I suspect many investors have been taken in by his claims of...

I suspect many investors have been taken in by his claims of extraordinary returns in the past, which enabled him to structure the management fees of TOP the way it is. However, other than TOP and TEK, there has been no transparent evidence to verify his claims. With regard to his claims of average annual returns for TOP and TEK, they are misleading. Here is my post in the other group.

Alex's claim of an average return of 26% pa for TEK is one example of similar misleading claims for TOP and most likely, his early investing years (over 100% pa!). In order to return 102% over 4 years, the average annual compound return is 19%, still impressive but no where near 26%. He has apparently divided 102 by 4 = 25.5, then rounded to 26 to fool the gullible. An annual compound return of 26% pa would have returned 152% over 4 years, significantly higher than the actual 102%.

Annual investment returns in the stock market are understood to be of the compound type, for example, the annual returns reported by WAM and CDM. I have not known of any credible investing entity who represents its average annual return the way Alex Waislitz does.

In Berkshire Hathaway's 2020 Annual Report, the average annual return of 20% leads to a total return of 2,810,526% over 55 years. If Warren Buffett were like Alex, he would claim an average annual return of ... 51,100%!