1. 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 qualifiedadviser 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 returnswill 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 returnsare not guaranteed. Individual results will vary depending on market conditionsand investing may cause capital loss. The performance data is net of all feesreflecting the deduction of advisory fees, brokerage commissions and anyother client paid expenses and includes the reinvestment of capital gains. Thepublication of this performance data is in no way a solicitation or offer to sellsecurities.

2. 91% + Tarpon Folio+ 70% Gecko Folio 3. Warren Buffett: Be fearful when others aregreedy, and be greedy whenothers are fearful. 4. $6.56 million AUM 68 investors, 83 accounts 12 states1 Oath 1 Option 5. Mutual Funds ??? A good idea gone wrong. 6. Spoke Funds Were all in it together. 7. Why Islamorada? 8. Reason #1,432 9. Once in a Decade 10. Value Investing Moat?Cheap?Marginof Safety? Ne t worth $50B 11. Gecko Folio 09A high-yield fund for income investors. 12. Tarpon Folio 09 A long-term growth fund. 13. Biggest 1stYear Gainers 200% 194% 160% 154% 153%144%126%120% 107% 105%98% 81% 80% 67%40%0%ACL BLKB CCOI DISCA GOOGIGTJBTKMX PZNTGT 14. Top 5 Holdings TodayContango Oil & Gas PaychexBerkshire Hathaway Lowes Companies Atwood Oceanics 15. Heat Map: TarponDegree of Undervaluation1.00 0.80 0.60 0.40 0.20 0.00EntireCoreMidtermOpportunistic Portfolio Holdings HoldingsHoldings 16. Peter Lynch:If you spend 13 minutes per yeartrying to predict the economy, youhave wasted 10 minutes. 17. 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*?* 18. The Big Variable in 10 DC vs Manhattan 19. Bottom Line You need to worry about where the company and the stock will be in three tofive years. If you can buy something today with little chance of permanentimpairment and a high likelihood that you'll double your money over the next five years, you should go ahead and do it.- Seth Klarman