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Lawyer Todd Says Hi!
 This presentation is for educational and informational purposes only. Nothing
 contained here should be construed by anyone as an invitation or solicitation to
 buy 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.
91%
+
Tarpon Folio

+   70%
    Gecko Folio
Warren Buffett:

   “Be fearful when others are
   greedy, and be greedy when
       others are fearful.”
$6.56 million AUM
68 investors, 83 accounts
        12 states

                    1 Oath
                    1 Option
Mutual Funds

                     ???

   A good idea gone wrong.
Spoke Funds




    We’re all in it together.
Why Islamorada?
Reason #1,432…
Once in a Decade
Value Investing

     Moat?
     Cheap?
     Margin
     of Safety?   Ne t worth $50B
Gecko Folio ‘09
   A high-yield fund for income investors.
Tarpon Folio ‘09
    A long-term growth fund.
Biggest               1st    Year Gainers
  200%                                                         194%




  160%                                     154%   153%
                             144%

                      126%

  120%         107%                 105%
         98%

                                                         81%
  80%                                                                 67%



  40%


   0%
         ACL   BLKB CCOI DISCA GOOG        IGT    JBT    KMX   PZN    TGT
Top 5 Holdings Today
     Contango Oil & Gas
          Paychex
     Berkshire Hathaway
      Lowe’s Companies
      Atwood Oceanics
Heat Map: Tarpon
         Degree of Undervaluation
 1.00

 0.80

 0.60

 0.40

 0.20

 0.00
         Entire      Core      Midterm    Opportunistic
        Portfolio   Holdings   Holdings    Holdings
Peter Lynch:
 “If you spend 13 minutes per year
 trying to predict the economy, you
     have wasted 10 minutes.”
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*?*
The Big Variable in ’10


DC vs Manhattan
Bottom Line
    “You need to worry about where the
  company and the stock will be in three to
 five years. If you can buy something today
      with little chance of permanent
 impairment and a high likelihood that you'll
    double your money over the next five
    years, you should go ahead and do it.”
                       - Seth Klarman

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Islamorada Investment Management 2010 Annual Meeting

  • 1.
  • 2. Lawyer Todd Says Hi! This presentation is for educational and informational purposes only. Nothing contained here should be construed by anyone as an invitation or solicitation to buy 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. 91% + Tarpon Folio + 70% Gecko Folio
  • 4. Warren Buffett: “Be fearful when others are greedy, and be greedy when others are fearful.”
  • 5. $6.56 million AUM 68 investors, 83 accounts 12 states 1 Oath 1 Option
  • 6. Mutual Funds ??? A good idea gone wrong.
  • 7. Spoke Funds We’re all in it together.
  • 10. Once in a Decade
  • 11. Value Investing Moat? Cheap? Margin of Safety? Ne t worth $50B
  • 12. Gecko Folio ‘09 A high-yield fund for income investors.
  • 13. Tarpon Folio ‘09 A long-term growth fund.
  • 14. Biggest 1st Year Gainers 200% 194% 160% 154% 153% 144% 126% 120% 107% 105% 98% 81% 80% 67% 40% 0% ACL BLKB CCOI DISCA GOOG IGT JBT KMX PZN TGT
  • 15. Top 5 Holdings Today Contango Oil & Gas Paychex Berkshire Hathaway Lowe’s Companies Atwood Oceanics
  • 16. Heat Map: Tarpon Degree of Undervaluation 1.00 0.80 0.60 0.40 0.20 0.00 Entire Core Midterm Opportunistic Portfolio Holdings Holdings Holdings
  • 17. Peter Lynch: “If you spend 13 minutes per year trying to predict the economy, you have wasted 10 minutes.”
  • 18. 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. The Big Variable in ’10 DC vs Manhattan
  • 20. Bottom Line “You need to worry about where the company and the stock will be in three to five years. If you can buy something today with little chance of permanent impairment and a high likelihood that you'll double your money over the next five years, you should go ahead and do it.” - Seth Klarman