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Real Estate Rudy?

Previously I lambasted Eliot Spitzer for wanting to start a vulture fund. Now, it's Rudy Giuliani's turn.

Am I going to bash Rudy? No. why not? Well, he's not a disgraced ex-governor, he's not Client #9, he's a decent guy from what I can tell, he was brilliant after 9/11 and, last but not least, he appears to be doing this right.

This is party of his diversification plan. And that's smart. He also has a VERY experienced partner in Berman Partners. Finally, by setting a high initial investment but a low threshold for his first fund, he's going to invest in smart plays and also have a limited number of investors to keep happy.

So...well played, Rudy. I hope you make a mint.