Pretty good volume in the first 20 minutes of trading. I expect a continued steady climb for the near and mid term (through Q1 15).
In several conversations I had over the weekend, I was told by my friends, still in the MM / HF, business they are precluded from personally owning interest in companies also owned by the fund. A lot of the new regulations are because of the shenanigans from 2006-2008 when insiders were destroying the capital and debt markets.
As a work around, one of my friends had his daughter in law open an account just to acquire a starter position in CTIX (250k shares), but that is a pain in the ass and many won't worry about going through that much work to take a position.
Others friends asked normal quantitative questions, like revenue, BS, rolling client acquisition costs, burn rates, team bios, etc and I had to remind them this needs to be treated like a seed level start-up... one analyst I was introduced to (he is one of the super bright numbers guys and manages a HUGE fund) said, "come back to me when CTIX is a real company." This mentality is pretty common on Wall Street. Most of the I-Bankers are thirty something MIT/Stanford (pick your ivy) a**holes who are shockingly bright but have zero vision and creativity. It takes both to often recognize potential (like we have in CTIX).
I've been out of the fund game for some time and didn't realize how much regulation has changed the game. I'm now torn in calling my friends, do I recommend it aggressive now so they put in personal money or wait to push them when they can deploy institutional money. I didn't understand that in many cases that is mutually exclusive.
In reading through all the CTIX posts this weekend I think we early investors often forget that, generally, money mangers are there to maintain the status quo and not make risky bets. Most MM will be thrilled to have a 12% YOY annual ROI. Whereas, most of us are grousing about CTIX only being up 100% in the past six months. I think it's important to keep perspective.
I think we'll continue to see a healthy 5-10% price increase a day with some periods of minimal consolidation.
For those interested, I'm still closely watching the markets for signs of a top and I should have a good sense of the internal plumbing by the end of the week. I'm really watching the S&P for fatigue, as we're within about 50 points of a new high. If we don't get there, I think we'll see sentiment go from a Bull to a Bear (and early action might save a lot of pain). The next two to six weeks should tell us where the markets are going. As such I've rotated more funds into CTIX as I believe it offers a huge ROI potential and will be insulated from a bear market, if one develops.
"Making real money takes patience and discipline and that is often not fun and not profitable for long stretches" is a mantra I try and live by.
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