Must-Read SEC

Today is the deadline to file 13F forms with the Securities and Exchange Commission, which investment firms and hedge funds will be doing at a fast and furious pace throughout the day. The Internet and TV will be jammed with reports of who bought this and who sold out of that. The focus will be on the big firms, and there will be breathless reports on what the marquee-name fund managers -- Bill Ackman, David Einhorn, John Paulson and others -- did with their clients' assets in the final quarter of 2012. I will read all these filings because they usually contain valuable information, but I don't see any value in adding to the already noisy mix by writing about them.

But there are a few filings worth mentioning that no one else is following as these funds are not super famous and do not go out of their way to court publicity. They have racked up market-beating returns and generated very profitable ideas for me over the years. The newest addition to the list of must-read filings is one I discovered just last year, thanks to an article in Barron's. Paul Isaac of Arbiter Partners is not only the nephew of investing icon Walter Schloss, his father was an arbitrageur who once worked with value investor and fund manager Max Heine. Isaac has racked up returns of around 20% since founding the fund, outperforming the broader market and most investment managers by a very wide margin....486 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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