Tuesday, June 17, 2008

Reader Investment Pledges mid June Update

Monthly update time. An excellent month as new and previous investors committed a whopping $901K this past month. This compares to $421K last month, which in and of itself was double my projected run rate of $200-$225K new dollars each month. So essentially we did 4 months of my projection in this 1 month alone - that's amazing. Total dollars is now over $2.5 million. As mentioned in the past, my goal was to get to $7M in assets by the end of the first year of actual existence but starting at around $4M by the time the fund is actually open for business. So $1.5M away from that $4M goal.

Frequently Asked Questions can be found here.

A couple of other notes/updates: due to various technical "back office" reasons with the people I'm working with to get started (along with the large upswing in pledged dollars) I can put a more probable time frame on launch of the actual fund; at this time it is looking like a range of November 2008 through January 2009 is where we are aiming for. Again, wonderful to see (and in some fashion surreal) - part of this lag is due to SEC review which is an open ended process but should run from 90 to 120 days.

Next, I guess I am old school but I didn't realize how many people buy mutual funds through their online brokers now. I myself have been devoted solely to stocks for so long, I just assumed almost everyone was doing it the old fashioned way (see example here), like I used to buy funds in the late 80s or early 90s - where you get the prospectus, fill out an application and then mail it in, and have a stand alone account. Just to make sure everyone is on the same page since I've gotten some email questions about this, the fund won't be available via brokerages at the beginning - one it needs to be up and running, and two it needs a history of some length before it would even be accepted on such a platform (with extra fees of course to be on said platform). So at the beginning we'll have a website with .pdf files for applications, prospectus and the like and/or you will have a 800 number to call to request such documentation mailed to you, but it will be a stand alone account. This is a standard practice for all funds. Hopefully within a year it will be able to be launched on brokerage platforms. As I wrote in my FAQ, the fund supermarkets from Fidelity and Schwab or an entirely different animal as well - with a substantial fee attached to get started there, so that will come in time but not at the beginning.

I'll start updating things on a state by state basis each month, as I outlined in [Investment Pledges by State] As we wrote, to make it cost effective to register in any state we need about $40-$45K coming in from that state. The good news is if you are not in a registered state, once the amount is breached, its a matter of 24 hours, and a fund can be open for business in any state. So if someone shows up in 6 months from a state that is not registered, they can be added almost instantly.

So far we have 12 states where threshold is met and we'll be registered if we started today: WA, CA, MI, AR, NJ, TX, GA, IL, NY, MA, OH, and FL

Another 8 states we are well on the way and hopefully get a bit more before end of the year to get them registered ($20K+ pledged): CT, NE, KS, AZ, TN, MD, IA, NC

Just getting started in these states with first pledges: MN, WI, LA, OR, NH, PA, AL

SC, ID I need to double check on since it's based on 1 large investor, and other states nothing in yet

As for countries we landed investors from Canada, Costa Rica, Germany, and New Zealand (nice)

As for web traffic we are now averaging 2400-2600 visits on most weekdays (every 30 days this seems to go up by 300-400 visits), and about 600 readers via email (not sure if its the same people or not who come to the actual site).

Again as I always say - thank you for the trust; it's quite an adventure on this side to learn all the mechanics of launching but it's exciting. As always any questions shoot me an email but I hope I addressed most via the FAQ.

Any time day or night, you can see how I am doing by verified independent 3rd party metric here: 'Rising Tide Growth' performance

To future investors, as always, if you change your mind and want to rescind an investment pledge and/or change (up or down) the amount, please let me know since I simply want know where I stand in this process. Thanks.

The original post on the purpose of the blog can be found here [Jan 7: Readers 'Pledges' Towards Mutual Fund Launch] Feel free to add a comment to that post or send an email if you'd like to join in.

January 7, 2008
= $75K total raised
February 19, 2008 (click here for full post): $766K total raised
March 18, 2008 (click here for full post): $994K raised
April 16, 2008 (click here for full post): $1.19M raised
May 15, 2008 (click here for full post): $1.61M raised
June 17, 2008 $2.51M raised

Amount Who Where
$75,000 Self MI
$2,500 Michael D Oceanside, CA
$7,500 Oth Parts Unknown
$10,000 Dean D San Jose, CA
$2,500 Oza P MA
$20,000 Oren L Chicago
$10,000 Rob T NYC
$5,000 Ryan Seattle, WA
$7,500 Ted Sunnyvale, CA
$2,500 Brian P Cerritos, CA
$50,000 David B Middlesex, NJ
$50,000 Ian M San Antonio, TX
$40,000 "LiquidWindows" Deep in heart of TX
$5,000 Jonson LA, CA
$5,000 Jimidean Birmingham, AL
$5,000 Brooks R Baton Rouge, LA
$50,000 Zlatanscores New Jersey
$3,000 Ben S Portland, OR
$20,000 Sheng S Omaha, NE
$10,000 msuberri NJ
$5,000 David W Houston, TX
$10,000 Ryan T NJ
$3,000 NandaK Nashua, NH
$10,000 WaltF Louisberg, KS
$2,500 Joe Scranton, PA (email)
$2,500 Todd Nashville, TN (email)
$250,000 David R South Carolina (email)
$100,000 A.F. Los Altos, CA (email)
$50,000 Satya Temple City, CA (email)
$15,000 Bobby L San Jose, CA
$200,000 Ganesh S Bellevue, WA
$2,500 Michael A Charleston, SC (email)
$2,500 TJP Sterling, IL (email)
$75,000 Bob B VanBuren, AR (email)
$10,000 Pat L Tuscon, AZ (email)
$37,500 Art H Auburn, CA (email)
$5,000 Dan D Augusta, GA (email)
$5,000 Jeffrey H Greensboro, NC (email)
$37,500 Tom L San Fran, CA (email)
$10,000 Wesley W San Jose, CA (email)
$10,000 Tom S (daKat) Minneapolis, MN
$5,000 Dan W Mentor, OH (email)
$10,000 Jim G Marana, AZ (email)
$5,000 Andrey G Baltimore, MD
$20,000 Doug M San Fran, CA (email)
$75,000 "Skooker" Boise, ID (email)
$3,750 Brian C Milwaukee, WI (email)
$2,500 Jason F Big Apple, NY
$3,000 Chung W San Jose, CA (email)
$3,000 Mac Bellevue, WA
$10,000 BMW Bay Area, CA (email)
$10,000 "steelelana" NY
$10,000 "Jpassana" TX
$5,000 Brian J Racine, WI (email)
$5,000 Ceferino J Parts Unknown (email)
$10,000 Link M Knoxville, TN
$5,000 Pankaj Forest Park, OH
$20,000 Alex A Big Apple, NY
$100,000 D.K. Los Altos Hills, CA (email)
$20,000 Roger B Arlington TX
$20,000 Rohit S Chicago, IL
$5,000 Praveen K Atchison, KS
$25,000 Robert D Niantic, CT (email - IRA)
$25,000 Scott R Longbranch, WA (email)
$7,500 Roy S Knoxville, TN (email)
$50,000 Douglas D Atlanta, GA (email)
$10,000 Mahender B Crofton, MD (email)
$15,000 Joon K NYC (email)
$15,000 Linda A Houston, TX (email)
$5,000 Bob M Atlanta, GA
$3,000 Kiran A Atlanta, GA (email)
$5,000 Alven LA, CA (email)
$75,000 Vijay K New Jersey (email)
$3,000 Tyler CA (email)
$20,000 Jeff M Cedar Rapids, IA (email)
$50,000 Will W CA (email)
$10,000 Burt B Venica, CA (email)
$4,000 Kathy A Deland, FL (email)
$10,000 Nate W Novi, MI
$5,000 Tom R Canada (email)
$20,000 Anurag V Germany (email)
$200,000 S D Costa Rica (email)
$5,000 Behrouz F Ottawa, Canada (email)
$20,000 Hong H Hamilton, Canada
$15,000 Jeff F Calgary, Canada (email)
$2,500 Hamish E Queenstown, New Zealand
$25,000 George L North Carolina (email)
$4,500 Satyakee S Houston, TX
$2,500 "madhatter" TX (email)
$30,000 Rich P Concord, CA (email)
$50,000 Rich T S. Yarmouth, MA (email)
$5,000 Xiang X Salem, MA
$25,000 Shane V Houston, TX
$100,000 Dave K Downey, CA (email)
$10,000 Bill H Boston, MA (email)
$20,000 Kurt C LA, CA (email)
$20,000 Charles L San Mateo, CA (email)
$5,000 Troyhouse Chicago, IL
$10,000 Darin P Corvallis, OR
$10,000 Adam M Columbus, OH (email)
$15,000 Justin K Columbus, OH
$5,000 Adam S CA (email)
$5,000 Mike M Atlanta, GA

$2,512,750 Total

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