Subject: Re: Portfolio percentage
Seems like a nice little fund. How much AUM can I get for this at 2 and 20?

Hmm, we'll need higher returns to really suck in the money...

At P/B below 1.35, let's go over 100% allocation by moving some money into call options.
I added a bunch around 2011 (average P/B for the year 1.212) and 2012 (average P/B 1.192). Then I made more money from BRK in 2013 (ending P/B 1.4) and 2014 (ending P/B 1.56) than I did during all of 2001-2012 combined.

Jim