Newsletter: Dear Investors, Thank You for the Generous Fees
This the January 4th edition of my newsletter, which I send out 3 times per week. Sign up here.
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2020 was a tough year for many. For those that struggled financially, emotionally, or with their health, please take solace in this silver lining: My fund set a new record for fees collected in a single year.
Thanks to my generous investors, I was able to fly many close friends and family out for my birthday party (private island, all quarantined for 2 weeks and were tested many times). Apologies if you were not invited on that trip.
For those of you wanting to see our fund’s 2020 cumulative numbers, just know that our accounting team is working diligently to compile those. We will likely have the final figures by the end of 2021. But don’t worry, I have already been paid my full 2020 salary and 120% of my expected bonus. The rest of the numbers will work themselves out.
For those curious about the fund’s positions heading into 2021, here is a quick rundown.
We maintain our commitment to Nikola Corporation (NASDAQ: NKLA), which is still the fund’s largest position. We have been assured that GM backing out of the partnership agreement was just due to a computer glitch that caused the wrong draft press release to be sent out. The mistake will be corrected soon and the stock price should soar.
As of the final week in December, we began accumulating a new position: DogeCoin (NASDAQ: DOGE). This groundbreaking currency basically looks to disrupt the blockchain protocol decentralized global payments tokenized (note to copywriter: insert other buzzwords later).
Pretty cool, right?
As far as capital allocation goes, I am still deciding how to best maximize fees for the upcoming year. Since my index is the Dow Laggard-12 (an index I had my JP Morgan broker create that tracks the 12 most debt-riddled, slowest-growing companies in the Dow), I will probably just get into a Russell 2000 index and hope the Fed keeps printing assloads of money.
Under a “worst-case” scenario, I would still 7x the index and make enough to hire a hitman to take care of anyone who tries to question the fund’s accounting in court 😉
Thanks for reading! Be sure to look out for my next update in June. Again, I am very busy, so please allow six to 19 days to respond to any emails.
John W. B. Rich (Wealthy)
Harvard class of 1937
Chief Executive Managing Director Emeritus
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