My averege short price for VXX is 30.70, VXX closed Feb 28 at 20.18... besides that, VXX is only a small position in my portfolio.
I may have missed this but what were the total setup costs for your fund? What about the projected annual costs?
Until now the cost has been $1600 to establish the incubator fund and annual expenses should be minimal, as long itâs in the incubator stage. All of this is changing âdrasticallyâ when converting the incubator b into a full fledged hedge fund.
With some structures, the partners (in this case, perhaps OP alone) can agree in writing to forgo an audit for a year or two.
Exactly. When you are converting to a full fledged hedge fund, its at that point that you will have all the past years audited.
I'm not sure where this information is coming from. I'm not saying its wrong, but just that it doesn't match what I've seen. From my limited experience so far, the only requirement for "audited" numbers is coming courtesy of the NFA. As a registered (non-exempt) commodity pool, I have an obligation to provide an annual report + audit for all of my investors. Other than that, when dealing with prospective investors (especially institutionals), I'm always asked for the date of most recent annual audit. (And, presumably, they will want to see sign-off from my auditors if due-dil proceeds further). No one has ever suggested they'd want to see audits from past years. No investors so far have challenged or queried me on my historical performance numbers. I could've put fantasy numbers on there if I so wanted, and no one would be the wiser. We're all more or less operating under the honor system.
Wow, that's scary. I'm sure there are plenty of unscrupulous people that would use that to their advantage.