“I’ll tell you one story. I had an idea for a fund in 2008 when oil was crashing at the end of the year. Stocks / funds that invested in municipal bonds in Texas were getting destroyed. Somehow, because oil was going down, everyone naturally assumed that Texas was going to simply disappear. I researched every municipal bond out there and found a good set of Texan cities that were being sold off with everyone else even though they had nothing to do with oil. I pitched it to a huge investor who had told me he wanted to back me on any idea I could come up with. He loved the idea. He loved it so much he told me, “You’re too late. We already have about $500 million in this strategy and we bought the very stocks you are recommending.” They went up over 100% in the next six months while the world was still in financial collapse. So he made a lot of money. As for me, I didn’t put a dime into my own strategy and made nothing.”