Regulations, Toothpaste, and Askeladden’s Q4 2016 Letter

After retaining new legal counsel at the management company level, I decided it was in our best interests to rely on Rule 506(c) of Regulation D rather than 506(b).  The operational/compliance impact is that the toothpaste is out of the tube – now I can’t go back, and will need to request documentation to verify accredited status from prospective fund investors who I do not have a pre-existing relationship with as of today.  (To my knowledge, this requirement does not apply to separately managed accounts.)

The practical impact is that I can share investor letters and other information about Askeladden more broadly – hence, the new website.  While it should still very much be viewed as “under construction” and there are some parts that may take me a while (like resources for those interested in learning about value investing, lists of books and interviews I’ve found helpful, etc).  However, I have uploaded our recent letters and current pitchbook to the letters page, and will continue to keep that page updated as we have new ones.

The Q4 2016 letter can be read here.