Ground Rules
For the first 5 Million of the fund, I will partner and match 20% to the partnership. For the next 5 Million I will be able to match 10% to the partnership. You know that I will match all my net worth to this partnership.
I cannot promise results to the partners, What I can do and do promises that
Our investments will be chosen based on value, not popularity
I will have virtually our net worth investments in the partnership
For the first 5 Million of the fund, I will partner and match 20% to the partnership. For the next 5 Million I will be able to match 10% to the partnership. You know that I will match all my net worth to this partnership.
Whether we do a good job or a poor job is not to be measured by whether we are plus or minus for the year. It is instead to be measured against the general experience in securities as measured by Dow Jones industrial average , leading investment companies, etc. If our record is better than that of these yardsticks, we consider it a good year whether we are plus or minus. if we do poorer, i deserve tomatoes.
Objective of this fund is grow trust and every action we do will be governed by the rule:
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
These ground rules are the philosophy. If you are in tune with these, lets go. If you aren't, I understand