The document introduces a new type of investment fund called the Tarpon Folio, which is run by Islamorada Investment Management from the Florida Keys and combines aspects of mutual funds, hedge funds, and separate accounts. It seeks to provide Main Street investors with an alternative to traditional mutual funds that charges lower fees and more closely aligns the interests of investors and portfolio managers. The Tarpon Folio aims to take a long-term value investing approach by selecting a small number of stocks through extensive research and holding them for years.

1. Welcome to
Y’all Street!
The story of the
Tarpon Folio.

2. Something is
wrong with
Wall Street.

3. quot;It's only when the
tide goes out that
you learn who's
been swimming
naked.quot;
- Warren Buffett

4. Wall Street is like
a giant salad bar.

5. Both give the illusion of choice
while steering you towards
certain items.

6. DID YOU KNOW?

7. Investors pay $40 billion a year
in fees to mutual funds.

8. DID YOU KNOW?

9. 80% of
mutual funds
fail to beat
the market.

10. DID YOU KNOW?

11. There are more mutual funds in the US…
8,000

12. …than Taco Bells.
Only
5,800

13. Why?

14. Three Things
Mutual Funds
Don't Want
You to Know

15. Secret 1:
Lots of time to live
Most of us
Not enough savings
have the same
problem... Need for guidance

16. Secret 2:
Most funds
are built for
brokers to sell…
not for investors
to buy.

17. Secret 3:
You are on your own.

18. But there is value investing.
another way:

19. It's not exciting, but it works.

20. Value investing
is like spinach…

21. …in a world of chocolate.

22. Ten good Value funds
Clipper Fund Oak Value
FPA Capital Oakmark Select
First Eagle Global Tweedy Browne
American Value
Fairholme Fund Third Avenue Value Fund
Weitz Value Fund Longleaf Partners

23. And then there's ours.
It’s a new kind of fund…

24. ...combining the best parts of these...
Mutual
Fund
Hedge Separate
Fund Account
Margaritas!

25. …from a
different
kind of
company…

26. …in a different
kind of place.
rida Keys
rada, Flo
Islamo

27. Introducing…
The Tarpon Folio
Tarpon.
The silv
er king
the Flo of
rida Ke
ys.

28. We have invested most of our own
savings in it.
quot;We eat our own cooking!quot;

29. We are paid more when the fund
does well…
and less when it does poorly.

30. We select just a few stocks
with painstaking care…

31. …and
hold
those
stocks
for
years.

32. Despite long
hours of
research…
Late night
s + an ope
n home
office doo
r = tattoo
s.

33. and lots of time with our investors…

34. …our fees are about half those
of the average mutual fund.

35. The Tarpon Folio has three levels of insurance…
up to $500K
- SIPC
ds of London up
- Lloy
to $9.5 million
up to $5.75M
- FDIC
5M for joint
(or $11.
accounts)

36. and minimizes trading, taxes and
turnover.

37. The Tarpon Folio has a secret, too.

38. It's not a mutual fund.

39. Or a hedge fund.

40. We call it a Spoke Fund.
(As in “hub and spoke.” Catchy, right?)

41. It was built around a “hub”...
the life savings of our portfolio
manager’s family...

42. connected by “spokes” to
investors’ separate accounts.

43. So your portfolio manager owns the
exact same investments you do.
(And not much else.)

44. It isn't sold through any
brokers,
so you don't pay any
commissions…

45. ...anyone can invest...

46. …and you’re not just
another face
in the crowd.

47. It's the difference
between this…

48. …and this.
(We're all in it together.)

49. Your money is held in your
own secure account….

50. customized to your preferences…
Dear Tarpon Guys,
Minimize my capital gains taxes.
Exclude tobacco companies.
Let me vote all proxies.
– Me

51. …and led by a portfolio manager…

52. …who is a steward, not a salesman.

53. What are we most excited about?

54. The Tarpon Folio is now open.
Tarpon Folio
seeks investors.
Must desire to
be part of
something new.
Disgruntled and
ornery investors
welcome.

55. Give us a shout anytime!
www.islainvest.com
csmith@islainvest.com
(305) 522-1333
Twitter: @CaleInTheKeys
Blog: www.caleinthekeys.com

56. Presentation modified from an original
design template by Nancy Duarte posted
on Guy Kawaski's blog.
www.duerte.com
blog.guykawasaki.com

57. Brought to you by:
Islamorada
Investment
Management
One geek in the Keys
equals
two suits in the city.