SARA SILVERSTEIN: Chris, you've repeatedly told members that the buck stops with you when it comes to the portfolio. But we've had a lot of members asking about if you own any positions in the portfolio yourself.
CHRIS VERSACE: So the short answer, Sara, is, no, I do not. There's a couple of factors behind that. First and foremost, as I'm sure you'll talk about, it's a Street policy that we simply can't own any stocks that are in the portfolio. But also, too, if we look larger at other hedge funds, mutual funds, more often than not, they simply cannot do it as a matter of compliance because of the inherent conflict between putting companies or stocks into a portfolio and owning them on their own right.
So, for those reasons, my hands are tied. Would I if I could? Absolutely, I would.
SARA SILVERSTEIN: Absolutely. And like you said, if it was a fund that people could invest in and that they were paying fees on, then your money would be a part of that pool, and you would be able to have skin in the game.
CHRIS VERSACE: Not just some money, but a significant portion of that.
SARA SILVERSTEIN: Yes, absolutely. But outside, you would never be able to hold those stocks just like you can here.
CHRIS VERSACE: Correct. And to that point, some members are asking how-- where do the prices come from in the portfolio if it's not an active portfolio, if it's a model portfolio? Can you explain that?
CHRIS VERSACE: So I think you're referring to when we make a trade, we make an addition or a sale to the portfolio. So at the bottom of each trade, we always have a little tagline that, kind of, feeds back to the portfolio page, where folks can see the trade at which-- sorry-- the price at which the trade went off. More often than not, that reflects a price that is about 5 to 10 minutes after the alert goes out to members.
That's been the way we've been doing it since we started. And we always like showing members the price where the trade occurred because it helps-- excuse me-- helps keep us accountable. We're not saying we got in at high levels. We're not saying we get in at low levels. You actually see the price point that the trade is at.