 Good day, fellow investors. Can you invest like a hedge fund manager and can you invest in their own picks? So the SEC Commission passed 14 F-regulation where US hedge fund managers have to disclose their positions usually 45 days after a quarter has passed. So every time 15th of February, so now we'll start seeing, okay, what did Zett-Klarman buy? What did Warren Buffett buy? What did Warren Buffett sell? Et cetera. David Einhorn, Loeb and all the other big shots in the environment will show what they own and many follow there, okay, he bought that, the price is even lower now, let me jump in in that position. It must be good. And in this video, I want to discuss, okay, whether there is that is a smart strategy or not and how you can imply that and what you have to think about. The first thing is, as I said, everything they do is delayed and you get the information delayed. And even if it is something very important for them, they can require from the SEC to not disclose that position until they have fully made the fully positioned because they can move the markets. So that's also something to keep in mind. Not everything is out there. Plus, short positions are not out there. Positions less than a certain amount or smaller stocks are not out there because they can move the markets. Secondly, as there is no short position, you never know whether a hedge fund manager went long and short. David Einhorn, he says it later, but you cannot see it. He's, I think, long what was a General Motors and short Tesla. So it is a long, short position, something that you cannot know. Further, merger arbitrage. So you see a fund manager being long Bristol Myers of Celgene with their merger, but to take advantage of the spread there, but you never know how much is he long in relation to how much is he short the other stock to get advantage of that merger arbitrage. So also something retail investors really cannot know and cannot do. And I received a lot of questions about this merger. What is the chance there? And there is always, with mergers, Buffett's answer is always the best. If the merger doesn't go through, are you happy holding the stock at what you paid? If yes, then you can play on merger arbitrage. If not, you better stay away. Further, said Claremont recently, the bankruptcy Chapter 11 situation. He invested a lot over the last year into debt and many say he lost a lot of money. But we don't know whether he was short the bonds, whether he bought the bonds, whether he will make a lot of money on something else, no matter what happens there. We don't know what's his long, his short position. So don't feel like, okay, he's invested there. I can invest with him. Secondly, I'm not a lawyer to answer that question. So I don't know what will be the implications of the Chapter 11 of the value there, what can happen? And what is his long time solution out there? Or he can simply have made a mistake. So it's a lot of unknowns there. And I simply cannot answer them. And if you think you can answer those questions, if you know, okay, why said Claremont bought this stock, why someone from the Renaissance Technologies bought this stock, then save yourself the trouble of buying 20 stocks, send them a letter with your explanations, and I'm sure they will hire you. You will have a 100,000, 200,000 job per year, and you will do the same. And you will not risk your money on a few stocks. So the Renaissance Technologies, someone said a comment about that I have a PhD. Why should I ever disclose that? I don't know. I did that. So I do it. But Renaissance Technologies, they have about 300 employees, 150 PhDs, not in finance, in all other sectors, mathematics, physics, etc. But if you want to invest like them, you have to understand what they are doing. Ray Dalio always says, don't look at one of my positions because you cannot understand to what else it is connected. So he was short this or that or long that. But you cannot understand, okay, what's the whole picture there. And his all weather portfolio is pretty complex. And I keep telling people 1500 people work on that. So if you can understand his positioning, simply get a job with bridge water, do that, and you will do fine. Trying to balance those things out is very, very hard. So the message of this short video, when you look at all those hedge funds and what they are doing and when you will be and even we will be looking at, okay, what did they buy? What did they sell? Try to always look, okay, what part of that transaction I might not see or I might not understand. And this will simply lower your risks in the season of hedge fund disclosures that is coming up. So keep that in mind. That's the only message. And it will perhaps in a lot of their position, you will simply say no, thank you, which is one of the best investment approaches you might ever get. Please subscribe if you like this content, check my other videos about stock analysis, investment education, value orientation and a patient investing, let's say style, where we take advantage of irrationalities in the market over the very long term. Thank you for watching, subscribe, as I said, and I'll see you in the next video.