Joe, We didn't do the hedge fund due to all of the disclosure requirements and massive legal fees. It was significantly more than we ever thought it would be. So, we just do the same thing we have always been doing, buying up undervalued equities with huge short positions.
I have never left AIS as a shareholder even though I sold a majority of our position on the last run up in July 2011 to 5.00. Bought back in on the pull back in the mid-3 range. The stock could go to zero and we wouldn't lose money on the trade.
My biggest gain by dollar value is FOE, which we have now sold most of that we bought in November of last year in the high 2 range. Sold all of my OWW on the Pop. Played DNDN, APPY, VLO, VRNG, BV and a few others for some smaller trades. Lost a pretty penny on DRYS. Played that all wrong and lost money on the long and short.
Biggest holding now dollar value is AK Steel, which I began buying high 2, low 3. Biggest position biggest number of shares, GTXi.
AIS is no longer one of my monster holdings. At one time it was spooky the number of shares I owned. Very moderate holding now. I am buying 10K lots here and there and tucking away for a rainy day. If there is a bear raid, I will step in on the buy side and double up.