Fact Sheet

Investment Philosophy and Objectives

We invest primarily in the equities of U.S. companies that are well-managed, financially sound, have competitive advantages, and are considered to be selling at significant discounts to the values of their underlying businesses. Equity investments are viewed as ownership in business enterprises. Primary objectives are to preserve capital and to produce long-term returns that are superior to the performance of the overall market. Social and environmental responsibility are also important considerations.

Suitability

Appropriate for investors seeking growth of capital with time horizons of five years or longer. Accounts are managed for individuals, trusts, and retirement plans.

Management Fees

Fees are based on assets under management:

• 1.2% of the first $3 million of assets;
• 1.0% of the next $2 million to $5 million;
• 0.75% of the next $5 million to $10 million;
• 0.50% of assets in excess of $10 million.

The advisor receives no contingency fees or commissions.

Largest Equity Holdings at December 31, 2011   

• Wells Fargo 
• Berkshire Hathaway
• U.S. Bancorp
  
• Johnson & Johnson
• iShares Japan
  
• Leucadia
  
• Citigroup
• St. Joe Co.
• Dell
• Microsoft
  

Further information on these and other topics is contained in other sections of this site.