“Judge a man by his questions rather than his answers.”
“I have no particular talent. I am merely inquisitive.”
After reviewing the materials that FCM sent over to us (DDQ, presentation, monthly letters) and concluding that they passed the initial data review, we can now schedule a brief call with the hedge fund manager to address any open questions and to gain a better understanding of the fund so that we can begin to determine what its competitive advantages may be (if any). I generally start the process with a call but will meet with managers face to face if they are from out of town and will be in my area or if I am at a conference and have a chance to meet them personally.
I purposefully keep these calls brief; generally 30 to 40 minutes because I do my homework in advance and, as a result, typically do not need to ask basic questions. To keep these calls on point, I send an e-mail in advance to explain what I would like to cover and to set the time frame for the call so that we are all on the same page.
General Discussion Topics