annualmeeting2010pdf-100131220438-phpapp01

8/7/2019 annualmeeting2010pdf-100131220438-phpapp01

1/20


2/20

Lawyer Todd Says Hi!This presentation is for educational and informational purposes only. Nothingcontained here should be construed by anyone as an invitation or solicitation tobuy or sell any security. This presentation does not contain personalized legal,

tax, investment, or financial advice. Viewers should consult with a qualified

adviser to obtain advice suited to their personal circumstances.

The performance discussed here is highly unusual and cannot be sustained.

Because the portfolios contains a limited number of companies, their returns

will be more volatile than a portfolio investing in a higher number of stocks.

Tarpon Folio inception date 11/20/2008. Gecko Folio inception date 1/26/09.

Returns are through the dates as indicated in the presentation. Positive returns

are not guaranteed. Individual results will vary depending on market conditions

and investing may cause capital loss. The performance data is net of all fees

reflecting the deduction of advisory fees, brokerage commissions and any

other client paid expenses and includes the reinvestment of capital gains. The

publication of this performance data is in no way a solicitation or offer to sell

securities.


3/20

+91%Tarpon Folio

+70%Gecko Folio


4/20

Warren Buffett:Be fearful when others aregreedy, and be greedy when

others are fearful.


5/20

$6.56 million AUM

68 investors, 83 accounts

12 states

1 Oath1 Option


6/20

Mutual Funds

A good idea gone wrong.


7/20

Spoke Funds

Were all in it together.


8/20

Why Islamorada?


9/20

Reason #1,432


10/20

Once in a Decade


11/20

Value InvestingMoat?Cheap?

Marginof Safety? Networth$50B


12/20

Gecko Folio 09A high-yield fund for income investors.


13/20

Tarpon Folio 09A long-term growth fund.


14/20

Biggest 1st

Year Gainers

98%107%

126%

144%

105%

154% 153%

81%

194%

67%

0%

40%

80%

120%

160%

200%

ACL BLKB CCOI DISCA GOOG IGT JBT KMX PZN TGT


15/20

Top 5 Holdings TodayContango Oil & GasPaychexBerkshire HathawayLowes CompaniesAtwood Oceanics


16/20

Heat Map: Tarpon

0.00

0.20

0.40

0.60

0.80

1.00

Entire

Portfolio

Core

Holdings

Midterm

Holdings

Opportunistic

Holdings

Degree of Undervaluation


17/20

Peter Lynch:If you spend 13 minutes per yeartrying to predict the economy, you

have wasted 10 minutes.


18/20

3 Minutes:-3.5% to 4.0% growth in 10-

3.0% inflation-Unemployment will peak in Q1

-Jobful (vs jobless) recovery-S&P near 1,400 in four years*?*


19/20

The Big Variable in 10

DC vs Manhattan


20/20

Bottom LineYou need to worry about where thecompany and the stock will be in three to

five years. If you can buy something todaywith little chance of permanentimpairment and a high likelihood that you'll

double your money over the next fiveyears, you should go ahead and do it.

- Seth Klarman

Documents

annualmeeting2010pdf-100131220438-phpapp01