Fund Development.

I just set up our employee identificaition number with the IRS: we can now open our bank account and apply for any business liscenses and file taxes by mail. I think Kell and Clark will need to get tax id's with the IRS.

We can later choose to be taxed as a corporation if we fell this benificial. We can discuss this later; or follow up on this thread.

Currently we are a pass through which we discussed before. Essentially all our trades will have to be in huge volume in order to make up for capital gains taxes and personal income taxes (eg any profits we make).

-Alex

Also, im waiting for the new york law post to get back to me to start advertising. The cost is gonna be quite hefty so we should hopefully get our capital together soon.

I was looking at business banks from HSBC and Citi? Any other suggestions. They should have a presences that's big in the East Coast America, Europe, and all of Asia Pacific.

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This is what $700+ dollars will get you... and we still have one more to go... Compliance is a pain!

Or rather valuable experience down the road. At least when we decide to set up alternativesubsiary funds you will knowthe paper trail.

Batman wrote:

Or rather valuable experience down the road. At least when we decide to set up alternativesubsiary funds you will knowthe paper trail.

Im not to sure which post you are responding too. Next time quote it for me ;-)

Will do..

so what was it you were talking about?

I sent in the IRS Forms so our taxes id's and employee number are all set up with the government. I Still need to call back the county clerk for the second publication. Today I just got the invoice of the first publications so we will need to settle the bill on that.


------------------
Wednesday Meeting

This next Wednesday meeting should be full; with Alex, Pat, Clark, Mike, and Jacky joining. If anyone else wants to join email me or PM me.

Complete a report on valuations and technical analysis for discussion: (GS or C will be fine).

We will recap some history lessons, valuations, and technical analysis from previous meetings




------

Contest Suggestions:

I have a suggestion, I think that the Lord of Trading should have a QUARTERLY Contest for whoever has the highest post (Scalpman doesn't count) and they should get a prize.

I also suggest that Analyze Capital and The Lord of Trading Should host a separate investopedia paper trading game and a separate spot FX trading game. I suggest a small entrance Fee and winner takes all the prize money.

To learn more about prop trading join us on our Wednesday meetings

------


-Snapman

Clark came a bit late from logistical issues with time zone difference,
but we had great convo about more history and revision of the crises
and monetary policy and interest rates. After the history revision we then briefly talk about GS
and some other trades and technical analysis. We also cover some
alternative energy topics and mention bio tech. Overall it was a good
discussion. Next week I will go over the
history of the 1970's through the 1990's. and some monetary policy issues.

We will review some

-history
-valuations
-technicals
-sentiment

and thank you Jacky for coming.

I set up meetings for next week meeting with Citi and HSBC. I got some info on Citi business accounts and get more info for both banks soon.




PS: I will be open to discussing trades people are taking on; also we can discuss contest ideas... and dates and prize monies...

-Snapman

I just read the dialogue. You guys had another good conversation about the brief history. I forgot about the meeting (delinquent). You did a very nice job teaching once again. I met my mom in the city for brunch this morning. It was her first day at work at Pfizer. She works down on 42nd and 2nd. We hit a diner by Penn Station (stage door). Please let me know when the meetings are for citi and HSBC, I would like to go with you (ALSO IF YOU COULD LET ME BORROW SOME INFO AS i CAN MAKE COPIES/REVIEW THE INFORMATION). Also, I made further headway with the trademark and Patent office. I had to read through about 300 different trademarks to see if any were conflicting. There were a few but nothing exact (i.e. The Capital Analyst, Capital Analysis). Both are Hedge Funds/Financial services firms. But we should be alright as those two names are more similar to each other then Analyze Capital.

Batman wrote:

I just read the dialogue. You guys had another good conversation about the brief history. I forgot about the meeting (delinquent). You did a very nice job teaching once again. I met my mom in the city for brunch this morning. It was her first day at work at Pfizer. She works down on 42nd and 2nd. We hit a diner by Penn Station (stage door). Please let me know when the meetings are for citi and HSBC, I would like to go with you (ALSO IF YOU COULD LET ME BORROW SOME INFO AS i CAN MAKE COPIES/REVIEW THE INFORMATION). Also, I made further headway with the trademark and Patent office. I had to read through about 300 different trademarks to see if any were conflicting. There were a few but nothing exact (i.e. The Capital Analyst, Capital Analysis). Both are Hedge Funds/Financial services firms. But we should be alright as those two names are more similar to each other then Analyze Capital.

Sounds good, try not to miss another meeting. If meeting on wednesday will be a problem let me know, and we can try to reschedule.

Yes sir

Looks like to me we got all 5 mostly covered! Just got to keep workin on it guys!




------------

Autos /
Lifestyle
/ 5 Ways to Build a Successful Business


5 Ways to Build a Successful Business


Jump-start your career with advice from entrepreneur Gary Vaynerchuk


By
Annemarie Conte
Posted October 30, 2009
from

Woman's Day










Photo: The Brooks Group





The key to success is passion, not just for what you do, but also
for promoting yourself. Gary Vaynerchuk has both in spades. When he
started a Web-TV series called
Wine TV to educate people about all things vino, he naturally promoted his family business, a liquor store in New Jersey called
Wine Library. Soon came tens of thousands of fans, late-night-show segments and a seven-figure book deal, which resulted in his first book, The New York Times bestseller Crush It!: Why Now Is the Time to Cash In on Your Passion. Here are his five tips for building your own successful business endeavor.

1. Find Your PassionBe
passionate and interested about something—whether it’s cooking, baking,
law, mountain climbing, gardening or anything else. If you know how to
knit and you love knitting, and you go to flea markets and crafts
shows, you’ve found what you need to talk about.

2. Proclaim Your ExpertiseYou’ll break through
the noise if you’re good at what you do. I’m very charismatic on video
and that’s worked for me. If I talked about science, my show wouldn’t
be successful—I don’t have the chops. People don’t know that they’re
experts because they don’t have self-esteem. If you view yourself as an
expert, others will start to as well.

3. Embrace the InternetHow
many people actually thought they’d be on Facebook two years ago? But
you are! The Internet is only 14 years old. There’s been a cultural
shift, and big things are happening. Now we’re calling it social media,
but in two years I think it’s just going to be called media. Where do
you want to put out your content? Blog sites like Wordpress and Tumblr
can be the “base” of your business. Once you decide that, then move on
to communicating through video or audio on sites like YouTube. Next you
can market your content by being involved in a community in places like
Facebook and Twitter.

4. Follow the Example of Others Zach Brooks started
MidtownLunch.com, a website that lists places in Midtown
Manhattan to eat lunch, because he has a passion for street food. Once
he got advertising on his site, he started making money. He now does an
event called Street-Meat-Palooza, and as the event grows he has plans
to start charging for attendance, something that could end up bringing
him thousands of dollars in revenue. But there’s even more he can do:
He can hold an event twice a year and double his money; he can get
partnership deals with other restaurants and transportation companies;
he could eventually come up with his own street vendor business; he can
sell Street-Meat-Palooza and Midtown Lunch merchandise; he can start
consulting and speaking on how he was able to do this. The
possibilities are endless.

5. Find a Mentor You
don’t have to go to school for this stuff. Instead, get some hands-on
experience. Try interning with somebody who’s built a business you
admire. I could read about push-ups all I want, but until I do them,
I’m not going to look like a muscleman. I meet Harvard Business School
people all the time and the ones who have entrepreneurial DNA are
successful, and the ones who don’t are not. Otherwise, wouldn’t it then
make sense that every person who has ever graduated from Harvard
Business School is successful? But that’s not the case; a lot of those
people work for people who grew up sweeping the floor in their family’s
business—someone who had passion and an entrepreneurial spirit.

Im posting this here because this is somethign we will need to work towards. Id suggest an inhouse solution that is audited or signed off by a 3rd party saying that all our processes are correct and full compliant and non-madoff etc etc...

http://www.globalfundwire.com/2009/11/11/holistic-approach-transparency

The holistic approach to transparency


By Oliver.bradley

Created 11/11/2009 - 13:20










With institutional investors yet to fully recover from the downturn
and with banks struggling to cope with liquidity issues, a different
breed of investor is making its presence felt. The sovereign wealth
funds (SWFs) are returning to the market again and are making big
investments. A SWF – owned directly by a sovereign government and
managed independently of other state financial institutions – is mainly
created to manage a country’s foreign exchange reserves. Now,
government assets are brimming with foreign reserves and many SWFs are
looking to make inroads into global markets.
But as much as the SWFs are looking into investment opportunities,
there is a wide dispersion in the level of opacity among the funds. An
October 2009 study by the IRRC Institute and RiskMetrics found that
about half of the ten largest SWFs have achieved a relatively high
level of disclosure, while other funds have yet to adopt meaningful
initiatives to improve compliance with their self-imposed disclosure
code of conduct.
The adoption of the Santiago Principles, back in October 2008,
signaled a recognition by the funds that there was a need to demystify
and reassure the global capital markets through increased disclosure
and transparency, yet it is clear that this has not yet been fully
embraced.
So what must be done? The attempt to aggregate and normalise the
ever-increasing volume of information being generated can easily turn
into a massive undertaking that is beyond the core competencies of
SWFs. As a result, they are turning to their operational outsourcing
partner to provide a sophisticated data management solution that allows
them to view, organise and structure their business holistically.
The key to a fully-efficient data management model involves
capturing critical data generated from the front-, middle-, and
back-office functions. A fully comprehensive data management process
involves a three-step sequence. First, data is aggregated by pulling
together internal and external data across various independent systems
and products, then normalising (or validating) the data to ensure
consistency, thus creating a single data set across the entire firm.
Second is the data governance step, which involves normalising the
internal and external data feeds to ensure the data is clean and
error-free. Lastly, the presentation of the data is delivered back to
authorised parties in a meaningful context through a variety of
methods. Whilst aggregation and governance are standard practice, the
presentation of the data is often an afterthought, but it can
exponentially enhance or detract from the first two steps.
Working with a single provider that can administer the SWFs’ full
array of investment products provides a more integrated operating
environment. This in turn helps ensure consistency and standardisation,
streamlines communications, and means they can more easily obtain a
holistic and accurate snapshot across their business. Reporting needs
to capture both high-level trends in a dashboard view (i.e. 24/7), but
also provide the flexibility to drill down and slice data in multiple
ways.
The complexity of new financial products, increasingly stringent
regulatory controls, and the costs associated with managing data
in-house will continue to drive the trend amongst SWFs to enhance their
data management capabilities so that they can respond quickly to
challenges.
This material represents an assessment of the market environment at
a specific point in time and should not be relied upon by the reader as
research or investment advice. This information is for educational
purposes only. SEI claims no responsibility for the accuracy or
reliability of the data provided.
By David Morrissey, director of new business
development, Europe and the Middle East, for SEI’s investment manager
services division

Its more than just returns:

But comon guys... we knew this already...
--------



It Is Not Just About Return
So many hedge fund managers have been frustrated by their problems with attracting capital during this financial crisis that they are wondering if institutions will ever open up their wallets again. Managers are putting up very good numbers but don't seem to get the traction and attention they feel they deserve. Maybe the industry has become just a little more complicated today than it used to be. Just as a beautiful women doesn't guarantee a happy marriage, great returns don't necessarily attract the truckloads of capital that they used to. There is a little more to investing than posting eye-popping numbers. Even seasoned managers learned some valuable lessons in the past 18 months. Instead of becoming extinct like dinosaurs, they have learned to adapt.

Some of the drivers of the new world order are as follows:

Risk Management: Before the recession, many gave lip service to managing risk. Most are now repentant and are showing real signs of embracing real risk control. Some managers are going as far as using outside providers to monitor portfolio concentration and volatility. Investors want to know that someone who does not have their bonus predicated on return, regardless of the risk being taken, is watching the portfolio and making certain investments don't blow up.

Top Tier Service Providers: The fastest way to get rejected by a potential investor is to prime with Joe's Bank and use the accounting firm of Dewey, Cheatum and Howe. It is a manager's obligation to provide the best legal, prime brokerage, accounting, compliance, etc. available. While using Goldman Sachs and Rothstein Kass may not actually attract additional capital, it may get you through the door so you can discuss your strategy.

Compliance: Following the Madoff scandal, investors need to know that FINRA rules and internal policies are being followed to the letter. While this may not avoid every scam, it will go a long way toward pointing out funds that do not follow industry and internal guidelines. It could just be the smoke before the fire.

Systems: Internal trading and pricing/accounting programs and software are another area that is being scrutinized by investors to provide additional oversight on fund managers' activities. Knowing what your positions are and where you are actually making the money is important information for risk and return. Positions that have limited downside with exponential upside are the ultimate in the risk/reward tradeoff.

Business/Investor Risk: A very small number of investors, or one or two very large investors, sometimes exposes business viability risk for a less seasoned manager. Therefore, the manager should have a large percentage of his or her liquid assets in the fund and "eat their own cooking."

Having great returns does not necessarily guarantee attracting money for a fund manager. Many other factors play into the mix of choosing whom to allow to manage your hard-earned capital. While investors don't like to lose money, any manager can make a bad investment. What can't be tolerated is losing money due to fundamental, rudimentary issues, that could easily be avoided by any first year MBA student with an eye toward normal risk asses

We should join some of these associations


--------
MFA Allies with New York Hedge Fund Group
The Managed Funds Association, (MFA) an industry group, announced it has formed an alliance with the New York Hedge Fund Roundtable, which counts over 1,000 hedge fund professionals, investors and service firms among its members.

The MFA, which is headquartered in Washington, D.C., has been seeking to expand its influence as the asset class comes under greater scrutiny by American and international regulators.

The group brought in Richard Baker, an ex-U.S. Congressman from Louisiana, as its head in 2008.

Since then, the MFA has formed alliances with the Mid-Atlantic Hedge Fund Association and the Connecticut Hedge Fund Association. Other affiliations with regional hedge fund associations are expected in the coming months, the MFA said in their announcement.

Baker also led the MFA into an alliance with an international hedge fund group, the Alternative Investment Management Association (AIMA), which is headquartered in London.


----

Investors Bullish on Hedge Funds: Survey Institutional investors see nothing but growth in hedge fund allocations during 2010, according to a new survey.

Investors surveyed by Credit Suisse's Prime Services said they expect to increase their hedge fund allocations by an asset-weighted average of 9% above their current levels.

Edgar Senior, Credit Suisse's head of capital services in London, told HedgeFund.net the survey results showed investors had regained a sense of optimism about the asset class. "The forecast in 2008 would have been more negative," he said.

The bank's prime services unit surveyed about 600 institutional investors representing about $1 trillion in hedge fund investments. On average, the investors participating in the survey forecast that the industry would grow from $1.64 trillion at the end of 2009 to $1.97 trillion by the end of 2010.

The survey found that the two most popular strategies for hedge fund investment this year were expected to be global macro, with 67% of investors allocating to that strategy, and event-driven strategies, with 62% of investors increasing allocations.


Asia-Pacific was the leader for geographic regions, with 61% of investors increasing allocations to that region. But investors have also changed their approach to hedge fund managers. Hard lock-ups are less favored, with 39% requesting their removal. Plus, investors are interested in greater liquidity: 43% said they are demanding an increase in redemption frequency.

Investors aren't steering clear of new fund launches, the survey found, but there are caveats. While 65% would be willing to invest "day one" in a new launch of a carved-out strategy within an existing firm, only 28% would invest with a manager starting up an entirely new venture.

IF we could get some access to HNWI or in touch with private bankers, we could get access to more capital:

HSBC Private Bank Likes Macro, Distressed Hedge Funds
HSBC Private Bank said it reduced its exposure to global equities on April 21, while retaining its belief that hedge funds would be the one to profit from higher market volatility.

The private banking group is particularly bullish on global macro, Peter Rigg, head of the alternative investment group at HSBC, said in a statement.

Rigg's opinion was not shaken by May events including Greece's threatened default and the so-called "flash crash."

"The dispersion in the timing of interest rate moves between the emerging markets and the developed world, and the potential divergences within the Eurozone are creating long-term trading opportunities for [discretionary macro]," Rigg said.

Distressed is also a hedge fund strategy HSBC recommends to its private banking clients, Rigg said.

"The busy refinancing calendar from 2011 to 2014 should create event driven situations," he said.

HSBC Private Bank had combined assets under management of $460 billion at the end of last year, of which $2 billion was in its flagship multi-strategy funds-of-funds.

The HFN Macro Index was down 0.41% in May and up 1.56% year-to-date, while the HFN Distressed Index was down 2.08% in May and up 6.08% YTD.
Click Here To Read Comments on This Story or Submit Your Own

Snapman wrote:

IF we could get some access to HNWI or in touch with private bankers, we could get access to more capital:

HSBC Private Bank Likes Macro, Distressed Hedge Funds
HSBC Private Bank said it reduced its exposure to global equities on April 21, while retaining its belief that hedge funds would be the one to profit from higher market volatility.

The private banking group is particularly bullish on global macro, Peter Rigg, head of the alternative investment group at HSBC, said in a statement.

Rigg's opinion was not shaken by May events including Greece's threatened default and the so-called "flash crash."

"The dispersion in the timing of interest rate moves between the emerging markets and the developed world, and the potential divergences within the Eurozone are creating long-term trading opportunities for [discretionary macro]," Rigg said.

Distressed is also a hedge fund strategy HSBC recommends to its private banking clients, Rigg said.

"The busy refinancing calendar from 2011 to 2014 should create event driven situations," he said.

HSBC Private Bank had combined assets under management of $460 billion at the end of last year, of which $2 billion was in its flagship multi-strategy funds-of-funds.

The HFN Macro Index was down 0.41% in May and up 1.56% year-to-date, while the HFN Distressed Index was down 2.08% in May and up 6.08% YTD.
Click Here To Read Comments on This Story or Submit Your Own

I was thinking the exact same thing this morning Snapman. Once we can build our equity up, there will be no stopping us.

Batman wrote:

Snapman wrote:

IF we could get some access to HNWI or in touch with private bankers, we could get access to more capital:

HSBC Private Bank Likes Macro, Distressed Hedge Funds
HSBC Private Bank said it reduced its exposure to global equities on April 21, while retaining its belief that hedge funds would be the one to profit from higher market volatility.

The private banking group is particularly bullish on global macro, Peter Rigg, head of the alternative investment group at HSBC, said in a statement.

Rigg's opinion was not shaken by May events including Greece's threatened default and the so-called "flash crash."

"The dispersion in the timing of interest rate moves between the emerging markets and the developed world, and the potential divergences within the Eurozone are creating long-term trading opportunities for [discretionary macro]," Rigg said.

Distressed is also a hedge fund strategy HSBC recommends to its private banking clients, Rigg said.

"The busy refinancing calendar from 2011 to 2014 should create event driven situations," he said.

HSBC Private Bank had combined assets under management of $460 billion at the end of last year, of which $2 billion was in its flagship multi-strategy funds-of-funds.

The HFN Macro Index was down 0.41% in May and up 1.56% year-to-date, while the HFN Distressed Index was down 2.08% in May and up 6.08% YTD.
Click Here To Read Comments on This Story or Submit Your Own

I was thinking the exact same thing this morning Snapman. Once we can build our equity up, there will be no stopping us.

I got the green lantern to start looking into ucits structures as well. It maybe an interesting useful vechile to use moving forward.

More good opportunities and news for the alternative space, we got to implement a detailed strategic plan to catch this trend.



-------




Changes Looming As Institutional Investors Aim to Commit More to Alternatives
As the recession continues, a recent KPMG study found most institutional investors will increase their allocations to the alternatives space in the next three years.

KPMG surveyed 200 alternative investment managers, administrators and institutional investors worldwide, and found more than 50% intended to up their investments in the alternatives space. Some surveyed confirmed they would like to allocate more than 10% of their total assets to alternatives, KPMG confirmed.

"We did the study to continue our ongoing commitment to stay abreast of the latest trends in investment management," Mikael Johnson, lead partner in KPMG's alternative investment practice in the United States, said in an e-mail. "With so much change impacting alternative investments, the topic was an easy one to select."

To meet investor demand, KPMG said, firms will need to change their business models to include fee arrangements that reflect longer-term performance, more management investment, as well as increased liquidity and transparency.

KPMG found that 67% of North American institutional investors said increased regulation, however, would have a negative impact on alternative investments. Forty-four percent of all investment managers agreed, saying regulation would not produce any real benefits, and costs and bureaucratic burdens would increase.

These results were a bit of a surprise to Johnson.

"The overwhelming negative perception of pending regulations, from investors and managers alike, was a bit of a surprise," Johnson said. "I can understand the negativity from managers, but from investors as well was a bit unexpected."

KPMG conducted their survey between February and June. The firm interviewed and polled respondents from 26 countries. The firm interviewed managers who invested primarily in hedge funds, as well as those investing in private equity, real estate, infrastructure and structured products.

What Bortel is doing is very reasonable, i wonder if such a model is feasible for us or not?

I'm still all for a flexible based performance charge, but i guess we don't have savings os we might not be able to not charge a performance fee, and we dn't have a few million yet.


--------


Bortel Launches Fund
Bortel Investment, a Gig Harbor, Wash.-based hedge fund firm, has launched a new long-short domestic fund.

The fund, which focuses on the financials sector, is a small cap vehicle, Peter Bortel, the portfolio manager of the new fund, told HedgeFund.net. The fund launched on May 6 and currently has $7 million in assets under management.

The firm's current assets under management are comprised of a mixture of Bortel's own capital as well as commitments from 32 limited partners. Bortel said he would like to bring the fund's assets under management to the $30 million level as a high point.

"I think this is a more appropriate level," he said. "Unless you're really putting the pedal to the gas, you can't make 30 times."

Bortel currently does not charge a performance fee on the fund, saying he will wait to do so until he puts up a track record that he feels warrants such a fee. When that does happen, he envisions a 1% maintenance fee coupled with a 20% performance fee. In the meantime, this fund is charging only a 2% maintenance fee, he said.

Minimum investment in the new fund is $250,000 he said.

Bortel said his career started with a financial services firm in 1997. He moved on to a momentum fund based in Washington, where he consulted on investments in the financial sector. After that, he decided it was time to start his own firm, Bortel Investment.

Bortel foresees the financial sector rebounding in the next five years to seven years, he told HedgeFund.net.

JPMorgan is the fund's prime broker, the auditor for the new fund is Joseph DeCosimo & Co., the law firm is Howard Rice & Associates and the administrator is Conifer Securities.