Howling in the Twilight Portfolio Analysis: Dashboard Diagnostics February 17, 2010 Presented by: Mark Robertson Founder and Managing Partner –

““Howling in the Twilight”Howling in the Twilight”

Portfolio Analysis: Dashboard Diagnostics Portfolio Analysis: Dashboard Diagnostics

February 17, 2010

Presented by:

Mark RobertsonFounder and Managing Partner –

www.manifestinvesting.com

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Dashboard DiagnosticsDashboard Diagnostics

Club History & CharacteristicsClub History & Characteristics

Club Name: Wolves

Location: Central Michigan

# of Members: 15 (Mixed, Very Diverse)

Founded: November 1993

The group includes a banker, a dentist, a dental hygienist, a hospital chief administrator, an

insurance agent/owner, retail business owner, (3) librarians, (2) teachers, (2) IT professionals, a

veterinarian and a small business owner ...

The club was founded by a group of teachers as an after-school activity. Five of the charter members are still active partners although they admit that they “use MANIFEST, invest regularly and stay happy.”

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A Tribute To LibrariansA Tribute To Librarians

“In a world that is increasingly oversaturated with a torrent of disconnected information, more and more we look to our librarians

as the guides to the truth.” – Vartan Gregorian, president of Carnegie Corporation of New York

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A Tribute To TeachersA Tribute To Teachers

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Club Long-Term Performance (5-Year Returns)Club Long-Term Performance (5-Year Returns)

The Wolves rank in the top percentile in this analysis profile of managed portfolios.

The overall rating is based on (1) historical relative returns, (2) projected return and (3) quality.

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Current Dashboard (Report Card)Current Dashboard (Report Card)

We talk about real stocks, real-time analysis and real opportunities here. Do your own homework.

No investment recommendation is intended.

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50 55 60 65 70 75 80 85 90

Quality

3% 5% 7% 9% 11% 13% 15%

Sales Growth

0% 5% 10% 15% 20%

PAR

Dashboard View: (1) Returns, (2) Quality, (3) GrowthDashboard View: (1) Returns, (2) Quality, (3) Growth

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Sector Diversification & Opportunity Analysis

Cash1%

Staples12%

Discretionary17%

Technology15%

Industrials11%

Financials 8.8%

Healthcare35%

PAR by Sector

0% 2% 4% 6% 8% 10% 12% 14%

Discretionary

Utilities

Energy

Staples

Financials

Industrials

Healthcare

Materials

Technology

Communications

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Challenge: Should we sell Infosys (INFY) ... Lowest PAR?Challenge: Should we sell Infosys (INFY) ... Lowest PAR?

Sales Growth Forecast ~ 10%

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Challenge: Should we sell Infosys (INFY) ... Lowest PAR?Challenge: Should we sell Infosys (INFY) ... Lowest PAR?

Answer: No. A PAR of 8.6% is not different (enough) than a MIPAR of 9.6% ... With its top shelf quality rating, we’d watchfully hold INFY,

monitoring profitability in particular. A “sell” condition would kick in if PAR wandered closer to 5-year T-bill yields (2.39%)

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Purchase Candidates: FCN and AFAMPurchase Candidates: FCN and AFAM

With the next cash infusion, the Wolves will have 1.9% of assets to invest and (18) stocks ... Making it clear that they are a mature club that needs to emphasize caretaking over “shopping” and identifying

opportunity within the portfolio itself.

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FTI Consulting (FCN)FTI Consulting (FCN)

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FTI Consulting (FCN): Growth Forecast, Mid-Teens ... FTI Consulting (FCN): Growth Forecast, Mid-Teens ...

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Accumulate 100 shares of FCN ... Accumulate 100 shares of FCN ...

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Think Results. Impact. Before and After. Bigger Picture.Think Results. Impact. Before and After. Bigger Picture.

Before. After.

The accumulation of FTI Consulting nudges the portfolio in the right direction. In the words of Faith Hill, “Don’t Hurry ... But Don’t Wait.”

Think cadence and steady discipline.

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bivio dozen (2/17/2010) bivio dozen (2/17/2010) www.manifestinvesting.com/dashboard/12218www.manifestinvesting.com/dashboard/12218

Published monthly, the bivio dozen is a listing of the top 1% of all stocks covered by MANIFEST – based on a combination of PAR and Quality.

Documents

Howling in the Twilight Portfolio Analysis: Dashboard Diagnostics February 17, 2010 Presented by: Mark Robertson Founder and Managing Partner –