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VAHFT Mutual Funds - Initial Public Offering
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Demolishar
United Aggression
#81 - 2012-10-23 13:42:07 UTC
*Prospective

Prospective investors. You're welcome.
Vaerah Vahrokha
Vahrokh Consulting
#82 - 2012-10-23 13:59:05 UTC
Rhat Dakota wrote:
[quote=Vaerah Vahrokha]Important Update please read and reply ASAP

2) Drop the whole reservations including ESYFND since your closed end funds reservation did not make in.

The ESYFND reservations too go beyond the 40B cap so, once again, not all will fit in.




Do we happen to know about where the ESYFND people capped out?


I am working on it, it'll be out later today.

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Vaerah Vahrokha
Vahrokh Consulting
#83 - 2012-10-23 14:32:37 UTC  |  Edited by: Vaerah Vahrokha
Update

Here is the current listing of all the Investors whose reservation fully or partially made it in the investment 100B cap.

I warmly invite everyone to check their records and signal possible omissions or mistakes.


The closed end funds part should be final.
Market Makers will have a little headstart so that they may study how to place their stock on the market.

The ESYFND part might still see some of the following Investors retracting their reservations, if they feel so.
I need those Investors opinion ASAP since tomorrow morning (EvE time) I'll start accepting ISK.

The following names will receive an EvE-mail asking about their choice. If some of them will withdraw their reservation then the next in line will take their place, wholly or partially.

Ford Chicago, the 1B ESYFND reservation fit in the cap, the other funds' reservations did not.
Kama Sutramax, the 200M ESYFND reservation fit in the cap, the other fund reservation did not.
Seth Quantix, the 200M ESYFND reservation fit in the cap, the other funds' reservations did not.
Rebecca Cairn asked for 2.5B "on each fund". I understand it means 2.5B on the ESYFND as well. In this case, the 2.5B ESYFND reservation fit in the cap, the other funds' reservations did not.
Graygor, the 250M ESYFND reservation fit in the cap, the other funds' reservations did not.
Dean Ozuwara, 100M out of your ESYFND reservation fit in the cap, the other funds' reservations did not.

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Vaerah Vahrokha
Vahrokh Consulting
#84 - 2012-10-23 15:12:33 UTC
Update

Rebecca Cairn disabled email replying, therefore I could not send her the notice of partial fill.

In case she won't reply before the ISK sending phase (3 days for retail Investors) her reservation will be void and the next Investors in line will take her spot.


I take this opportunity to explain two concepts:

1) Please disable CSPA charges for the following names:

Vaerah Vahrokha
VEMEX Monica
Vahrokh's EvE's Merchantile Exchange

The last name should be interchangeable (including for right click linking) with VEMEX.

Due to the amount of mails I will have to send (thousands), I will have to charge back the CSPA charge on those who leave it on the characters / corps above.


2) Please don't disable inbound eve-mails like Rebecca Cairn did. You will never get orders receipts nor orders tracking numbers (handles) . Without those numbers you will never be able to change / delete your orders.

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Taji Taka
The Arcadian Sun
#85 - 2012-10-23 15:20:20 UTC
Damn...was out of town and missed your reservation period. So my only option now is to wait for the market to open and buy there correct? Or should I reserve in case more people drop out/don't pay?
Rebecca Cairn
Imperial Corrections Service.
#86 - 2012-10-23 15:25:13 UTC
Hopefully my mail is fixed. Sorry about that. Smile
Graygor
Federal Navy Academy
Gallente Federation
#87 - 2012-10-23 15:32:02 UTC
Accepted and replied.

This is simply for additional recording.

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Seth Quantix
Royal Amarr Institute
Amarr Empire
#88 - 2012-10-23 16:44:26 UTC
Unable to get in-game at the moment, but I'd like to maintain the 200m easy investment,

If there is another offering will those like me be able to secure first dismissal at the next offering, assuming there is one or just buy from market

Seth
JohnathanGalt
Northern Sky Industries
#89 - 2012-10-23 16:53:21 UTC
Although I missed getting in initially, I am eager to see how the fund exchange works, rest assured that there will be buyers out there, myself included.
Vaerah Vahrokha
Vahrokh Consulting
#90 - 2012-10-23 17:49:20 UTC  |  Edited by: Vaerah Vahrokha
Seth Quantix wrote:
Unable to get in-game at the moment, but I'd like to maintain the 200m easy investment,

If there is another offering will those like me be able to secure first dismissal at the next offering, assuming there is one or just buy from market

Seth


This exchange and the implemented funds are completely realistic in every smallest details except:

1) Everything is available to scrutiny, you can download the Excel files (until I implement an automated thing) and look at all the formulas, which are taken from RL security examples (Vanguard funds).

2) There are some simplifications to keep the investment affordable for regular human beings. This means no multiple class fund shares and some intricate coefficients (i.e. varying fees depending on subscriptions years or amounts you purchase). Whenever there's some odd formula, there's something to help you out to do all without getting crazy. I.e. if you sell a security and incur in a fee, you'll see the final amount without having to add all sorts of math.

In RL the banker / broker and their websites do the same things but you cannot dissect and study them. Here you can.


Edit:

Ouch I actually forgot to give you a practical answer.
I asked Investors about the "another offering" aka immediate expansion and they are not OK with it.
Sadly, there are not many funds (even in RL!) that can grow too huge for several reasons, so they self-cap their offered shares (yes, even mutual funds).
See realistic markets have realistic issues. Getting a decent dividend becomes harder and harder as the fund grows (it's not meant to be a money printing machine anyway, funds are for long term appreciation).
Plus as the fund grows, its impact on the market increases. Past a certain size (I have yet to determine it so I started "small") just the act of liquidating some stock would crash the underlying market.


TLDR
All of this blurb means that you will have to go to the exchange website and look if somebody are selling their shares.

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Alestix
First Moon Industries
#91 - 2012-10-23 17:56:29 UTC
Is the fund filled? If not I would like to reserve 1b.

[b][u]T2 BPO Sales Thread[/u]: https://forums.eveonline.com/default.aspx?g=posts&t=295203&find=unread

[u]Liquadation Service Anywhere in EVE[/u]: https://forums.eveonline.com/default.aspx?g=posts&t=333907&find=unread[/b]
Vargan Armer
Tribal Liberation Force
Minmatar Republic
#92 - 2012-10-23 18:06:30 UTC
Are we alright to send money now, or should we until you annouce it?
bob Patrouette
Obsidian Engineering
Get Off My Lawn
#93 - 2012-10-23 18:10:54 UTC
Sorry i missed the cut for the closed funds. If the open fund is still open can i transfer my request to the open fund please?
Elegbara
White Wolf Enterprises
Harmonious Ascent
#94 - 2012-10-23 18:13:50 UTC
Vaerah Vahrokha wrote:
Update

Here is the current listing of all the Investors whose reservation fully or partially made it in the investment 100B cap.

I warmly invite everyone to check their records and signal possible omissions or mistakes.
I did not expect to become Market Maker with my 3 billions investment.

Open your eyes. And awaken.
Nanatoa
#95 - 2012-10-23 18:20:34 UTC
And I'm not listed as Market Maker.
Since I'm in the row above Elegbara, it's probably just misplaced :)

"Stay the course, we have done this many times before." - (CCP) Hilmar, June 2011
Vaerah Vahrokha
Vahrokh Consulting
#96 - 2012-10-23 19:09:40 UTC
Nanatoa wrote:
And I'm not listed as Market Maker.
Since I'm in the row above Elegbara, it's probably just misplaced :)


It's fixed now, call it a "son of Excel love to crash". I will upload the new version (got more updates that I am still finishing) later.

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Vaerah Vahrokha
Vahrokh Consulting
#97 - 2012-10-23 20:39:39 UTC  |  Edited by: Vaerah Vahrokha
Addendum for the ESYFND Investors only and only for those willing to purchase or sell shares after the launch.
(That is, those who made it in this launch phase, have to do nothing at all).

All of this does not apply to the Closed end funds at all.

TLDR
Pricing for the open fund shares are approximate (usually within some percent) because of how the underlying mechanics work.


Long version
Open mutual funds (as I said several times) don't have a secondary market, the price of their shares is determined by the fund NAV / number of outstanding shares +/- applicable fees.

This has a tangible implication: NAV has to be known in order to price shares (duh!).
Like in RL funds, ESYFND NAV is calculated once a day, after the market has closed.
But you buy / sell a share during the day and that day's NAV at that time has yet to be determined (if you can buy / sell it's because the market is still open).
So, you buy and sell shares seeing prices made on prior day's NAV, which is necessarily going to be different than the NAV you shares were calculated with.

Here is the official Investopedia mechanic explained.

The most relevant excerpt is this:

Quote:

All mutual funds' buy and sell orders are processed at the NAV of the trade date. However, investors must wait until the following day to get the trade price.



So here is the exact process explained for the average Joe:


1) Imagine today you want to buy 3 shares .
2) You go on the Exchange and see the shares quoted at 1,100,000.
3) You copy the Order Form or download the Excel sheet and fill in quantity etc. The Excel form will say total = 3,300,000 (plus fees if any, see the Exchange fees calculator to the right - you should get no fee for buying).


At this point you can pick one two choices: the first takes longer but you only send the exact amount you want.

4) You send the Order Form via EvE mail to VEMEX. You do not send ANY money.
5) The next day you get the real price, usually sligthly different than what you have seen at step 2).
6) At this point you send the amount you were told in the reply eve-mail.
7) You get sent another EvE-Mail confirming the order has been processed and now the new shares are yours!


Second choice:

4) You send the amount shown at 2) plus 10%.
5) Right after that, you send the Order Form via EvE mail to VEMEX, clearly indicating how you paid ISK + 10% in advance.
6) The next day, in one step you get sent:

- the real price
- the shares
- the unspent portion of that 10%. Of course if NAV actually decreased you'll get back more than that 10%.

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Vaerah Vahrokha
Vahrokh Consulting
#98 - 2012-10-24 06:46:00 UTC  |  Edited by: Vaerah Vahrokha
I have started receiving some orders on the exchange.

Two little points:

1) The Exchange will certainly start processing orders after it got the ISK from the Investors not right now P

2) Market orders are always executed at market price (hence the (RL) name). That is any price you specify will be ignored since the market orders are the EvE equivalent to "dump to buy orders" or "directly buy from sell orders".

3) Since this has been asked several times: I will create a post that will tell that ISK may be sent and how to send ISK.

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Dethmourne Silvermane
Aideron Robotics
Aideron Robotics.
#99 - 2012-10-24 17:16:26 UTC
Vaerah Vahrokha wrote:
I have started receiving some orders on the exchange.

Two little points:

1) The Exchange will certainly start processing orders after it got the ISK from the Investors not right now P

2) Market orders are always executed at market price (hence the (RL) name). That is any price you specify will be ignored since the market orders are the EvE equivalent to "dump to buy orders" or "directly buy from sell orders".

3) Since this has been asked several times: I will create a post that will tell that ISK may be sent and how to send ISK.



It took me enough effort to figure out how to make an order the first time, though! How am I going to remember it when you're finally taking orders Ugh

Interested Party (TM)
Val'Dore
PlanetCorp InterStellar
#100 - 2012-10-24 18:38:40 UTC
Dethmourne Silvermane wrote:
Vaerah Vahrokha wrote:
I have started receiving some orders on the exchange.

Two little points:

1) The Exchange will certainly start processing orders after it got the ISK from the Investors not right now P

2) Market orders are always executed at market price (hence the (RL) name). That is any price you specify will be ignored since the market orders are the EvE equivalent to "dump to buy orders" or "directly buy from sell orders".

3) Since this has been asked several times: I will create a post that will tell that ISK may be sent and how to send ISK.



It took me enough effort to figure out how to make an order the first time, though! How am I going to remember it when you're finally taking orders Ugh


Test Order Please Ignore

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