Mary Chris Gay (née Adamec) is visible in the far upper left corner of the photo, behind the flash, as she catches me napping. When I started a pint-sized partnership in 1992, it seemed a good idea to have an office instead of just an address in a briefcase, so I sublet space in what was then the Legg Mason building. Mary Chris worked with Bill Miller at the Legg funds, handling sums that would have given me apoplexy. I ran Remnant Partners L.P. until the end of 2006, working out of several offices after the Legg lease ran out. In the 1990s, there were decent opportunities in post-bankruptcy securities, as companies emerging from reorganization traded at as little as three times cash flow: a good time for a totally unqualified person to set himself up in business.
The partners were great and mostly tolerant of a deep-value investor who trailed the S&P by something like 50 percentage points in 1999. Fortunately the next years reversed that. Over the life of the partnership the limiteds made a hair under 12% annually compounded, after expenses and fees. Not spectacular, but nobody sued me.