The Best Performing Hedge Fund ever… Or?

With nearly $1 billion under management, much of it historically allocated to Berkshire Hathaway, Allan Mecham could be one of the greatest traders of all time. The “one-man band managing the portfolio,” as Mecham described himself in a September 29, 2017, letter to investors, produced gross returns that matched the S&P 500 and took in nearly $40 million in fees on the year.  But it is not just the ability to be able to convince investors to hand him a 1% management fee and a 15% performance fee, which is where the fund makes the most in fees, or a 2.4% fixed management fee. This is opposed to utilizing much less expensive index funds that make Mecham stand out. The...