How Difficult (And Smart) To Start A HML Fund--Am I Nuts?

[John Thedford]

I have been doing HML for a few years. Really enjoy it and the returns have been pretty good. Am I crazy for wanting to start a private fund for HML? I really don't know anything about it except it requires SEC paperwork, etc. Saw another poster on BP just state they are moving forward with their fund but are buying low end properties in the Midwest. I don't think I want to pursue that model. I want to be a paper-boy:)...and reap the rewards. Anyone started or worked for a fund? Is the field too saturated? Last but not least, if we have a total meltdown, I do fear a fund could get wiped out. Thoughts?