Frequently Asked Questions

What is the relationship between F Wall Street and Ponzio Capital?

It's important to keep in mind that some of the investment strategies and methods discussed in F Wall Street (the book) are broad generalizations geared to a large audience of readers, most of whom Joe doesn't personally know.

At Ponzio Capital, we do things substantially the same as outlined in Joe's book, except that we don't typically plan to have permanent holdings, opting instead to sell securities that we believe are fairly valued and to reinvest the proceeds in other, more undervalued securities.

In Joe's opinion, permanent holdings are ideal for (i) very large investors (e.g., Warren Buffett) that have more cash than ideas, and (ii) armchair investors that don't live and breathe business and investing.

Does everyone at Ponzio Capital invest the same way?

For the most part, yes. We do have a few clients whose primary goals are capital preservation or current income, but for the most part, our clients seek long-term growth.

Because we only invest when we believe an opportunity is offering both significant safety and the potential for above-market returns, we feel that the investments we make are suitable for all investors seeking long-term growth, regardless of your age or the size of your portfolio.

To the maximum extent possible, we try to purchase and sell investments in "block" trades so that all clients (including Joe) receive substantially the same pricing.

Will I see a lot of activity in my account?

Probably not. If we can find one or two investments a quarter, we're ecstatic. It's not that we're not constantly looking; it's that attractive, undervalued securities don't come along often.

There have been quarters in which we've found many opportunities; there have been quarters in which we've found none. When it comes to value investing, you swing when the pitch is fat, juicy, and right down the middle of the plate. At all other times, we keep the bat on our shoulder and wait patiently.

What investments will I hold?

We typically invest in common stocks, but we may also invest in other equity or debt securities, convertible and preferred securities, and commodity-linked exchange-traded funds.

Though we have historically invested primarily in securities listed on U.S. exchanges, we have the freedom to invest internationally if needed and desired.

How do I know where my money is? / Does Ponzio Capital actually hold my money?

Ponzio Capital does not hold your money.

Accounts and client funds are held at various, unaffiliated custodians. Interactive Brokers holds client separate investment accounts, and Fifth Third Bank N.A. serves as the banking agent for the Ponzio Investors Funds.

Patke & Associates is our independent, unaffiliated auditor.

Is Ponzio Capital a One-Man Shop?

No. Joe Ponzio makes all of the final investment decisions and personally manages all client accounts and the Ponzio Investors Fund; however, he doesn't "go at it alone."

If you have administrative questions about your account (e.g., how do I order checks?), you will typically work with client representatives or directly with Interactive Brokers. If, after reading the e-mail Joe sends regarding investments we've made, you have questions or concerns about your portfolio, you will first typically speak with a member of the research team.

If our team can't help, you'll ultimately work directly with Joe.

This set-up is to keep Joe's schedule free to focus on trying to grow and protect your portfolio.

Is Joe Available to Chat?

Of course! Ponzio Capital is a very intimate place to invest and work. This is your money, and we all ultimately work for you. Joe tries to keep his schedule free to focus on research and managing money; but, if you need to chat, Joe's ready.

Simply e-mail us to set up a time.

Does Ponzio Capital work with foreign investors?

Our services are currently only available to U.S. citizens whose primary residence is in the United States. (Military personnel or workers currently abroad meet this criteria if your primary residence is inside the United States, even if you currently are not at that residence.)

We currently have no plans to extend our services beyond the United States due to the burdonsome costs and compliance of registering in each country in which our services are requested; however, we may choose to do so on a case-by-case basis for insitutional clients, subject to a minimum investment amount and lock-up.

What is the minimum to get started?

Please see how to invest to learn about our fees and investment minimums.

Per Federal Securities Regulations, the performance-only arrangement is only available to "accredited" investors (generally, individuals or families with $1 million+ in net worth, or with an annual income in excess of $200,000 per year ($300,000 jointly) in each of the last two years, and a reasonable expectation to earn that much in the current year).

What if I don't meet the minimum? Can you make an exception?

No, because we need to sleep peacefully at night, and we couldn't do that if we were charging our minimum management fee of $75 per quarter (for non-accredited investors), on, say, a $2,000 account (roughly 15% per year). It just wouldn't be fair to you.

I have more questions. What should I do?

We know that it's easier and more comfortable to sit quietly in front of the computer, googling and reading websites for answers, than it is to send an e-mail or pick up the phone. We do it too! (After all, who wants to be hounded, pressured, or added to some spammy e-mail list?!?)

If you're serious about your portfolio and investments, send us an e-mail and we promise to call or e-mail you back...and then leave you alone unless you want to keep chatting. No strings. No kidding.

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