I would like to get feedback from those who have gone down the road to setting up a firm in general and/or specifically for LPs that has a primary strategy driven by a Graham early Buffett-esque philosophy. From my research and talking to others in my city who went this route, I will need roughly 50M AUM before it can be a fund, should I choose the fund route. I'm running the strategy in a personal account for the last 2 years. and 3 years has been said to me to be a long enough track record, from those who are currently running OPM. Performance has been 11% in 10', 10% in 11', with no more than 10% DD in any year. Small and micro cap only, NA listed equities. Target is 10% annual return in the long run, with max 10% DD peak to trough. Questions I have: 1)Clarification on whether my personal account can be used to be the audited track record. ET says no, those in the industry say yes. 2)General price quotes for the paperwork to get this off the ground. I'm thinking maybe 10K? 3)Timeframe I'm looking at to launch. I'd like to do it in a year. 4)Am I being fooled by randomness? Appreciate any thoughts/comments/criticisms.