It’s interesting to note Kyle Bass’s, Hayman Capital Advisors Form 13F filings.  I’ve posted his most recent one from Sept 30, 2011.  .  Now I’ve posted his Sept 30th 2010 return below where he had just a fraction of the money he manages now.  The more bearish Bass gets, the more money he raises. Perhaps he’s more wily than smart.  Hayman Capital Advisors AUM based on these filings has risen almost ten fold.  The most recent 13F filing counts $739.19 million dollars.  A far cry from the $73.4 million in the Sept 30th 2010 filing.  There’s nothing to suggest great money making prowess in these filings so it’s hard to understand how Bass has upped the ante so much.  In fact based on the Sept 30th 2011 bearish S&P puts, Mr. Bass could hand his investors losses that make John Paulsen’s 2011 -40% CAGR hedge fund returns look downright enviable if the market doesn’t crash before the end of the year.

                   FORM 13F INFORMATION TABLE

<TABLE>
<CAPTION>
          COLUMN 1             COLUMN 2     COLUMN 3  COLUMN 4       COLUMN 5      COLUMN 6  COLUMN 7        COLUMN 8
--------------------------- ------------- ----------- -------- ------------------ ---------- -------- ---------------------
                               TITLE OF                VALUE    SHRS OR  SH/ PUT/ INVESTMENT  OTHER      VOTING AUTHORITY
       NAME OF ISSUER           CLASS        CUSIP    (X1000)   PRN AMT  PRN CALL DISCRETION MANAGERS    SOLE   SHARED NONE
--------------------------- ------------- ----------- -------- --------- --- ---- ---------- -------- --------- ------ ----
<S>                         <C>           <C>         <C>      <C>       <C> <C>  <C>        <C>      <C>       <C>    <C>
Bank Of America Corporation CALL          060505 90 4     600     24,000 SH  CALL Sole                   24,000
Bank Of America Corporation COM           060505 10 4  13,103  1,000,000 SH       Sole                1,000,000
Citigroup Inc.              COM           172967 10 1  15,640  4,000,000 SH       Sole                4,000,000
Chesapeake Lodging Trust    SH BEN INT    165240 10 2   4,483    274,040 SH       Sole                  274,040
Dynergy Inc. Del            CALL          26817G 90 0     600     35,000 SH  CALL Sole                   35,000
Electronic Arts
   Inc                      COM           285512 10 9   4,934    300,000 SH       Sole                  300,000
Grubb & Ellis Co            COM PAR $0.01 400095 20 4   1,054    878,100 SH       Sole                  878,100
HFF, Inc.                   CL A          40418F 10 8  11,380  1,226,324 SH       Sole                1,226,324
Powershares QQQ Trust       PUT           73935A 95 4   2,450    250,000 SH  PUT  Sole                  250,000
Resolute Energy Corp        COM           76116A 10 8   3,318    300,000 SH       Sole                  300,000
SPDR S&P 500 ETF TR         PUT           78462F 95 3   2,740     14,000 SH  PUT  Sole                   14,000
Six Flags Entmt Corp New    COM           83001A 10 2  13,162    299,401 SH       Sole                  299,401
</TABLE>
</TEXT>
</DOCUMENT>