Q.  Percy, I haven't been able to locate any of your Form 13F filings with the SEC.  What's the deal?
— David, Hamilton Lakes, Greensboro

A.  David, the reason you can't find my 13F filings is quite simple:  I don't file them.

Form 13F is a form that investment managers who, like me, have investment discretion over at least $100 million in exchange-traded or NASDAQ-quoted stocks, equity options and warrants, shares of closed-end investment companies, and certain convertible debt securities are required by U.S. law to fill out and file with the SEC.  The form calls for disclosure of holdings of the types of securities mentioned above and must be filed quarterly.  The filings are then made available online for review by anyone with internet access.

Like my friend Phillip Goldstein of Full Value Advisors, LLC, I have long maintained that the 13F filing requirements force the disclosure of trade secrets in violation of the Fifth Amendment of the U.S. Constitution, which bars the taking of property without compensation or due process of law.  Unlike Phil, I haven't filed a request for exemption from filing requirements with the SEC.  Instead, I'm waiting for the SEC to come after me.  If they do, I'll raise violation of my 5th Amendment rights as a defense.  I see no reason to spend money on lawyers before then.

Thanks for the question!