Subject: File Number 4-606

August 30, 2010

Whatever you do on this, please make it crystal clear to the investor on who has their best interests in mind. The line of demarcation should be the basis of income to the investment professional. If they accept anything from the managers or stock sales they recommend, soft dollars included, then they must disclose tat they may not have the client’s best interests in mind.

If the ONLY fee you get is the fee from the client to advise them on investment decisions, regardless of asset class, then this is a clear advantage for the client, assuming the investment professional is competent.


Lee Blaylock
Annandale Capital, LLC
Republic Tower