. I was wealthy before I started and there are no employees to feed. Nobody is calling me. Nobody wants to redeem. As I’ve said for years, I use derivatives on a very limited basis (1-2% of capital) and use very light margin most of the time. So, as much as my haters will be annoyed to hear this, I am not going anywhere. I will be here, weathering the storm, staying invested, helping my companies. This is what long term builders do.