As Apple’s share price climbed and Zaky’s fame spread, investors
clamored to get in. In June 2012 he opened his newsletter up to a
flood of new subscribers, charging the members of this group $200
a month. At its peak, Bullish Cross Pro had 700 subscribers and a
lively bulletin board where Zaky would often field more than 500
comments and questions a day.
Meanwhile, he was onto something even bigger. In late 2011 he’d
launched Bullish Cross Capital L.P. — basically an Apple-only
hedge fund — with a handful of subscribers. By the spring of
2012, the fund’s investor rolls had grown six fold.
In a Form D filed in November 2012, Zaky reported to the
Securities Exchange Commission that Bullish Cross Asset Management
(BCRAM) had attracted 28 limited partners with an average
investment of $378,000. The minimum investment, which started at
$250,000, had grown to $500,000 by March 2012.
Elmer-DeWitt cites my linking to Zaky’s “buy” recommendation on 17 May last year. I wrote then: