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Value-oriented Equity Investment Ideas for Sophisticated Investors

© 2008-2010 by BeyondProxy LLC. All rights reserved. SUBSCRIBE TODAY! www.manualofideas.com November 26, 2010 – Page 9 of 167

50+ Portfolios With Signal Value™ Revealing the Top Ideas of Top Investors “Signal value” as opposed to “noise.” We present the holdings of some of the world’s top investors. We look for investors who have amassed impressive track records over long periods of time. We choose these investors carefully to avoid the noise inherent in most 13F-HR filings.

The following analysis is based on Schedules 13F-HR filed with the SEC by November 15th for the quarter ended September 30th, as well as Schedules 13G or 13D and Forms 3 or 4 filed subsequent to the end of the third quarter.

MOI Signal Rank answers the question, “What are this investor’s top ten ideas right now?” Rather than simply presenting each investor’s largest holdings as of the recently filed quarter end, the MOI’s proprietary methodology ranks the companies in each investor’s portfolio based on the investor’s current level of conviction in each holding, as judged by the MOI.

Our proprietary methodology takes into account a number of variables, including the size of a position in an investor’s portfolio, the size of a position relative to the market value of the corresponding company, the most recent quarterly change in the number of shares owned, and the change in the stock price of a position since the most recent quarterly filing date.

For example, an investor might have the most conviction in a position that is only the tenth-largest position in such investor’s portfolio. This might be the case if an investor invests in a small company, resulting in a holding that is simply too small to rank highly based on size alone. On the other hand, such a holding might represent 19.9% of the shares outstanding of the subject company, suggesting a high level of conviction. Our estimate of the conviction level would rise further if the subject company has a 20% poison-pill threshold, thereby suggesting that the investor has bought as much of the subject company as is practically feasible.

Top investors included in this section: • Bill Ackman, Pershing Square • Lee Ainsle, Maverick • Chuck Akre, Akre Capital • Zeke Ashton, Centaur Capital • Brian Bares, Bares Capital • Bruce Berkowitz, Fairholme • Richard Breeden, Breeden Capital • Tom Brown, Second Curve • Warren Buffett, Berkshire Hathaway • Francis Chou, Chou Associates • Chase Coleman, Tiger Global • NEW Todd Combs, Castle Point • James Crichton, Scout • Ian Cumming and Joe Steinberg, Leucadia • Boykin Curry, Eagle • David Einhorn, Greenlight • Phil Falcone, Harbinger • Alan Fournier, Pennant • Glenn Fuhrman and John Phelan, MSD Capital • Jeffrey Gates, Gates Capital • Tom Gayner, Markel Gayner • Kian Ghazi, Hawkshaw • Ed Gilhuly and Scott Stuart, Sageview • Glenn Greenberg, Brave Warrior • John Griffin, Blue Ridge • Howard Guberman, Gruss • Andreas Halvorsen, Viking Global • Mason Hawkins, Southeastern • Lance Helfert and Paul Orfalea, West Coast • Chris Hohn, Children’s Investment Fund • Carl Icahn, Icahn • Rehan Jaffer, H Partners • Seth Klarman, Baupost • John Kleinheinz, Kleinheinz Capital • Eddie Lampert, ESL Investments • NEW Quincy Lee, Teton Capital • Dan Loeb, Third Point • Steve Mandel, Lone Pine • Sandy Nairn, Edinburgh Partners • Mohnish Pabrai, Pabrai Funds • John Paulson, Paulson & Co. • Boone Pickens, BP Capital • Mark Rachesky, MHR • Lisa Rapuano, Lane Five • Larry Robbins, Glenview • Bob Rodriguez and Steven Romick, First Pacific • Wilbur Ross, WL Ross • NEW Ken Shubin Stein, Spencer • Chris Shumway, Shumway Capital • David Tepper, Appaloosa • Peter Thiel, Clarium • Prem Watsa, Fairfax • Wally Weitz, Weitz Funds • David Winters, Wintergreen

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Akre Capital (Chuck Akre) Chuck Akre has been in the investment business since 1968. While sometimes viewed as a small cap growth manager, Akre follows a value strategy that focuses on returns on equity, management quality and cash flow-oriented valuation analysis. MOI Signal Rank™ – Top Current Ideas of Akre Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 American Tower / AMT 20,728 51.94 1% 1,072 0% <1% 13% 55x 46x n/m 2 Lamar Advertising / LAMR 3,360 36.35 14% 1,238 9% 1% 10% n/m n/m n/m 3 CarMax / KMX 7,321 32.56 17% 491 new <1% 4% 20x 19x 3.5x 4 MasterCard / MA 31,919 243.88 9% 60 100% <1% 3% 18x 15x 7.7x 5 Ross Stores / ROST 7,715 64.05 17% 489 14% <1% 7% 14x 13x 6.0x 6 Greenlight Re / GLRE 1,033 28.34 13% 50 86% <1% <1% 15x 8x 1.4x 7 O'Reilly Automotive / ORLY 8,308 59.50 12% 473 0% <1% 7% 20x 17x 3.6x 8 TradeStation / TRAD 251 6.28 -5% 405 35% 1% <1% 37x 30x 1.4x 9 99 Cents Only Stores / NDN 1,115 15.95 -16% 225 -5% <1% <1% 15x 14x 1.8x 10 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 0 -1% <1% 4% 18x 18x 2.0x

Top Holdings of Akre Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 American Tower / AMT 20,728 51.94 1% 1,072 0% <1% 13% 55x 46x n/m 2 Lamar Advertising / LAMR 3,360 36.35 14% 1,238 9% 1% 10% n/m n/m n/m 3 Markel / MKL 3,508 361.00 5% 115 0% 1% 10% 23x 22x 1.4x 4 Enstar Group / ESGR 1,113 85.18 17% 396 0% 3% 8% 9x 7x 1.3x 5 Dollar Tree / DLTR 6,688 53.41 10% 611 0% <1% 8% 17x 15x 5.2x 6 Ross Stores / ROST 7,715 64.05 17% 489 14% <1% 7% 14x 13x 6.0x 7 O'Reilly Automotive / ORLY 8,308 59.50 12% 473 0% <1% 7% 20x 17x 3.6x 8 Hartford Financial / HIG 10,478 23.57 3% 755 -7% <1% 4% 9x 6x .5x 9 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 0 -1% <1% 4% 18x 18x 2.0x 10 CarMax / KMX 7,321 32.56 17% 491 new <1% 4% 20x 19x 3.5x

New Positions Sold Out Positions CarMax / KMX Carter’s / CRI Entertainment Properties / EPR RealPage / RP

First Financial Holdings / FFCH Transatlantic / TRH Visa / V

Portfolio Metrics * Sector Weightings *

Portfolio size $430 million

Top 10 as % of portfolio 74%

Median market value $4.1 billion

Average market value $22 billion

Median P/E (this FY) 18x

Median P/E (next FY) 16x

Median P / tangible book 1.8x

* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities.

Services57%

Financial37%

Technology4%

Other2%




Appaloosa (David Tepper) Tepper heads Appaloosa Management, which he founded in 1993 after leaving Goldman Sachs, where he had been the head trader on Goldman’s high-yield desk. Tepper’s specialty is in distressed investments and special situations. MOI Signal Rank™ – Top Current Ideas of Appaloosa

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Pfizer / PFE 134,547 16.80 -2% 16,562 46% <1% 9% 8x 7x n/m 2 Cisco Systems / CSCO 109,521 19.61 -10% 6,013 new <1% 4% 12x 11x 4.4x 3 Hewlett-Packard / HPQ 96,356 42.49 1% 3,723 new <1% 5% 9x 8x >9.9x 4 Royal Bank Scotland / RBS 38,839 13.40 -10% 12,571 4% <1% 5% n/a n/a .4x 5 UnitedHealth / UNH 39,598 36.00 3% 1,156 new <1% 1% 9x 10x n/m 6 WellPoint / WLP 23,070 58.61 3% 608 new <1% 1% 9x 9x 7.6x 7 Medtronic / MDT 37,360 34.60 4% 1,412 new <1% 2% 10x 9x >9.9x 8 Applied Materials / AMAT 16,743 12.53 7% 3,765 new <1% 1% 11x 10x 2.8x 9 International Paper / IP 10,850 24.80 14% 1,938 new <1% 2% 12x 9x 2.6x 10 SuperMedia / SPMD 92 5.93 -44% 467 -6% 3% <1% n/a n/a n/m

Top Holdings of Appaloosa – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Pfizer / PFE 134,547 16.80 -2% 16,562 46% <1% 9% 8x 7x n/m 2 Bank of America / BAC 117,593 11.66 -11% 22,474 -18% <1% 8% 11x 8x 1.0x 3 AIG / AIG 28,512 42.73 9% 5,420 -1% <1% 7% 18x 55x 3.8x 4 Citigroup / C 123,986 4.27 9% 51,250 -11% <1% 7% 11x 9x 1.0x 5 Wells Fargo / WFC 144,288 27.49 9% 6,411 -19% <1% 6% 12x 10x 2.2x 6 Royal Bank Scotland / RBS 38,839 13.40 -10% 12,571 4% <1% 5% n/a n/a .4x 7 Hewlett-Packard / HPQ 96,356 42.49 1% 3,723 new <1% 5% 9x 8x >9.9x 8 Merck / MRK 108,848 35.33 -4% 3,683 -4% <1% 4% 10x 9x >9.9x 9 Fifth Third Bancorp / FITB 9,762 12.26 2% 10,328 -19% 1% 4% 23x 11x 1.4x 10 Cisco Systems / CSCO 109,521 19.61 -10% 6,013 new <1% 4% 12x 11x 4.4x

New Positions Sold Out Positions Altera / ALTR Analog Devices / ADI Applied Materials / AMAT Becton Dickinson / BDX Broadcom / BRCM CIGNA / CI Cisco Systems / CSCO Covidien / COV Dana Holding / DAN Hewlett-Packard / HPQ Intel / INTC International Paper / IP

KLA-Tencor / KLAC Lam Research / LRCX Linear Technology Corp. / LLTC Medtronic / MDT Smurfit-Stone / SSCC Temple-Inland / TIN Teradyne / TER Texas Instruments / TXN UnitedHealth / UNH WellPoint / WLP Xilinx / XLNX

Arkansas Best / ABFS E*Trade Financial / ETFC OfficeMax / OMX Sunoco / SUN Tesoro / TSO Valero Energy / VLO YRC Worldwide / YRCW


Portfolio size $3.2 billion








Financial48%

Health Care18%

Technology15%

Other19%




Bares Capital (Brian Bares) Brian Bares started his investment firm, Bares Capital Management, in 2000, focusing initially on micro-cap public companies. The firm launched a small-cap institutional strategy in 2001 and now manages assets in two value-oriented strategies. Bares Capital Management is quite unique in the institutional asset management world, as it has adhered to a disciplined business strategy, limiting the growth of assets under management to benefit investment performance. Both of Bares’s institutional strategies have beaten their respective benchmark indices by wide margins since inception. MOI Signal Rank™ – Top Current Ideas of Bares Capital Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Hallmark Financial / HALL 179 8.89 2% 2,343 15% 12% 6% 25x 12x 1.1x 2 American Public Ed. / APEI 617 34.35 5% 271 65% 2% 3% 22x 18x 6.3x 3 Dolan Media / DM 388 12.73 12% 364 new 1% 1% 11x 10x n/m 4 Sears Holdings / SHLD 7,013 63.75 -12% 8 6% <1% <1% 32x 29x 1.9x 5 BIDZ.com / BIDZ 24 1.25 -25% 1,474 -1% 8% <1% n/m 42x .8x 6 Travelzoo / TZOO 622 37.81 47% 334 13% 2% 4% 50x 42x >9.9x 7 Lockheed Martin / LMT 25,004 69.43 -3% 10 0% <1% <1% 10x 10x n/m 8 AltiGen Comms / ATGN 11 0.65 -13% 268 0% 2% <1% n/a n/a 2.2x 9 Female Health / FHCO 164 5.97 16% 728 33% 3% 1% 85x 26x >9.9x 10 Corporate Executive / EXBD 1,154 33.65 7% 223 11% <1% 2% 23x 20x >9.9x

Top Holdings of Bares Capital Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Interactive Intell. / ININ 463 26.45 50% 2,480 0% 14% 19% 23x 22x 5.5x 2 International Assets / IAAC 407 23.09 28% 2,265 0% 13% 15% 26x 26x 1.8x 3 Stratasys / SSYS 689 33.36 20% 853 -1% 4% 8% 57x 42x 5.1x 4 Winmark / WINA 169 33.79 1% 839 -1% 17% 8% 19x 17x 8.6x 5 Hallmark Financial / HALL 179 8.89 2% 2,343 15% 12% 6% 25x 12x 1.1x 6 Stamps.com / STMP 184 12.82 -1% 1,020 -1% 7% 4% 16x 16x 2.6x 7 Travelzoo / TZOO 622 37.81 47% 334 13% 2% 4% 50x 42x >9.9x 8 American Dental / ADPI 194 12.57 4% 903 0% 6% 3% 12x 14x n/m 9 Utah Medical / UTMD 105 29.00 -1% 328 -1% 9% 3% n/a n/a 3.2x 10 American Public Ed. / APEI 617 34.35 5% 271 65% 2% 3% 22x 18x 6.3x

New Positions Sold Out Positions Dolan Media / DM Pizza Inn / PZZI Reis / REIS

Simulations Plus / SLP AutoZone / AZO MSCI Inc. / MSCI OneBeacon Insurance / OB

Rentrak / RENT Washington Post / WPO










Technology34%

Financial33%

Services17%

Other16%




Baupost (Seth Klarman) Seth Klarman, founder and president of The Baupost Group, is the author of Margin of Safety and one of the most widely respected value-oriented investors. From inception in February 1983 through December 2008, The Baupost Group has delivered an annual compounded return of approximately 20%. MOI Signal Rank™ – Top Current Ideas of Baupost

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Enzon Pharma / ENZN 669 11.19 0% 10,383 2% 17% 8% 86x n/m 1.9x 2 ViaSat / VSAT 1,679 40.89 -1% 10,051 1% 24% 29% 28x 26x 2.7x 3 Alere / ALR 2,596 30.59 -1% 1,500 new 2% 3% 12x 11x n/m 4 Alliance One / AOI 339 3.89 -6% 8,800 0% 10% 2% 8x n/a .9x 5 News Corp. / NWSA 37,224 14.18 9% 19,050 0% <1% 19% 13x 11x 8.7x 6 CapitalSource / CSE 2,134 6.60 24% 20,278 0% 6% 9% n/m 17x 1.1x 7 Liberty Starz / LSTZA 3,232 63.02 -3% 1,000 >100% 2% 4% 15x 14x 1.6x 8 Regeneron Pharma / REGN 2,030 24.67 -10% 1,000 new 1% 2% n/m n/m 5.8x 9 Ituran Location / ITRN 371 15.79 10% 1,721 0% 7% 2% n/a n/a 4.0x 10 Multimedia Games / MGAM 125 4.51 22% 2,600 0% 9% <1% 30x 20x 1.5x

Top Holdings of Baupost – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 ViaSat / VSAT 1,679 40.89 -1% 10,051 1% 24% 29% 28x 26x 2.7x 2 News Corp. / NWSA 37,224 14.18 9% 19,050 0% <1% 19% 13x 11x 8.7x 3 BreitBurn Energy / BBEP 1,074 20.14 10% 7,161 -14% 13% 10% 14x 18x .8x 4 CapitalSource / CSE 2,134 6.60 24% 20,278 0% 6% 9% n/m 17x 1.1x 5 Enzon Pharma / ENZN 669 11.19 0% 10,383 2% 17% 8% 86x n/m 1.9x 6 Liberty Starz / LSTZA 3,232 63.02 -3% 1,000 >100% 2% 4% 15x 14x 1.6x 7 Domtar / UFS 3,285 77.40 20% 800 -56% 2% 4% 7x 10x 1.2x 8 Alere / ALR 2,596 30.59 -1% 1,500 new 2% 3% 12x 11x n/m 9 Solar Capital / SLRC 780 23.44 9% 1,766 -12% 5% 3% 11x 10x 1.1x 10 Alliance One / AOI 339 3.89 -6% 8,800 0% 10% 2% 8x n/a .9x

New Positions Sold Out Positions Alere / ALR Regeneron Pharma / REGN

ADC Telecom / ADCT Theravance / THRX

Portfolio Metrics * Sector Weightings *, **




Average market value $5.3 billion




* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets managed by Seth Klarman may be invested in non-equity and are therefore not shown in the chart or tables.

Technology30%

Services26%

Health Care14%

Other30%




Berkshire Hathaway (Warren Buffett) Warren Buffett has built an unparalleled investment track record over several decades, becoming widely regarded as the best investor of all time. Buffett has embraced a long term-oriented investment approach with an emphasis on investing in companies with durable competitive advantage, high returns on capital employed, and shareholder-friendly management. MOI Signal Rank™ – Top Current Ideas of Berkshire Hathaway

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Johnson & Johnson / JNJ 175,293 63.83 3% 42,625 3% 2% 7% 13x 13x 7.1x 2 USG / USG 1,326 12.89 -2% 17,072 0% 17% <1% n/m n/m 2.1x 3 Kraft Foods / KFT 53,172 30.44 -1% 105,215 0% 6% 8% 15x 13x n/m 4 Comdisco / CDCO 36 9.00 0% 1,538 0% 38% <1% n/a n/a .9x 5 American Express / AXP 51,461 42.75 2% 151,611 0% 13% 16% 13x 11x 3.2x 6 Coca-Cola / KO 149,353 64.32 10% 200,000 0% 9% 33% 18x 17x 9.5x 7 M&T Bank / MTB 9,288 77.80 -5% 5,364 0% 4% 1% 14x 13x 2.4x 8 Wal-Mart / WMT 197,792 54.39 2% 39,037 0% 1% 5% 13x 12x 4.0x 9 ConocoPhillips / COP 93,315 61.92 8% 29,110 0% 2% 5% 10x 10x 1.4x 10 U.S. Bancorp / USB 47,708 24.87 15% 69,039 0% 4% 4% 15x 12x 3.1x

Top Holdings of Berkshire Hathaway – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Coca-Cola / KO 149,353 64.32 10% 200,000 0% 9% 33% 18x 17x 9.5x 2 American Express / AXP 51,461 42.75 2% 151,611 0% 13% 16% 13x 11x 3.2x 3 Procter & Gamble / PG 181,739 64.05 7% 76,766 -2% 3% 12% 16x 15x n/m 4 Kraft Foods / KFT 53,172 30.44 -1% 105,215 0% 6% 8% 15x 13x n/m 5 Johnson & Johnson / JNJ 175,293 63.83 3% 42,625 3% 2% 7% 13x 13x 7.1x 6 Wal-Mart / WMT 197,792 54.39 2% 39,037 0% 1% 5% 13x 12x 4.0x 7 ConocoPhillips / COP 93,315 61.92 8% 29,110 0% 2% 5% 10x 10x 1.4x 8 U.S. Bancorp / USB 47,708 24.87 15% 69,039 0% 4% 4% 15x 12x 3.1x 9 Moody's / MCO 6,324 27.00 8% 28,415 -8% 12% 2% 14x 13x n/m 10 M&T Bank / MTB 9,288 77.80 -5% 5,364 0% 4% 1% 14x 13x 2.4x

New Positions Sold Out Positions Bank of NY Mellon / BK CarMax / KMX

Home Depot / HD Iron Mountain / IRM

NRG Energy / NRG Republic Services / RSG


Portfolio size $40 billion


Median market value $37 billion





* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Berkshire’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Consumer Non-Cyclical

54%Financial

23%

Services8%

Other15%




Blue Ridge (John Griffin) John Griffin was a merchant banking analyst at Morgan Stanley before joining Robertson’s Tiger Management in 1987. Griffin became president of Tiger in 1993 but chose to start long/short partnership Blue Ridge in 1996. MOI Signal Rank™ – Top Current Ideas of Blue Ridge

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 BP / BP 131,644 42.03 2% 5,020 new <1% 3% 7x 7x 2.0x 2 Gold Miners ETF / GDX 7,605 59.30 6% 5,478 6% 4% 5% n/a n/a 1.0x 3 Discovery Comms / DISCA 12,038 42.34 -3% 7,148 0% 3% 4% 24x 20x n/m 4 Xinyuan Real Estate / XIN 193 2.54 3% 13,953 0% 18% <1% 4x 2x .4x 5 JPMorgan Chase / JPM 154,061 39.41 4% 11,933 0% <1% 7% 10x 9x 1.5x 6 Amazon.com / AMZN 73,977 164.82 5% 2,123 0% <1% 5% 66x 47x >9.9x 7 Range Resources / RRC 6,946 43.39 14% 4,930 49% 3% 3% 89x 49x 2.7x 8 Citrix Systems / CTXS 12,380 65.93 -3% 4,360 14% 2% 4% 32x 29x 9.0x 9 Express Scripts / ESRX 28,089 53.38 10% 3,879 36% <1% 3% 21x 17x n/m 10 Valeant Pharma / VRX 7,377 24.59 -2% 7,251 new 2% 3% n/a n/a n/m

Top Holdings of Blue Ridge – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 JPMorgan Chase / JPM 154,061 39.41 4% 11,933 0% <1% 7% 10x 9x 1.5x 2 Apple / AAPL 281,366 306.73 8% 1,225 -35% <1% 6% 16x 14x 6.0x 3 Amazon.com / AMZN 73,977 164.82 5% 2,123 0% <1% 5% 66x 47x >9.9x 4 Gold Miners ETF / GDX 7,605 59.30 6% 5,478 6% 4% 5% n/a n/a 1.0x 5 Discovery Comms / DISCA 12,038 42.34 -3% 7,148 0% 3% 4% 24x 20x n/m 6 Citrix Systems / CTXS 12,380 65.93 -3% 4,360 14% 2% 4% 32x 29x 9.0x 7 Crown Castle / CCI 12,415 42.70 -3% 6,384 0% 2% 4% n/m 91x n/m 8 Range Resources / RRC 6,946 43.39 14% 4,930 49% 3% 3% 89x 49x 2.7x 9 BP / BP 131,644 42.03 2% 5,020 new <1% 3% 7x 7x 2.0x 10 Express Scripts / ESRX 28,089 53.38 10% 3,879 36% <1% 3% 21x 17x n/m

New Positions Sold Out Positions BP / BP Ivanhoe Mines / IVN Level 3 Comms / LVLT Lululemon Athletica / LULU Netflix / NFLX Tesla Motors / TSLA Valeant Pharma / VRX

Ensco / ESV Google / GOOG McDonald’s / MCD Monsanto / MON Morgan Stanley / MS Primerica / PRI Teradata / TDC










Financial35%

Services32%

Technology15%

Other18%




BP Capital (Boone Pickens) Pickens, born in 1928, was a prominent corporate raider during the 1980s. He founded energy fund BP Capital in 1997. MOI Signal Rank™ – Top Current Ideas of BP Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 BP / BP 131,644 42.03 2% 481 new <1% 5% 7x 7x 2.0x 2 Apache / APA 39,781 109.11 12% 164 >100% <1% 4% 12x 10x 1.9x 3 McMoRan Exploration / MMR 1,637 17.60 2% 1,172 5% 1% 5% n/m n/m 9.7x 4 Suncor Energy / SU 54,058 34.59 6% 567 2% <1% 5% n/a n/a 1.7x 5 Transatlantic / TRH 3,274 51.77 2% 2,000 0% 3% 25% 9x 8x .8x 6 Schlumberger / SLB 104,280 76.43 24% 211 new <1% 4% 28x 20x 8.7x 7 Chesapeake Energy / CHK 14,805 22.64 0% 743 26% <1% 4% 8x 9x 1.2x 8 Noble Corp. / NE 9,115 36.13 7% 336 new <1% 3% n/a n/a 1.3x 9 Devon Energy / DVN 31,615 73.20 13% 195 2% <1% 4% 12x 12x 2.5x 10 EnCana / ECA 21,117 28.68 -5% 300 58% <1% 2% n/a n/a 1.3x

Top Holdings of BP Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Transatlantic / TRH 3,274 51.77 2% 2,000 0% 3% 25% 9x 8x .8x 2 McMoRan Exploration / MMR 1,637 17.60 2% 1,172 5% 1% 5% n/m n/m 9.7x 3 BP / BP 131,644 42.03 2% 481 new <1% 5% 7x 7x 2.0x 4 Suncor Energy / SU 54,058 34.59 6% 567 2% <1% 5% n/a n/a 1.7x 5 Apache / APA 39,781 109.11 12% 164 >100% <1% 4% 12x 10x 1.9x 6 Weatherford / WFT 14,866 20.05 17% 875 2% <1% 4% n/a n/a 3.0x 7 Chesapeake Energy / CHK 14,805 22.64 0% 743 26% <1% 4% 8x 9x 1.2x 8 Schlumberger / SLB 104,280 76.43 24% 211 new <1% 4% 28x 20x 8.7x 9 Devon Energy / DVN 31,615 73.20 13% 195 2% <1% 4% 12x 12x 2.5x 10 Anadarko Petroleum / APC 31,535 63.63 12% 217 -31% <1% 3% 36x 30x 2.1x

New Positions Sold Out Positions BP / BP Clayton Williams Energy / CWEI Noble Corp. / NE QEP Resources / QEP Schlumberger / SLB

None









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets managed by Boone Pickens may be invested outside of BP Capital and are therefore not shown in the chart or tables.

Energy73%

Financial25%

Capital Goods1%




Brave Warrior (Glenn Greenberg) Brave Warrior, formerly called Chieftain Capital Management, was founded in 1984 by Glenn Greenberg and John Shapiro. The firm runs a concentrated portfolio focused on companies with high returns on capital and sustainable competitive advantage. Brave Warrior’s long-term performance record is believed to feature mid teens annualized investment returns. MOI Signal Rank™ – Top Current Ideas of Brave Warrior

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Fiserv / FISV 8,380 56.35 5% 2,089 94% 1% 11% 14x 13x n/m 2 Google / GOOG 188,933 590.83 12% 269 7% <1% 14% 21x 18x 5.2x 3 MasterCard / MA 31,919 243.88 9% 339 47% <1% 8% 18x 15x 7.7x 4 Lockheed Martin / LMT 25,004 69.43 -3% 1,406 6% <1% 9% 10x 10x n/m 5 Dell / DELL 27,022 13.90 7% 1,853 15% <1% 2% 11x 10x >9.9x 6 Bank of America / BAC 117,593 11.66 -11% 15 0% <1% <1% 11x 8x 1.0x 7 Broadridge Financial / BR 2,648 21.18 -7% 2,309 -2% 2% 4% 13x 12x >9.9x 8 Tidewater / TDW 2,476 48.16 7% 20 0% <1% <1% 16x 11x 1.2x 9 Ryanair / RYAAY 9,080 30.54 -1% 3,856 -17% 1% 11% 17x 12x 2.0x 10 Nicholas Financial / NICK 118 9.99 9% 29 0% <1% <1% n/a n/a 1.1x

Top Holdings of Brave Warrior – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Google / GOOG 188,933 590.83 12% 269 7% <1% 14% 21x 18x 5.2x 2 Comcast / CMCSA 57,703 20.56 14% 7,399 -2% <1% 14% 16x 14x n/m 3 Ryanair / RYAAY 9,080 30.54 -1% 3,856 -17% 1% 11% 17x 12x 2.0x 4 Fiserv / FISV 8,380 56.35 5% 2,089 94% 1% 11% 14x 13x n/m 5 Lab Corp. of America / LH 8,442 83.01 6% 1,393 -9% 1% 11% 15x 14x n/m 6 U.S. Bancorp / USB 47,708 24.87 15% 4,422 -14% <1% 10% 15x 12x 3.1x 7 Lockheed Martin / LMT 25,004 69.43 -3% 1,406 6% <1% 9% 10x 10x n/m 8 MasterCard / MA 31,919 243.88 9% 339 47% <1% 8% 18x 15x 7.7x 9 Arch Capital / ACGL 4,409 90.19 8% 677 -7% 1% 6% 10x 10x 1.0x 10 Broadridge Financial / BR 2,648 21.18 -7% 2,309 -2% 2% 4% 13x 12x >9.9x

New Positions Sold Out Positions Approach Resources / AREX Crosstex Energy / XTXI

Freddie Mac / FMCC Visa / V










Technology28%

Financial23%

Services18%

Other31%




Breeden Capital (Richard Breeden) Richard C. Breeden, born in 1949, is a former Chairman of the U.S. Securities and Exchange Commission. Breeden founded Breeden Capital Management in 2006. The fund applies a concentrated, activist investment approach. MOI Signal Rank™ – Top Current Ideas of Breeden Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Aon / AON 11,108 41.01 5% 3,039 19% 1% 11% 13x 12x n/m 2 Dun & Bradstreet / DNB 3,796 76.20 3% 1,501 12% 3% 10% 13x 13x n/m 3 H&R Block / HRB 3,875 12.56 -3% 13,292 0% 4% 15% 8x 7x n/m 4 Steris / STE 2,028 34.28 3% 5,067 0% 9% 15% 15x 14x 4.8x 5 EMCOR Group / EME 1,732 26.07 6% 3,050 79% 5% 7% 14x 12x 3.5x 6 Zale / ZLC 104 3.25 55% 9,071 0% 28% 3% n/m n/m .5x 7 Raytheon / RTN 17,137 47.01 3% 1,506 4% <1% 6% 10x 10x n/m 8 ValueClick / VCLK 1,243 15.39 18% 887 >100% 1% 1% 23x 20x 5.4x 9 Stanley Black Decker / SWK 9,899 59.63 -3% 61 new <1% <1% 16x 13x n/m 10 Hillenbrand / HI 1,265 20.31 -6% 4,337 -14% 7% 8% 11x 11x n/m

Top Holdings of Breeden Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Steris / STE 2,028 34.28 3% 5,067 0% 9% 15% 15x 14x 4.8x 2 H&R Block / HRB 3,875 12.56 -3% 13,292 0% 4% 15% 8x 7x n/m 3 Helmerich & Payne / HP 4,927 46.56 15% 3,210 -11% 3% 13% 16x 14x 1.8x 4 Aon / AON 11,108 41.01 5% 3,039 19% 1% 11% 13x 12x n/m 5 Dun & Bradstreet / DNB 3,796 76.20 3% 1,501 12% 3% 10% 13x 13x n/m 6 Bally Technologies / BYI 2,075 38.70 11% 2,531 -7% 5% 9% 18x 15x 5.9x 7 Hillenbrand / HI 1,265 20.31 -6% 4,337 -14% 7% 8% 11x 11x n/m 8 EMCOR Group / EME 1,732 26.07 6% 3,050 79% 5% 7% 14x 12x 3.5x 9 Raytheon / RTN 17,137 47.01 3% 1,506 4% <1% 6% 10x 10x n/m 10 Zale / ZLC 104 3.25 55% 9,071 0% 28% 3% n/m n/m .5x

New Positions Sold Out Positions Stanley Black Decker / SWK Fidelity National / FNF Portfolio Metrics * Sector Weightings *









Services27%

Financial22%Health Care

15%

Other35%




Castle Point Capital (Todd Combs) Financial services-focused value investor Todd Combs acquired instant fame in value investing circles when he was tapped by Warren Buffett in October 2010 to manage a “significant portion” of the investment portfolio of Berkshire Hathaway. Combs is scheduled to start at Berkshire at the beginning of 2011, at which point he will shut down Castle Point Capital. MOI Signal Rank™ – Top Current Ideas of Castle Point Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Global Indemnity / GBLI 583 19.19 20% 323 new 1% 3% n/a n/a .7x 2 Chatham Lodging / CLDT 134 16.59 n/m 120 12% 1% <1% 57x 16x n/m 3 America's Car-Mart / CRMT 275 25.26 0% 34 new <1% <1% 9x 8x 1.5x 4 PNC Financial / PNC 29,597 56.29 8% 200 8% <1% 5% 11x 10x 1.5x 5 Charles Schwab / SCHW 18,018 15.08 8% 750 5% <1% 5% 32x 18x 3.3x 6 Progressive Corp. / PGR 13,771 20.76 -1% 600 -2% <1% 5% 14x 13x 2.1x 7 Annaly Capital / NLY 11,014 17.71 1% 700 -2% <1% 5% 7x 7x 1.2x 8 PennyMac Mortgage / PMT 296 17.59 -2% 761 -7% 5% 5% 12x 7x .9x 9 RenaissanceRe / RNR 3,319 60.48 1% 250 -2% <1% 6% 7x 8x 1.0x 10 MB Financial / MBFI 799 14.81 -9% 400 -22% <1% 2% >99x 20x 1.1x

Top Holdings of Castle Point Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 U.S. Bancorp / USB 47,708 24.87 15% 1,000 -2% <1% 10% 15x 12x 3.1x 2 MasterCard / MA 31,919 243.88 9% 75 -26% <1% 7% 18x 15x 7.7x 3 State Street / STT 21,808 43.44 15% 350 -38% <1% 6% 13x 12x 2.4x 4 RenaissanceRe / RNR 3,319 60.48 1% 250 -2% <1% 6% 7x 8x 1.0x 5 Starwood Property / STWD 989 20.79 5% 700 -5% 1% 6% 16x n/a 1.1x 6 Western Union / WU 11,865 18.09 2% 800 -35% <1% 6% 13x 12x n/m 7 Chubb / CB 17,622 57.79 1% 250 -2% <1% 6% 10x 10x 1.1x 8 PennyMac Mortgage / PMT 296 17.59 -2% 761 -7% 5% 5% 12x 7x .9x 9 Progressive Corp. / PGR 13,771 20.76 -1% 600 -2% <1% 5% 14x 13x 2.1x 10 Annaly Capital / NLY 11,014 17.71 1% 700 -2% <1% 5% 7x 7x 1.2x

New Positions Sold Out Positions America's Car-Mart / CRMT Global Indemnity / GBLI

BlackRock / BLK CME Group / CME Hartford Financial / HIG Leucadia National / LUK










Financial82%

Services18%




Centaur Value (Zeke Ashton) Zeke Ashton is founder and managing partner of Centaur Capital, a Dallas-based investment firm. Centaur Capital serves as advisor to the Centaur family of private partnerships using a value-oriented long/short equity strategy. Centaur is also the sub-advisor to the Tilson Dividend Fund, a mutual fund utilizing an income-oriented value investing strategy. MOI Signal Rank™ – Top Current Ideas of Centaur Value Fund 1, 2

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Lab Corp. of America / LH 8,442 83.01 6% 64 7% <1% 8% 15x 14x n/m 2 MVC Capital / MVC 318 13.21 2% 313 0% 1% 6% 46x 20x .8x 3 Northrop Grumman / NOC 18,471 63.26 4% 67 0% <1% 6% 9x 9x n/m 4 EMC / EMC 44,958 21.82 7% 320 0% <1% 10% 17x 15x 7.7x 5 Vodafone / VOD 140,984 26.94 9% 170 0% <1% 6% 10x 10x 5.3x 6 Fairfax Financial / FRFHF 8,346 392.00 -4% 6 new <1% 3% n/a n/a 1.1x 7 Aspen Insurance / AHL 2,251 29.35 -3% 75 new <1% 3% 10x 8x .7x 8 Cisco Systems / CSCO 109,521 19.61 -10% 133 82% <1% 4% 12x 11x 4.4x 9 MIND C.T.I. / MNDO 41 2.22 16% 364 >100% 2% 1% n/a n/a 2.7x 10 American Eagle / AEO 3,178 16.25 9% 195 0% <1% 4% 16x 14x 2.3x

1 Excludes holdings of Tilson Dividend Fund, which is also managed by Zeke Ashton. 2 Includes shares underlying LEAPs and other option positions. Top Holdings of Centaur Value Fund – By Dollar Value 1, 2

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 EMC / EMC 44,958 21.82 7% 320 0% <1% 10% 17x 15x 7.7x 2 Lab Corp. of America / LH 8,442 83.01 6% 64 7% <1% 8% 15x 14x n/m 3 Vodafone / VOD 140,984 26.94 9% 170 0% <1% 6% 10x 10x 5.3x 4 Northrop Grumman / NOC 18,471 63.26 4% 67 0% <1% 6% 9x 9x n/m 5 MVC Capital / MVC 318 13.21 2% 313 0% 1% 6% 46x 20x .8x 6 GameStop / GME 3,046 20.12 2% 188 -16% <1% 5% 8x 7x 4.0x 7 American Eagle / AEO 3,178 16.25 9% 195 0% <1% 4% 16x 14x 2.3x 8 eBay / EBAY 39,503 30.30 24% 94 -29% <1% 4% 18x 16x 4.7x 9 Biglari Holdings / BH 520 362.68 10% 8 0% <1% 4% 20x 18x 2.5x 10 Capital Southwest / CSWC 375 100.07 10% 27 -2% <1% 4% n/a n/a .7x

1 Excludes holdings of Tilson Dividend Fund, which is also managed by Zeke Ashton. 2 Includes shares underlying LEAPs and other option positions.

New Positions Sold Out Positions Aspen Insurance / AHL Epoch Holding / EPHC

Fairfax Financial / FRFHF Foot Locker / FL

Adaptec / ADPT Fidelity National / FNF

Heckmann / HEK









* Based on information provided to The Manual of Ideas by Centaur Capital. Excludes portfolio cash, certain non-U.S. holdings, and non-equity securities.

Services42%

Technology23%

Financial22%

Other14%




Children’s Investment (Chris Hohn) Chris Hohn is the founder of London-based The Children’s Investment Fund Management. TCI runs a concentrated portfolio that has historically been heavily weighted in industrials. Hohn has acquired a reputation as an aggressive shareholder activist, most notably forcing the resignation of the CEO of Deutsche Boerse after he refused to abandon a proposed takeover of the London Stock Exchange. Hohn also agitated for a sale of ABN Amro, ultimately pushing it into the hands of RBS. MOI Signal Rank™ – Top Current Ideas of Children’s Investment Fund

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Lockheed Martin / LMT 25,004 69.43 -3% 5,696 59% 2% 11% 10x 10x n/m 2 CME Group / CME 19,801 295.47 13% 261 new <1% 2% 19x 17x n/m 3 WellPoint / WLP 23,070 58.61 3% 5,385 1% 1% 9% 9x 9x 7.6x 4 MasterCard / MA 31,919 243.88 9% 2 new <1% <1% 18x 15x 7.7x 5 Philip Morris / PM 108,519 59.81 7% 20 0% <1% <1% 15x 14x n/m 6 Molson Coors / TAP 9,140 49.11 4% 6,114 -8% 3% 8% 14x 13x 6.1x 7 Visa / V 64,337 77.05 4% 7,192 -16% <1% 15% 16x 14x >9.9x 8 Union Pacific / UNP 45,281 91.82 12% 9,895 -13% 2% 25% 17x 14x 2.6x 9 Viacom / VIA.B 23,208 38.39 6% 12,737 -31% 2% 13% 12x 10x n/m 10 Walt Disney / DIS 70,204 37.01 12% 12,604 -29% <1% 13% 15x 13x >9.9x

Top Holdings of Children’s Investment Fund – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Union Pacific / UNP 45,281 91.82 12% 9,895 -13% 2% 25% 17x 14x 2.6x 2 Visa / V 64,337 77.05 4% 7,192 -16% <1% 15% 16x 14x >9.9x 3 Viacom / VIA.B 23,208 38.39 6% 12,737 -31% 2% 13% 12x 10x n/m 4 Walt Disney / DIS 70,204 37.01 12% 12,604 -29% <1% 13% 15x 13x >9.9x 5 Lockheed Martin / LMT 25,004 69.43 -3% 5,696 59% 2% 11% 10x 10x n/m 6 WellPoint / WLP 23,070 58.61 3% 5,385 1% 1% 9% 9x 9x 7.6x 7 Molson Coors / TAP 9,140 49.11 4% 6,114 -8% 3% 8% 14x 13x 6.1x 8 Oracle / ORCL 141,526 28.15 5% 5,018 -64% <1% 4% 14x 13x >9.9x 9 CME Group / CME 19,801 295.47 13% 261 new <1% 2% 19x 17x n/m 10 Coca-Cola / KO 149,353 64.32 10% 58 -99% <1% <1% 18x 17x 9.5x

New Positions Sold Out Positions CME Group / CME MasterCard / MA

Co. Bebidas Americas / ABV Moody’s / MCO










Services26%

Financial26%

Transportation25%

Other23%




Chou Associates (Francis Chou) Francis Chou arrived in Canada from India in 1976. Over the years, he worked for Bell Canada, Gardiner Watson, and Fairfax Financial. The roots of Chou Associates date back to 1986. Today, Chou manages several investment funds and has been repeatedly ranked one of the top investment managers in Canada. He follows a deep value-oriented investment style. MOI Signal Rank™ – Top Current Ideas of Chou Associates

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Valeant Pharma / VRX 7,377 24.59 -2% 1,437 new <1% 9% n/a n/a n/m 2 Bank of America / BAC 117,593 11.66 -11% 4,200 >100% <1% 12% 11x 8x 1.0x 3 Overstock.com / OSTK 321 13.86 -12% 2,220 0% 10% 8% 35x 25x >9.9x 4 Watson Pharma / WPI 6,297 50.25 19% 635 0% <1% 8% 15x 12x n/m 5 King Pharma / KG 3,532 14.13 42% 6,728 0% 3% 24% 21x 20x 2.8x 6 MannKind / MNKD 750 6.01 -11% 2,052 >100% 2% 3% n/m n/m n/m 7 Sprint Nextel / S 11,978 4.01 -13% 6,123 0% <1% 6% n/m n/m n/m 8 Sears Holdings / SHLD 7,013 63.75 -12% 334 0% <1% 5% 32x 29x 1.9x 9 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 0 0% <1% 6% 18x 18x 2.0x 10 Media General / MEG 101 4.38 -51% 949 0% 4% 1% n/m n/m n/m

Top Holdings of Chou Associates – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 King Pharma / KG 3,532 14.13 42% 6,728 0% 3% 24% 21x 20x 2.8x 2 Bank of America / BAC 117,593 11.66 -11% 4,200 >100% <1% 12% 11x 8x 1.0x 3 Valeant Pharma / VRX 7,377 24.59 -2% 1,437 new <1% 9% n/a n/a n/m 4 Watson Pharma / WPI 6,297 50.25 19% 635 0% <1% 8% 15x 12x n/m 5 Overstock.com / OSTK 321 13.86 -12% 2,220 0% 10% 8% 35x 25x >9.9x 6 Sprint Nextel / S 11,978 4.01 -13% 6,123 0% <1% 6% n/m n/m n/m 7 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 0 0% <1% 6% 18x 18x 2.0x 8 Sears Holdings / SHLD 7,013 63.75 -12% 334 0% <1% 5% 32x 29x 1.9x 9 International Coal / ICO 1,429 7.01 32% 3,000 0% 1% 5% 25x 12x 1.9x 10 Flagstone Re / FSR 895 11.69 10% 1,500 0% 2% 4% n/a n/a .8x

New Positions Sold Out Positions Valeant Pharma / VRX McClatchy / MNI

K-Swiss / KSWS









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets managed by Francis Chou may be invested in Canadian and other securities, which are not shown in the chart or tables.

Health Care47%

Services24%

Financial23%

Other6%




Clarium (Peter Thiel) Peter Thiel, born in Germany in 1967, founded global macro hedge fund Clarium after selling PayPal, a company he co-founded, to eBay in 2002. Thiel is also managing partner of venture capital firm The Founders Fund. He is also an early investor in Facebook, having paid $500,000 for 10.2% of the company in 2004. In his youth, Thiel was a Chess Master and one of the highest-ranked young chess players in the U.S. He is a libertarian. Note: We will likely discontinue coverage of Peter Thiel’s equity portfolio in the future due to inactivity. MOI Signal Rank™ – Top Current Ideas of Clarium Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Intel / INTC 117,891 21.14 10% 30 0% <1% 100% 11x 11x 2.8x 2 Rosetta Stone / RST 411 19.71 -7% 0 -100% 0% <1% 28x 19x 3.3x 3 Progressive Corp. / PGR 13,771 20.76 -1% 0 -100% 0% <1% 14x 13x 2.1x 4 Hewlett-Packard / HPQ 96,356 42.49 1% 0 -100% 0% <1% 9x 8x >9.9x 5 Interactive Brokers / IBKR 754 17.86 4% 0 -100% 0% <1% 27x 17x 1.2x 6 McDonald's / MCD 84,140 79.64 7% 0 -100% 0% <1% 17x 16x 7.6x 7 Contango Oil & Gas / MCF 914 58.35 16% 0 -100% 0% <1% 10x 6x 2.3x

Top Holdings of Clarium Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Intel / INTC 117,891 21.14 10% 30 0% <1% 100% 11x 11x 2.8x 2 Rosetta Stone / RST 411 19.71 -7% 0 -100% 0% <1% 28x 19x 3.3x

Progressive Corp. / PGR 13,771 20.76 -1% 0 -100% 0% <1% 14x 13x 2.1x

Hewlett-Packard / HPQ 96,356 42.49 1% 0 -100% 0% <1% 9x 8x >9.9x

Interactive Brokers / IBKR 754 17.86 4% 0 -100% 0% <1% 27x 17x 1.2x

McDonald's / MCD 84,140 79.64 7% 0 -100% 0% <1% 17x 16x 7.6x

Contango Oil & Gas / MCF 914 58.35 16% 0 -100% 0% <1% 10x 6x 2.3x New Positions Sold Out Positions None Contango Oil & Gas / MCF

Hewlett-Packard / HPQ Interactive Brokers / IBKR

McDonald's / MCD Progressive Corp. / PGR Rosetta Stone / RST









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets managed by Peter Thiel may be invested in non-equity and non-U.S. securities, which are not shown in the chart or tables.

Technology100%

Basic Materials




Eagle (Boykin Curry) Ravenel Boykin Curry IV manages New York-based Eagle Capital Management, which started as a family investment partnership and has grown to more than $5 billion in assets invested in equities. Curry has a long term-oriented investment approach and looks for out-of-favor companies that trade at a significant discount to intrinsic value. MOI Signal Rank™ – Top Current Ideas of Eagle Capital Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Aon / AON 11,108 41.01 5% 8,207 new 3% 5% 13x 12x n/m 2 Coca-Cola / KO 149,353 64.32 10% 5,863 2% <1% 6% 18x 17x 9.5x 3 Altera / ALTR 10,450 33.43 11% 9,989 1% 3% 5% 14x 14x 5.4x 4 Comcast / CMCSA 57,703 20.56 14% 19,550 3% <1% 6% 16x 14x n/m 5 Liberty Global / LBTYA 9,207 37.97 23% 11,953 2% 5% 7% 43x 34x n/m 6 Ecolab / ECL 11,391 49.07 -3% 5,564 2% 2% 4% 22x 19x >9.9x 7 Wal-Mart / WMT 197,792 54.39 2% 5,855 4% <1% 5% 13x 12x 4.0x 8 Praxair / PX 28,337 92.49 2% 3,506 3% 1% 5% 20x 17x 7.5x 9 Microsoft / MSFT 219,791 25.69 5% 11,555 3% <1% 4% 10x 10x 6.6x 10 Newfield Exploration / NFX 9,078 67.81 18% 4,110 3% 3% 4% 15x 14x 2.8x

Top Holdings of Eagle Capital Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Liberty Global / LBTYA 9,207 37.97 23% 11,953 2% 5% 7% 43x 34x n/m 2 Comcast / CMCSA 57,703 20.56 14% 19,550 3% <1% 6% 16x 14x n/m 3 Coca-Cola / KO 149,353 64.32 10% 5,863 2% <1% 6% 18x 17x 9.5x 4 Aon / AON 11,108 41.01 5% 8,207 new 3% 5% 13x 12x n/m 5 Altera / ALTR 10,450 33.43 11% 9,989 1% 3% 5% 14x 14x 5.4x 6 Praxair / PX 28,337 92.49 2% 3,506 3% 1% 5% 20x 17x 7.5x 7 Wal-Mart / WMT 197,792 54.39 2% 5,855 4% <1% 5% 13x 12x 4.0x 8 Microsoft / MSFT 219,791 25.69 5% 11,555 3% <1% 4% 10x 10x 6.6x 9 Newfield Exploration / NFX 9,078 67.81 18% 4,110 3% 3% 4% 15x 14x 2.8x 10 Ecolab / ECL 11,391 49.07 -3% 5,564 2% 2% 4% 22x 19x >9.9x

New Positions Sold Out Positions Aon / AON Bank of NY Mellon / BK Exxon Mobil / XOM PepsiCo / PEP Sanofi-Aventis / SNY

Visa / V American Express / AXP DIRECTV / DTV Electronic Arts / ERTS Ensco / ESV

Monsanto / MON SLM Corp. / SLM White Mountains / WTM










Services33%

Financial16%


15%

Other35%




Edinburgh Partners (Sandy Nairn) Sandy Nairn follows a value-oriented investment style. He developed his approach during a ten-year “apprenticeship” under famed investor Sir John Templeton. MOI Signal Rank™ – Top Current Ideas of Edinburgh Partners

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Cisco Systems / CSCO 109,521 19.61 -10% 14,430 43% <1% 10% 12x 11x 4.4x 2 Petroleo Brasileiro / PBR 147,361 33.59 -7% 8,521 21% <1% 10% n/a n/a 1.8x 3 Applied Materials / AMAT 16,743 12.53 7% 21,781 35% 2% 10% 11x 10x 2.8x 4 Intel / INTC 117,891 21.14 10% 12,082 39% <1% 9% 11x 11x 2.8x 5 D.R. Horton / DHI 3,342 10.48 -6% 19,849 18% 6% 7% 28x 10x 1.3x 6 General Dynamics / GD 25,158 66.60 6% 2,942 14% <1% 7% 10x 9x n/m 7 SK Telecom / SKM 11,958 18.28 5% 11,758 6% 2% 8% 10x 9x 3.7x 8 ConocoPhillips / COP 93,315 61.92 8% 3,733 11% <1% 8% 10x 10x 1.4x 9 Symantec / SYMC 13,375 17.23 14% 13,564 22% 2% 8% 12x 11x n/m 10 Bank of America / BAC 117,593 11.66 -11% 15,441 17% <1% 6% 11x 8x 1.0x

Top Holdings of Edinburgh Partners – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Petroleo Brasileiro / PBR 147,361 33.59 -7% 8,521 21% <1% 10% n/a n/a 1.8x 2 Cisco Systems / CSCO 109,521 19.61 -10% 14,430 43% <1% 10% 12x 11x 4.4x 3 Time Warner Cable / TWC 22,301 62.69 16% 4,502 -18% 1% 10% 18x 14x n/m 4 Applied Materials / AMAT 16,743 12.53 7% 21,781 35% 2% 10% 11x 10x 2.8x 5 Intel / INTC 117,891 21.14 10% 12,082 39% <1% 9% 11x 11x 2.8x 6 Symantec / SYMC 13,375 17.23 14% 13,564 22% 2% 8% 12x 11x n/m 7 ConocoPhillips / COP 93,315 61.92 8% 3,733 11% <1% 8% 10x 10x 1.4x 8 SK Telecom / SKM 11,958 18.28 5% 11,758 6% 2% 8% 10x 9x 3.7x 9 D.R. Horton / DHI 3,342 10.48 -6% 19,849 18% 6% 7% 28x 10x 1.3x 10 General Dynamics / GD 25,158 66.60 6% 2,942 14% <1% 7% 10x 9x n/m

New Positions Sold Out Positions Cemex / CX Eastman Kodak / EK Ford Motor / F

Goodyear Tire / GT Huntsman / HUN SUPERVALU / SVU

Franklin Resources / BEN Virgin Media / VMED










Technology37%

Energy18%

Services18%

Other27%




ESL Investments (Eddie Lampert) Eddie Lampert, founder and managing member of ESL Investments, is a value investor who started out working under Bob Rubin at the arbitrage desk of Goldman Sachs. When he left Goldman to start ESL in 1988, he received the support of Texas investor Richard Rainwater. Lampert compounded ESL’s capital at rates of more than 25% per annum for many years. His largest investment was the much-publicized taking control of Kmart during Kmart’s bankruptcy process in 2002. Lampert engineered the merger of Kmart and Sears in 2004. He is currently chairman and chief capital allocator of the combined firm, Sears Holdings (SHLD). He also still manages his investment partnership, which holds a concentrated investment portfolio. MOI Signal Rank™ – Top Current Ideas of ESL Investments

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Sears Holdings / SHLD 7,013 63.75 -12% 48,180 0% 44% 38% 32x 29x 1.9x 2 Capital One / COF 17,281 37.82 -4% 7,093 0% 2% 3% 7x 8x 1.5x 3 CIT Group / CIT 8,320 41.55 2% 3,563 0% 2% 2% 16x 15x 1.0x 4 AutoNation / AN 3,867 26.13 12% 62,227 0% 42% 20% 18x 15x 5.8x 5 Genworth Financial / GNW 5,670 11.58 -5% 10,841 19% 2% 2% 16x 9x .4x 6 Citigroup / C 123,986 4.27 9% 22,073 -10% <1% 1% 11x 9x 1.0x 7 AutoZone / AZO 11,210 251.20 10% 10,796 -20% 24% 34% 14x 13x n/m

Top Holdings of ESL Investments – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Sears Holdings / SHLD 7,013 63.75 -12% 48,180 0% 44% 38% 32x 29x 1.9x 2 AutoZone / AZO 11,210 251.20 10% 10,796 -20% 24% 34% 14x 13x n/m 3 AutoNation / AN 3,867 26.13 12% 62,227 0% 42% 20% 18x 15x 5.8x 4 Capital One / COF 17,281 37.82 -4% 7,093 0% 2% 3% 7x 8x 1.5x 5 CIT Group / CIT 8,320 41.55 2% 3,563 0% 2% 2% 16x 15x 1.0x 6 Genworth Financial / GNW 5,670 11.58 -5% 10,841 19% 2% 2% 16x 9x .4x 7 Citigroup / C 123,986 4.27 9% 22,073 -10% <1% 1% 11x 9x 1.0x

New Positions Sold Out Positions None None Portfolio Metrics * Sector Weightings *









Services92%

Financial8%




Fairfax (Prem Watsa) Prem Watsa is the founder, chairman and CEO of Fairfax (FFH), a Canadian property/casualty insurance and reinsurance firm. While managing Fairfax’s investment portfolio over the past couple of decades, Watsa has built a reputation as an astute value investor. Some have called him “Warren Buffett of Canada.” MOI Signal Rank™ – Top Current Ideas of Fairfax

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 First Mercury / FMR 290 16.32 62% 2,940 new 17% 2% 25x 11x 1.2x 2 SandRidge Energy / SD 2,128 5.26 -7% 51,396 17% 13% 11% 88x >99x 1.8x 3 Overstock.com / OSTK 321 13.86 -12% 3,389 0% 15% 2% 35x 25x >9.9x 4 Johnson & Johnson / JNJ 175,293 63.83 3% 6,884 0% <1% 18% 13x 13x 7.1x 5 Dell / DELL 27,022 13.90 7% 22,817 0% 1% 13% 11x 10x >9.9x 6 Research In Motion / RIMM 30,767 58.66 20% 2,065 new <1% 5% n/a n/a 5.7x 7 Frontier Comms / FTR 9,114 9.17 12% 18,620 0% 2% 7% 18x 24x n/m 8 International Coal / ICO 1,429 7.01 32% 45,156 0% 22% 13% 25x 12x 1.9x 9 Baldwin & Lyons / BWINB 356 24.05 -6% 970 0% 7% <1% 21x 16x 1.0x 10 SLM Corp. / SLM 5,686 11.71 1% 25 67% <1% <1% 7x 8x 2.1x

Top Holdings of Fairfax – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Johnson & Johnson / JNJ 175,293 63.83 3% 6,884 0% <1% 18% 13x 13x 7.1x 2 Dell / DELL 27,022 13.90 7% 22,817 0% 1% 13% 11x 10x >9.9x 3 International Coal / ICO 1,429 7.01 32% 45,156 0% 22% 13% 25x 12x 1.9x 4 SandRidge Energy / SD 2,128 5.26 -7% 51,396 17% 13% 11% 88x >99x 1.8x 5 Frontier Comms / FTR 9,114 9.17 12% 18,620 0% 2% 7% 18x 24x n/m 6 Kraft Foods / KFT 53,172 30.44 -1% 5,366 -47% <1% 7% 15x 13x n/m 7 Level 3 Comms / LVLT 1,669 1.00 6% 139,276 0% 8% 6% n/m n/m n/m 8 Wells Fargo / WFC 144,288 27.49 9% 4,541 -68% <1% 5% 12x 10x 2.2x 9 Research In Motion / RIMM 30,767 58.66 20% 2,065 new <1% 5% n/a n/a 5.7x 10 U.S. Bancorp / USB 47,708 24.87 15% 4,448 -61% <1% 4% 15x 12x 3.1x

New Positions Sold Out Positions First Mercury / FMR Hologic / HOLX Research In Motion / RIMM

1st Century Banc / FCTY Consolidated Edison / ED Dominion Resources / D Duke Energy / DUK Everest Re / RE PG&E / PCG

PPL Corp. / PPL Public Service / PEG Sempra Energy / SRE Southern Company / SO Wesco Financial / WSC Xcel Energy / XEL









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Fairfax’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Energy24%

Health Care18%

Technology18%

Other41%




Fairholme (Bruce Berkowitz) Bruce Berkowitz, manager of The Fairholme Fund, has been one of the most successful value-oriented investors of the past decade. From inception on December 29, 1999 through December 31, 2009, The Fairholme Fund delivered a cumulative return, net of expenses, of 253%, versus a return of -9%, before expenses, for the S&P 500 Index. This translates into annualized performance of 13.4% and -0.9% for The Fairholme Fund and the S&P 500 Index, respectively. MOI Signal Rank™ – Top Current Ideas of Fairholme

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Morgan Stanley / MS 38,760 25.62 4% 36,345 >100% 2% 9% 11x 9x 1.1x 2 St. Joe / JOE 1 1,660 17.92 -28% 26,886 0% 29% 5% n/m n/m 1.9x 3 MBIA / MBI 2,117 10.59 5% 33,033 45% 17% 3% n/m 24x .9x 4 Sears Holdings / SHLD 7,013 63.75 -12% 14,662 4% 13% 9% 32x 29x 1.9x 5 AIG / AIG 28,512 42.73 9% 36,144 10% 5% 15% 18x 55x 3.8x 6 RSC Holdings / RRR 820 7.92 6% 15,015 1% 15% 1% n/m >99x n/m 7 Citigroup / C 123,986 4.27 9% 241,413 2% <1% 10% 11x 9x 1.0x 8 Goldman Sachs / GS 85,209 166.67 15% 6,010 0% 1% 9% 12x 9x 1.4x 9 Bank of America / BAC 117,593 11.66 -11% 70,678 31% <1% 8% 11x 8x 1.0x 10 CIT Group / CIT 8,320 41.55 2% 15,443 26% 8% 6% 16x 15x 1.0x

1 St. Joe ranks highly due to modest recent purchases by Bruce Berkowitz’s firm. However, it is impossible to judge whether the recent purchases occurred primarily for fundamental/valuation reasons or whether a desire to respond forcefully to David Einhorn’s highly publicized short thesis was a key driver. Top Holdings of Fairholme – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 AIG / AIG 28,512 42.73 9% 36,144 10% 5% 15% 18x 55x 3.8x 2 Citigroup / C 123,986 4.27 9% 241,413 2% <1% 10% 11x 9x 1.0x 3 Goldman Sachs / GS 85,209 166.67 15% 6,010 0% 1% 9% 12x 9x 1.4x 4 Sears Holdings / SHLD 7,013 63.75 -12% 14,662 4% 13% 9% 32x 29x 1.9x 5 Morgan Stanley / MS 38,760 25.62 4% 36,345 >100% 2% 9% 11x 9x 1.1x 6 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 7 -2% <1% 8% 18x 18x 2.0x 7 Bank of America / BAC 117,593 11.66 -11% 70,678 31% <1% 8% 11x 8x 1.0x 8 CIT Group / CIT 8,320 41.55 2% 15,443 26% 8% 6% 16x 15x 1.0x 9 Leucadia National / LUK 6,570 27.00 14% 19,269 -2% 8% 5% 24x 11x 1.4x 10 St. Joe / JOE 1,660 17.92 -28% 26,886 0% 29% 5% n/m n/m 1.9x

New Positions Sold Out Positions General Electric / GE BP / BP

Comcast / CMCSA Daily Journal / DJCO

Hertz / HTZ TAL International / TAL










Financial75%

Services15%

Conglomerates7%

Other3%




First Pacific (Bob Rodriguez and Steven Romick) Bob Rodriguez is one of the most successful small cap mutual fund managers of the past couple of decades. He joined First Pacific Advisors in 1983 and now serves as the firm’s CEO. He also manages the FPA Capital Fund. Steve Romick joined FPA in 1996 and serves as portfolio managers of the FPA Crescent Fund. MOI Signal Rank™ – Top Current Ideas of First Pacific Advisors

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Western Digital / WDC 7,809 33.98 20% 6,865 >100% 3% 4% 13x 10x 1.7x 2 Covidien / COV 21,497 42.86 7% 4,246 32% <1% 3% n/a n/a >9.9x 3 Ensco / ESV 7,120 49.79 11% 8,147 2% 6% 7% 14x 12x 1.3x 4 Rosetta Resources / ROSE 1,737 32.96 40% 5,880 0% 11% 4% 56x 28x 3.2x 5 Aon / AON 11,108 41.01 5% 4,292 49% 2% 3% 13x 12x n/m 6 Hewlett-Packard / HPQ 96,356 42.49 1% 1,352 new <1% 1% 9x 8x >9.9x 7 Trinity Industries / TRN 1,857 23.29 5% 6,198 5% 8% 3% 30x 18x 1.2x 8 Johnson & Johnson / JNJ 175,293 63.83 3% 681 77% <1% <1% 13x 13x 7.1x 9 Omnicare / OCR 2,781 23.92 0% 3,773 47% 3% 2% 12x 10x n/m 10 Avnet / AVT 4,740 31.19 15% 5,701 0% 4% 3% 8x 8x 2.0x

Top Holdings of First Pacific Advisors – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Ensco / ESV 7,120 49.79 11% 8,147 2% 6% 7% 14x 12x 1.3x 2 Western Digital / WDC 7,809 33.98 20% 6,865 >100% 3% 4% 13x 10x 1.7x 3 Rowan Companies / RDC 3,987 31.59 4% 7,352 0% 6% 4% 13x 14x 1.1x 4 Rosetta Resources / ROSE 1,737 32.96 40% 5,880 0% 11% 4% 56x 28x 3.2x 5 Covidien / COV 21,497 42.86 7% 4,246 32% <1% 3% n/a n/a >9.9x 6 Avnet / AVT 4,740 31.19 15% 5,701 0% 4% 3% 8x 8x 2.0x 7 Aon / AON 11,108 41.01 5% 4,292 49% 2% 3% 13x 12x n/m 8 Arrow Electronics / ARW 3,630 31.35 17% 5,111 0% 4% 3% 8x 7x 1.9x 9 Signet Jewelers / SIG 3,196 37.30 18% 4,276 0% 5% 3% 16x 14x 1.7x 10 Trinity Industries / TRN 1,857 23.29 5% 6,198 5% 8% 3% 30x 18x 1.2x

New Positions Sold Out Positions AMETEK / AME CEC Entertainment / CEC Charles River Labs / CRL Donaldson Company / DCI FLIR Systems / FLIR Heritage Commerce / HTBK Hewlett-Packard / HPQ

Kimco Realty / KIM Kraft Foods / KFT Microsoft / MSFT Public Storage / PSA Thermo Fisher / TMO Walgreen / WAG

Ares Capital / ARCC Cymer / CYMI Seahawk Drilling / HAWK










Energy34%

Services19%

Technology16%

Other31%




Gates Capital (Jeff Gates) Jeff Gates has 25+ years of experience identifying undervalued securities. He started the ECF Value Fund in 1996 after spending 10+ years in high yield bond research and sales, including as a director at Schroder & Co. MOI Signal Rank™ – Top Current Ideas of Gates Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Eagle Materials / EXP 1,126 25.49 8% 1,456 >100% 3% 6% 42x 31x 3.6x 2 Copart / CPRT 2,944 34.90 6% 1,143 33% 1% 7% 17x 15x 3.3x 3 Lorillard / LO 12,871 86.03 7% 291 new <1% 4% 13x 12x n/m 4 Blount International / BLT 756 15.79 24% 4,422 2% 9% 12% 19x 14x >9.9x 5 Darling / DAR 981 11.90 40% 2,579 25% 3% 5% 20x 13x 5.1x 6 Gap / GPS 12,811 20.70 11% 1,392 91% <1% 5% 11x 11x 2.9x 7 Vishay Precision / VPG 217 16.27 n/m 929 44% 7% 3% 19x 15x 1.4x 8 Dover Downs Gaming / DDE 112 3.46 2% 2,812 16% 9% 2% 13x 9x 1.0x 9 Bed Bath & Beyond / BBBY 11,164 43.09 -1% 577 new <1% 4% 15x 14x 2.9x 10 Quanex Building / NX 648 17.23 0% 801 new 2% 2% 26x 21x 1.8x

Top Holdings of Gates Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Solutia / SOA 2,689 22.08 38% 3,172 -3% 3% 12% 15x 10x n/m 2 Blount International / BLT 756 15.79 24% 4,422 2% 9% 12% 19x 14x >9.9x 3 Copart / CPRT 2,944 34.90 6% 1,143 33% 1% 7% 17x 15x 3.3x 4 Eagle Materials / EXP 1,126 25.49 8% 1,456 >100% 3% 6% 42x 31x 3.6x 5 Darling / DAR 981 11.90 40% 2,579 25% 3% 5% 20x 13x 5.1x 6 Interval Leisure / IILG 918 16.08 19% 1,892 23% 3% 5% 21x 20x n/m 7 Gap / GPS 12,811 20.70 11% 1,392 91% <1% 5% 11x 11x 2.9x 8 McGraw-Hill / MHP 10,785 35.13 6% 723 -8% <1% 4% 13x 12x n/m 9 Lorillard / LO 12,871 86.03 7% 291 new <1% 4% 13x 12x n/m 10 Armstrong World / AWI 2,735 47.26 14% 527 -60% <1% 4% 26x 22x 2.0x

New Positions Sold Out Positions Bed Bath & Beyond / BBBY Lorillard / LO Quanex Building / NX

Allis-Chalmers / ALY Dr Pepper Snapple / DPS Finish Line / FINL

Papa John's / PZZA Scripps Networks / SNI W.R. Grace / GRA










Services33%

Capital Goods25%

Basic Materials17%

Other24%




Glenview (Larry Robbins) Larry Robbins founded Glenview after working for buyout specialist Leon Cooperman’s Omega Advisors. Robbins’ hedge fund utilizes various value-oriented investment strategies in order to generate absolute returns. MOI Signal Rank™ – Top Current Ideas of Glenview Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Express Scripts / ESRX 28,089 53.38 10% 8,713 >100% 2% 8% 21x 17x n/m 2 McKesson / MCK 16,702 66.00 7% 5,933 59% 2% 7% 14x 12x 6.4x 3 DaVita / DVA 7,105 73.10 6% 4,188 25% 4% 5% 17x 16x n/m 4 Life Technologies / LIFE 9,454 50.63 8% 8,077 11% 4% 7% 14x 13x n/m 5 Medco Health / MHS 25,727 60.62 16% 4,954 20% 1% 5% 18x 15x n/m 6 Aon / AON 11,108 41.01 5% 5,143 >100% 2% 4% 13x 12x n/m 7 Thermo Fisher / TMO 20,351 51.20 7% 4,989 23% 1% 4% 15x 13x n/m 8 Clearwire / CLWR 7,144 7.24 -11% 2,046 80% <1% <1% n/m n/m n/m 9 WellPoint / WLP 23,070 58.61 3% 2,245 new <1% 2% 9x 9x 7.6x 10 Target / TGT 39,862 56.31 5% 2,562 >100% <1% 2% 14x 13x 2.7x

Top Holdings of Glenview Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Express Scripts / ESRX 28,089 53.38 10% 8,713 >100% 2% 8% 21x 17x n/m 2 Life Technologies / LIFE 9,454 50.63 8% 8,077 11% 4% 7% 14x 13x n/m 3 McKesson / MCK 16,702 66.00 7% 5,933 59% 2% 7% 14x 12x 6.4x 4 DaVita / DVA 7,105 73.10 6% 4,188 25% 4% 5% 17x 16x n/m 5 Medco Health / MHS 25,727 60.62 16% 4,954 20% 1% 5% 18x 15x n/m 6 Fidelity National / FIS 8,240 27.38 1% 10,467 -19% 3% 5% 14x 12x n/m 7 Xerox / XRX 16,203 11.68 13% 22,772 -5% 2% 5% 13x 11x n/m 8 Thermo Fisher / TMO 20,351 51.20 7% 4,989 23% 1% 4% 15x 13x n/m 9 Aon / AON 11,108 41.01 5% 5,143 >100% 2% 4% 13x 12x n/m 10 BMC Software / BMC 7,997 45.01 11% 4,403 6% 2% 3% 15x 14x n/m

New Positions Sold Out Positions AIG / AIG Chimera Investment / CIM Cisco Systems / CSCO EMC / EMC Flowserve / FLS Staples / SPLS WellPoint / WLP

Alcon / ACL American Tower / AMT Fresenius Medical / FMS Gilead Sciences / GILD Google / GOOG Lear / LEA McAfee / MFE

McDermott / MDR Monsanto / MON Oracle / ORCL Pfizer / PFE PSS World Medical / PSSI Synovus Financial / SNV Talecris Bio / TLCR










Services31%

Technology23%

Health Care20%

Other26%




Greenlight (David Einhorn) David Einhorn is the founder of Greenlight Capital, a value-oriented, research-driven investment firm with a market-beating long-term track record. From inception in May 1996 through yearend 2009, Greenlight Capital has returned, net of fees and expenses, 1,397% cumulatively or 22% annualized. He is also author of Fooling Some of the People All of the Time. MOI Signal Rank™ – Top Current Ideas of Greenlight

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Apple / AAPL 281,366 306.73 8% 838 >100% <1% 6% 16x 14x 6.0x 2 CareFusion / CFN 5,239 23.50 -9% 13,375 53% 6% 7% 14x 13x 6.0x 3 Ensco / ESV 7,120 49.79 11% 9,012 22% 6% 11% 14x 12x 1.3x 4 BioFuel Energy / BIOF 62 1.91 -4% 7,542 0% 23% <1% n/a n/a 1.1x 5 Pfizer / PFE 134,547 16.80 -2% 23,154 0% <1% 9% 8x 7x n/m 6 CIT Group / CIT 8,320 41.55 2% 10,590 0% 5% 10% 16x 15x 1.0x 7 Einstein Noah / BAGL 212 12.77 20% 10,733 0% 65% 3% 17x 15x >9.9x 8 MI Developments / MIM 777 16.63 51% 5,655 0% 12% 2% n/a n/a .5x 9 Broadridge Financial / BR 2,648 21.18 -7% 2,650 new 2% 1% 13x 12x >9.9x 10 Aspen Insurance / AHL 2,251 29.35 -3% 4,140 0% 5% 3% 10x 8x .7x

Top Holdings of Greenlight – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Ensco / ESV 7,120 49.79 11% 9,012 22% 6% 11% 14x 12x 1.3x 2 CIT Group / CIT 8,320 41.55 2% 10,590 0% 5% 10% 16x 15x 1.0x 3 Pfizer / PFE 134,547 16.80 -2% 23,154 0% <1% 9% 8x 7x n/m 4 CareFusion / CFN 5,239 23.50 -9% 13,375 53% 6% 7% 14x 13x 6.0x 5 Apple / AAPL 281,366 306.73 8% 838 >100% <1% 6% 16x 14x 6.0x 6 Cardinal Health / CAH 12,632 36.20 10% 6,551 0% 2% 6% 14x 13x 5.4x 7 Microsoft / MSFT 219,791 25.69 5% 7,660 0% <1% 5% 10x 10x 6.6x 8 NCR / NCR 2,289 14.38 6% 11,469 0% 7% 4% 10x 9x 3.4x 9 Xerox / XRX 16,203 11.68 13% 13,500 0% <1% 4% 13x 11x n/m 10 Gold Miners ETF / GDX 7,605 59.30 6% 2,583 0% 2% 4% n/a n/a 1.0x

New Positions Sold Out Positions Broadridge Financial / BR Ingram Micro / IM Verigy / VRGY

EMC / EMC Lockheed Martin / LMT










Financial27%

Health Care27%

Technology20%

Other26%


http://www.amazon.com/gp/product/0470073942?ie=UTF8&tag=permanentvalu-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470073942�



Gruss (Howard Guberman) Howard Guberman co-founded Palm Beach, Florida-based Gruss Investments with Audrey, Joshua and Martin Gruss. The firm follows a highly concentrated, value-oriented investment approach. MOI Signal Rank™ – Top Current Ideas of Gruss Asset Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Potash / POT 41,751 140.25 -3% 450 new <1% 10% n/a n/a 5.4x 2 Genzyme / GENZ 18,469 71.31 1% 500 new <1% 6% 38x 18x 4.9x 3 Alcon / ACL 49,055 163.39 -2% 1,050 5% <1% 28% n/a n/a >9.9x 4 Airgas / ARG 5,629 66.95 -1% 300 new <1% 3% 20x 18x 9.2x 5 Alberto-Culver / ACV 3,679 37.23 -1% 800 new <1% 5% 21x 19x 5.8x 6 Pactiv / PTV 4,422 33.21 1% 450 new <1% 2% n/a n/a n/m 7 Dollar Thrifty Auto / DTG 1,341 46.66 -7% 606 >100% 2% 5% 12x 14x 2.7x 8 General Growth / GGP 4,793 15.10 22% 2,075 >100% <1% 5% n/a n/a >9.9x 9 Dynegy / DYN 618 5.11 5% 2,000 new 2% 2% n/m n/m .2x 10 Wells Fargo / WFC 144,288 27.49 9% 405 >100% <1% 2% 12x 10x 2.2x

Top Holdings of Gruss Asset Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Alcon / ACL 49,055 163.39 -2% 1,050 5% <1% 28% n/a n/a >9.9x 2 SPDR Gold Trust / GLD 55,722 132.20 3% 650 -36% <1% 14% n/a n/a 1.5x 3 Potash / POT 41,751 140.25 -3% 450 new <1% 10% n/a n/a 5.4x 4 Novartis / NVS 129,683 56.64 -2% 850 -62% <1% 8% 11x 11x >9.9x 5 Genzyme / GENZ 18,469 71.31 1% 500 new <1% 6% 38x 18x 4.9x 6 General Growth / GGP 4,793 15.10 22% 2,075 >100% <1% 5% n/a n/a >9.9x 7 Alberto-Culver / ACV 3,679 37.23 -1% 800 new <1% 5% 21x 19x 5.8x 8 Dollar Thrifty Auto / DTG 1,341 46.66 -7% 606 >100% 2% 5% 12x 14x 2.7x 9 Airgas / ARG 5,629 66.95 -1% 300 new <1% 3% 20x 18x 9.2x 10 Pactiv / PTV 4,422 33.21 1% 450 new <1% 2% n/a n/a n/m

New Positions Sold Out Positions * ADC Telecom / ADCT Airgas / ARG Alberto-Culver / ACV Apache / APA Cogent / COGT

Dynegy / DYN Genzyme / GENZ Pactiv / PTV Potash / POT TAM S.A. / TAM

Caseys General / CASY Chimera Investment / CIM * Excludes certain positions that were exited as a result of M&A.



Top 10 as % o portfolio 85%







Health Care44%

Basic Materials16%

Financial16%

Other24%




H Partners (Rehan Jaffer) Rehan Jaffer honed his investment approach at Dan Loeb’s activist hedge fund Third Point. He joined River Run Partners in 2004 and started H Partners shortly thereafter. Loeb was quoted in the book Hedge Hunters as saying the following about Jaffer: “He is super-hungry. He’s got a good nose. He’s very intelligent. So he’s got a great combination of having a high IQ, really strong financial analytics, a great nose for value, and great trader sense.” MOI Signal Rank™ – Top Current Ideas of H Partners

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Rowan Companies / RDC 3,987 31.59 4% 889 new <1% 5% 13x 14x 1.1x 2 Six Flags / SIX 1,424 52.00 18% 6,655 new 24% 61% 2x 95x n/m 3 Pulte Homes / PHM 2,485 6.50 -26% 3,750 new <1% 4% n/m 50x 1.3x 4 Leap Wireless / LEAP 932 11.90 -4% 3,750 0% 5% 8% n/m n/m n/m 5 Boyd Gaming / BYD 763 8.85 22% 3,100 0% 4% 5% 59x 38x 1.4x 6 Foster Wheeler / FWLT 3,559 28.88 18% 748 -7% <1% 4% n/a n/a 4.7x 7 W.R. Grace / GRA 2,457 33.62 20% 800 -6% 1% 5% 13x 13x n/m 8 CF Industries / CF 8,373 117.71 23% 300 -25% <1% 6% 16x 11x 4.9x 9 FBR Capital Markets / FBCM 233 3.66 17% 578 -56% <1% <1% n/m 8x .8x 10 Coinstar / CSTR 1,897 59.89 39% 170 -15% <1% 2% 27x 18x >9.9x

Top Holdings of H Partners – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Six Flags / SIX 1,424 52.00 18% 6,655 new 24% 61% 2x 95x n/m 2 Leap Wireless / LEAP 932 11.90 -4% 3,750 0% 5% 8% n/m n/m n/m 3 CF Industries / CF 8,373 117.71 23% 300 -25% <1% 6% 16x 11x 4.9x 4 Rowan Companies / RDC 3,987 31.59 4% 889 new <1% 5% 13x 14x 1.1x 5 Boyd Gaming / BYD 763 8.85 22% 3,100 0% 4% 5% 59x 38x 1.4x 6 W.R. Grace / GRA 2,457 33.62 20% 800 -6% 1% 5% 13x 13x n/m 7 Pulte Homes / PHM 2,485 6.50 -26% 3,750 new <1% 4% n/m 50x 1.3x 8 Foster Wheeler / FWLT 3,559 28.88 18% 748 -7% <1% 4% n/a n/a 4.7x 9 Coinstar / CSTR 1,897 59.89 39% 170 -15% <1% 2% 27x 18x >9.9x 10 FBR Capital Markets / FBCM 233 3.66 17% 578 -56% <1% <1% n/m 8x .8x

New Positions Sold Out Positions Pulte Homes / PHM Rowan Companies / RDC Six Flags / SIX

Crown Holdings / CCK Owens Illinois / OI Transocean / RIG Vantage Drilling / VTG










Services74%

Basic Materials11%

Capital Goods8%

Other7%




Harbinger (Phil Falcone) Phil Falcone founded Harbinger Capital Partners in 2001 in order to capitalize on distressed investment opportunities. The firm has since expanded into special situation investments and other value-oriented investment strategies. MOI Signal Rank™ – Top Current Ideas of Harbinger Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 SPDR Gold Trust / GLD 55,722 132.20 3% 2,250 new <1% 17% n/a n/a 1.5x 2 Harbinger Group / HRG 87 4.51 -19% 6,633 100% 34% 2% n/a n/a .6x 3 TerreStar / TSTR 27 0.20 -43% 44,234 40% 33% <1% n/a n/a n/m 4 Spectrum Brands / SPB 1,383 27.11 0% 31,966 24% 63% 50% 24x 13x n/m 5 Barclays / BCS 53,192 17.66 -6% 3,500 new <1% 4% 10x 8x .8x 6 Owens Corning / OC 3,289 26.38 3% 475 new <1% <1% 17x 12x 2.2x 7 Cliffs Natural / CLF 9,471 69.92 9% 450 new <1% 2% 10x 7x 3.1x 8 EXCO Resources / XCO 3,860 18.18 22% 6,660 14% 3% 7% 25x 22x 2.8x 9 Crosstex Energy / XTXI 459 9.78 24% 4,500 >100% 10% 3% n/m >99x n/m 10 Media General / MEG 101 4.38 -51% 162 new <1% <1% n/m n/m n/m

Top Holdings of Harbinger Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Spectrum Brands / SPB 1,383 27.11 0% 31,966 24% 63% 50% 24x 13x n/m 2 SPDR Gold Trust / GLD 55,722 132.20 3% 2,250 new <1% 17% n/a n/a 1.5x 3 Corn Products / CPO 3,425 45.29 21% 3,751 -5% 5% 10% 16x 13x 2.1x 4 EXCO Resources / XCO 3,860 18.18 22% 6,660 14% 3% 7% 25x 22x 2.8x 5 New York Times / NYT 1,194 8.18 6% 10,747 -18% 7% 5% 12x 13x n/m 6 Barclays / BCS 53,192 17.66 -6% 3,500 new <1% 4% 10x 8x .8x 7 Crosstex Energy / XTXI 459 9.78 24% 4,500 >100% 10% 3% n/m >99x n/m 8 Cliffs Natural / CLF 9,471 69.92 9% 450 new <1% 2% 10x 7x 3.1x 9 Harbinger Group / HRG 87 4.51 -19% 6,633 100% 34% 2% n/a n/a .6x 10 Owens Corning / OC 3,289 26.38 3% 475 new <1% <1% 17x 12x 2.2x

New Positions Sold Out Positions Barclays / BCS Cliffs Natural / CLF Constellation Energy / CEG Media General / MEG Mirant / MIR Owens Corning / OC SPDR Gold Trust / GLD

Calpine / CPN Cameron / CAM Citigroup / C Lloyds Banking / LYG Sprint Nextel / S Vantage Drilling / VTG Walter Energy / WLT









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A material portion of assets managed by Phil Falcone may be invested in private, non-equity or non-U.S. securities, which are not shown here.

Technology51%

Financial23%


11%

Other15%




Hawkshaw (Kian Ghazi) Kian Ghazi co-founded long/short investment partnership Hawkshaw in 2002. Ghazi looks for investments in which there is a disconnect between near-term market expectations and longer-term intrinsic value. He relies on in-depth primary research to form investment theses on individual companies. MOI Signal Rank™ – Top Current Ideas of Hawkshaw Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Universal Technical / UTI 498 20.55 5% 577 15% 2% 8% 16x 13x 6.2x 2 The Knot / KNOT 306 9.00 -1% 748 >100% 2% 5% >99x 64x 1.9x 3 Constant Contact / CTCT 654 22.50 5% 136 new <1% 2% 61x 34x 5.8x 4 SonoSite / SONO 413 30.60 -9% 145 -1% 1% 3% 56x 29x 8.4x 5 Electronic Arts / ERTS 5,094 15.35 -7% 834 -1% <1% 9% 24x 18x 3.7x 6 Aviat Networks / AVNW 253 4.27 4% 2,154 -1% 4% 7% n/m 14x 1.1x 7 IAC/InterActiveCorp / IACI 2,755 27.44 4% 275 -1% <1% 5% 31x 20x 2.1x 8 Corporate Executive / EXBD 1,154 33.65 7% 319 -1% <1% 8% 23x 20x >9.9x 9 Dell / DELL 27,022 13.90 7% 1,043 -1% <1% 10% 11x 10x >9.9x 10 SPDR Gold Trust / GLD 55,722 132.20 3% 52 -14% <1% 5% n/a n/a 1.5x

Top Holdings of Hawkshaw Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Symantec / SYMC 13,375 17.23 14% 957 -1% <1% 12% 12x 11x n/m 2 Dell / DELL 27,022 13.90 7% 1,043 -1% <1% 10% 11x 10x >9.9x 3 Electronic Arts / ERTS 5,094 15.35 -7% 834 -1% <1% 9% 24x 18x 3.7x 4 Universal Technical / UTI 498 20.55 5% 577 15% 2% 8% 16x 13x 6.2x 5 Corporate Executive / EXBD 1,154 33.65 7% 319 -1% <1% 8% 23x 20x >9.9x 6 Abercrombie & Fitch / ANF 4,176 47.30 20% 203 -43% <1% 7% 26x 18x 2.3x 7 Aviat Networks / AVNW 253 4.27 4% 2,154 -1% 4% 7% n/m 14x 1.1x 8 AnnTaylor Stores / ANN 1,494 25.77 27% 327 -1% <1% 6% 22x 17x 3.1x 9 IAC/InterActiveCorp / IACI 2,755 27.44 4% 275 -1% <1% 5% 31x 20x 2.1x 10 Gold Miners ETF / GDX 7,605 59.30 6% 119 -13% <1% 5% n/a n/a 1.0x

New Positions Sold Out Positions Constant Contact / CTCT None Portfolio Metrics * Sector Weightings *



Median mar et value $1.2 billion






Technology45%

Services38%

Financial10%

Other8%




Icahn Capital (Carl Icahn) Carl Icahn is an activist investor with a long track record of success agitating for change at underperforming companies. Carl publishes an activist investing blog entitled The Icahn Report at www.icahnreport.com.

Below we show public equity holdings disclosed by Icahn Capital LP. Certain other entities controlled by Carl are excluded. MOI Signal Rank™ – Top Current Ideas of Icahn Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Mentor Graphics / MENT 1,221 11.17 6% 12,896 >100% 12% 4% 17x 13x 6.7x 2 Hain Celestial / HAIN 1,142 26.64 11% 5,128 77% 12% 4% 21x 19x >9.9x 3 Amylin Pharma / AMLN 1,941 13.48 -35% 12,971 0% 9% 5% n/m n/m 5.5x 4 Chesapeake Energy / CHK 14,805 22.64 0% 16,643 31% 3% 11% 8x 9x 1.2x 5 Lions Gate / LGF 1,016 7.44 1% 35,714 12% 26% 8% n/a n/a n/m 6 Dynegy / DYN 618 5.11 5% 9,600 new 8% 1% n/m n/m .2x 7 Take-Two / TTWO 941 11.07 9% 9,845 4% 12% 3% 17x 12x 4.4x 8 Mattel / MAT 9,007 25.10 7% 2,426 new <1% 2% 14x 13x 4.9x 9 Genzyme / GENZ 18,469 71.31 1% 10,480 0% 4% 22% 38x 18x 4.9x 10 Biogen Idec / BIIB 15,468 64.91 16% 12,860 0% 5% 25% 13x 12x 7.1x

Top Holdings of Icahn Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Biogen Idec / BIIB 15,468 64.91 16% 12,860 0% 5% 25% 13x 12x 7.1x 2 Genzyme / GENZ 18,469 71.31 1% 10,480 0% 4% 22% 38x 18x 4.9x 3 Chesapeake Energy / CHK 14,805 22.64 0% 16,643 31% 3% 11% 8x 9x 1.2x 4 Lions Gate / LGF 1,016 7.44 1% 35,714 12% 26% 8% n/a n/a n/m 5 Amylin Pharma / AMLN 1,941 13.48 -35% 12,971 0% 9% 5% n/m n/m 5.5x 6 Mentor Graphics / MENT 1,221 11.17 6% 12,896 >100% 12% 4% 17x 13x 6.7x 7 Hain Celestial / HAIN 1,142 26.64 11% 5,128 77% 12% 4% 21x 19x >9.9x 8 Lawson Software / LWSN 1,433 8.79 4% 13,160 73% 8% 3% 18x 15x n/m 9 Take-Two / TTWO 941 11.07 9% 9,845 4% 12% 3% 17x 12x 4.4x 10 Mattel / MAT 9,007 25.10 7% 2,426 new <1% 2% 14x 13x 4.9x

New Positions Sold Out Positions Cadence Design / CDNS Commercial Metals / CMC Dynegy / DYN Masco / MAS

Mattel / MAT Anadarko Petroleum / APC Ensco / ESV MICROS Systems / MCRS Motorola / MOT

Smith & Wesson / SWHC Wendy's Arby's / WEN Yahoo! / YHOO









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of assets controlled by Carl Icahn may be attributed to entities other than Icahn Capital LP and are therefore not shown in the chart or tables.

Health Care60%Technology

12%

Energy11%

Other17%


http://www.icahnreport.com/�



Kleinheinz Capital (John Kleinheinz) John Kleinheinz graduated from Stanford in 1984 and worked for Nomura, Merrill and San Antonio Capital before starting his firm in 1996. “We are contrarian, opportunistic and value-oriented. We are a macro firm in that we think about where we are being best paid to take risk and we mostly manifest that macro theme through a global long-short equity approach.” MOI Signal Rank™ – Top Current Ideas of Kleinheinz Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Lukoil / LUKOY 47,835 56.50 0% 1,420 24% <1% 4% 6x 5x .8x 2 Research In Motion / RIMM 30,767 58.66 20% 3,277 51% <1% 10% n/a n/a 5.7x 3 Apple / AAPL 281,366 306.73 8% 663 20% <1% 11% 16x 14x 6.0x 4 InfuSystem / INHI 48 2.40 -4% 2,067 0% 10% <1% 80x 40x n/m 5 Veeco Instruments / VECO 1,694 42.45 22% 1,960 19% 5% 4% 9x 9x 3.6x 6 Google / GOOG 188,933 590.83 12% 88 new <1% 3% 21x 18x 5.2x 7 Baidu.com / BIDU 37,824 108.59 6% 1,000 0% <1% 6% 73x 46x >9.9x 8 Akamai Technologies / AKAM 9,031 49.53 -1% 905 56% <1% 2% 35x 30x 6.0x 9 Exxon Mobil / XOM 355,702 70.54 14% 650 53% <1% 2% 12x 11x 2.5x 10 Ciena / CIEN 1,369 14.63 -6% 1,750 new 2% 1% n/m 40x n/m

Top Holdings of Kleinheinz Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Apple / AAPL 281,366 306.73 8% 663 20% <1% 11% 16x 14x 6.0x 2 Research In Motion / RIMM 30,767 58.66 20% 3,277 51% <1% 10% n/a n/a 5.7x 3 Baidu.com / BIDU 37,824 108.59 6% 1,000 0% <1% 6% 73x 46x >9.9x 4 Veeco Instruments / VECO 1,694 42.45 22% 1,960 19% 5% 4% 9x 9x 3.6x 5 Lukoil / LUKOY 47,835 56.50 0% 1,420 24% <1% 4% 6x 5x .8x 6 China Mobile / CHL 202,307 50.42 -1% 1,100 -8% <1% 3% 14x 12x 2.7x 7 Google / GOOG 188,933 590.83 12% 88 new <1% 3% 21x 18x 5.2x 8 Exxon Mobil / XOM 355,702 70.54 14% 650 53% <1% 2% 12x 11x 2.5x 9 Akamai Technologies / AKAM 9,031 49.53 -1% 905 56% <1% 2% 35x 30x 6.0x 10 Chubb / CB 17,622 57.79 1% 750 7% <1% 2% 10x 10x 1.1x

New Positions Sold Out Positions 3M / MMM 7 Days Group / SVN Alere / ALR Alphatec / ATEC Altisource Portfolio / ASPS American Tower / AMT ArcelorMittal / MT

AthenaHealth / ATHN Banco Santander / STD BigBand Networks / BBND Cabot Oil & Gas / COG Cameco / CCJ Chunghwa Telecom / CHT Ciena Corp. / CIEN

Google / GOOG Infinera / INFN Macy's / M NetApp / NTAP Vale / VALE VimpelCom / VIP

BP / BP Las Vegas Sands / LVS LSB Industries / LXU Neostem / NBS Novellus Systems / NVLS VimpelCom / VIP plus ~15 other positions









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A material portion of assets managed by John Kleinheinz may be invested in non-U.S. securities, which are not included in the charts or tables.

Technology47%

Services19%

Energy12%

Other21%




Lane Five (Lisa Rapuano) Yale-educated Lisa Rapuano spent ten years at Legg Mason Capital Management and two years as co-CIO at Matador Capital Management prior to founding Lane Five in 2006. MOI Signal Rank™ – Top Current Ideas of Lane Five Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Bank of America / BAC 117,593 11.66 -11% 834 0% <1% 8% 11x 8x 1.0x 2 Ares Capital / ARCC 3,149 16.35 4% 499 0% <1% 6% 13x 11x 1.1x 3 Learning Tree / LTRE 144 10.61 5% 744 0% 5% 6% 29x 21x 2.3x 4 MasterCard / MA 31,919 243.88 9% 47 0% <1% 9% 18x 15x 7.7x 5 Raymond James / RJF 3,685 29.66 17% 269 0% <1% 6% 13x 11x 1.7x 6 Apollo Group / APOL 5,226 35.36 -31% 54 new <1% 1% 8x 8x 5.9x 7 Corinthian Colleges / COCO 401 4.75 -32% 774 69% <1% 3% 5x 9x 3.4x 8 Shaw Group / SGR 2,630 30.90 -8% 83 new <1% 2% 15x 11x 2.6x 9 Republic Services / RSG 10,824 28.17 -8% 223 0% <1% 5% 17x 15x n/m 10 SBA Comms / SBAC 4,416 38.41 -5% 154 0% <1% 5% n/m n/m n/m

Top Holdings of Lane Five Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 MasterCard / MA 31,919 243.88 9% 47 0% <1% 9% 18x 15x 7.7x 2 Bank of America / BAC 117,593 11.66 -11% 834 0% <1% 8% 11x 8x 1.0x 3 Ares Capital / ARCC 3,149 16.35 4% 499 0% <1% 6% 13x 11x 1.1x 4 Raymond James / RJF 3,685 29.66 17% 269 0% <1% 6% 13x 11x 1.7x 5 Learning Tree / LTRE 144 10.61 5% 744 0% 5% 6% 29x 21x 2.3x 6 Williams Controls / WMCO 73 9.99 10% 667 -2% 9% 5% 48x 12x 3.4x 7 Republic Services / RSG 10,824 28.17 -8% 223 0% <1% 5% 17x 15x n/m 8 SBA Comms / SBAC 4,416 38.41 -5% 154 0% <1% 5% n/m n/m n/m 9 Equinix / EQIX 3,790 82.41 -19% 71 -11% <1% 5% >99x 42x 4.1x 10 Healthsouth / HLS 1,754 18.77 -2% 308 0% <1% 5% 11x 10x n/m

New Positions Sold Out Positions Apollo Group / APOL DeVry / DV ITT Educational / ESI Shaw Group / SGR

None




Median mar et value $3.1 billion






Services45%

Financial38%

Health Care8%

Other8%




Leucadia (Ian Cumming and Joe Steinberg) Chairman Cumming and President Steinberg describe their approach in a 2008 letter: “We tend to be buyers of assets and companies that are troubled or out of favor and as a result are selling substantially below the values, which we believe, are there. From time to time, we sell parts of these operations when prices available in the market reach what we believe to be advantageous levels. While we are not perfect in executing this strategy, we are proud of our long-term track record. We are not income statement driven and do not run your company with an undue emphasis on either quarterly or annual earnings. We believe we are conservative in our accounting practices and policies and that our balance sheet is conservatively stated.” MOI Signal Rank™ – Top Current Ideas of Leucadia

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Global Power Equip. / GLPW 286 18.50 21% 137 new <1% <1% 9x 8x 3.6x 2 Winn-Dixie Stores / WINN 389 7.00 -2% 16 new <1% <1% n/m n/m .6x 3 TravelCenters / TA 56 3.25 -6% 275 0% 2% <1% n/m n/m .2x 4 Jefferies / JEF 4,200 24.44 8% 48,585 0% 28% 97% 20x 16x 2.1x 5 Capital Southwest / CSWC 375 100.07 10% 20 0% <1% <1% n/a n/a .7x 6 International Assets / IAAC 407 23.09 28% 1,385 0% 8% 3% 26x 26x 1.8x

Top Holdings of Leucadia – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Jefferies / JEF 4,200 24.44 8% 48,585 0% 28% 97% 20x 16x 2.1x 2 International Assets / IAAC 407 23.09 28% 1,385 0% 8% 3% 26x 26x 1.8x 3 Global Power Equip. / GLPW 286 18.50 21% 137 new <1% <1% 9x 8x 3.6x 4 Capital Southwest / CSWC 375 100.07 10% 20 0% <1% <1% n/a n/a .7x 5 TravelCenters / TA 56 3.25 -6% 275 0% 2% <1% n/m n/m .2x 6 Winn-Dixie Stores / WINN 389 7.00 -2% 16 new <1% <1% n/m n/m .6x

New Positions Sold Out Positions Global Power Equip. / GLPW Winn-Dixie Stores / WINN

None




Median market value $330 million

Average market value $720 million



Median P / tangible book .8x

* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Leucadia’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Financial100%

Capital Goods0%




Lone Pine (Steve Mandel) Mandel founded long/short firm Lone Pine in 1997. He previously worked for Tiger Management, Goldman Sachs and Mars. MOI Signal Rank™ – Top Current Ideas of Lone Pine

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Crown Castle / CCI 12,415 42.70 -3% 12,247 12% 4% 4% n/m 91x n/m 2 Apple / AAPL 281,366 306.73 8% 2,707 20% <1% 7% 16x 14x 6.0x 3 TransDigm / TDG 3,376 68.27 10% 2,480 new 5% 1% 18x 16x n/m 4 Yum! Brands / YUM 23,799 50.79 10% 15,053 0% 3% 6% 20x 18x >9.9x 5 Equinix / EQIX 3,790 82.41 -19% 3,337 93% 7% 2% >99x 42x 4.1x 6 VanceInfo / VIT 1,468 35.80 11% 2,835 >100% 7% <1% 45x 36x 9.4x 7 Lincare / LNCR 2,532 25.94 3% 6,245 52% 6% 1% 14x 12x n/m 8 Strayer Education / STRA 1,972 145.51 -17% 1,242 3% 9% 2% 15x 13x >9.9x 9 Polo Ralph Lauren / RL 10,187 107.16 19% 3,279 56% 3% 3% 20x 18x 5.7x 10 Live Nation / LYV 1,824 10.51 6% 13,878 19% 8% 1% n/m >99x n/m

Top Holdings of Lone Pine – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Apple / AAPL 281,366 306.73 8% 2,707 20% <1% 7% 16x 14x 6.0x 2 Yum! Brands / YUM 23,799 50.79 10% 15,053 0% 3% 6% 20x 18x >9.9x 3 Cognizant Tech / CTSH 19,799 65.24 1% 9,223 -22% 3% 5% 28x 25x 6.5x 4 Crown Castle / CCI 12,415 42.70 -3% 12,247 12% 4% 4% n/m 91x n/m 5 JPMorgan Chase / JPM 154,061 39.41 4% 11,712 -29% <1% 4% 10x 9x 1.5x 6 SPDR Gold Trust / GLD 55,722 132.20 3% 3,370 0% <1% 4% n/a n/a 1.5x 7 Accenture / ACN 30,899 44.21 4% 9,241 -13% 1% 3% n/a n/a >9.9x 8 Estee Lauder / EL 14,756 75.37 19% 5,360 -12% 3% 3% 24x 20x >9.9x 9 Polo Ralph Lauren / RL 10,187 107.16 19% 3,279 56% 3% 3% 20x 18x 5.7x 10 Goodrich Corp. / GR 10,673 85.13 15% 4,047 3% 3% 3% 19x 16x >9.9x

New Positions Sold Out Positions Charles Schwab / SCHW Colgate Palmolive / CL Dick's Sporting Goods / DKS Express Scripts / ESRX Home Inns & Hotels / HMIN

Informatica Corp. / INFA NetApp / NTAP Towers Watson / TW TransDigm / TDG ViaSat / VSAT

CNinsure / CISG Hewlett-Packard / HPQ Owens Corning / OC Pactiv / PTV QuinStreet / QNST

Regal Entertainment / RGC Suntech Power / STP TD Ameritrade / AMTD UPS / UPS VistaPrint / VPRT










Services40%

Technology27%

Financial16%

Other17%




Markel Gayner (Tom Gayner) Tom Gayner has been President of Markel Gayner Asset Management since 1990 and EVP and CIO of Markel, a Richmond, Virginia-based international property and casualty insurance holding company, since 2004. Tom has been a disciplined steward of capital on behalf of Markel shareholders, and his long-term investment record is one of the best in the business. MOI Signal Rank™ – Top Current Ideas of Markel Gayner

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Investors Title / ITIC 70 30.51 -6% 229 0% 10% <1% 15x 21x .7x 2 Fairfax Financial / FRFHF 8,346 392.00 -4% 279 0% 1% 7% n/a n/a 1.1x 3 Union Bankshares / UBSH 1 335 12.92 -1% 3,505 0% 14% 3% 14x 13x 1.1x 4 Wal-Mart / WMT 197,792 54.39 2% 933 6% <1% 3% 13x 12x 4.0x 5 Microsoft / MSFT 219,791 25.69 5% 102 96% <1% <1% 10x 10x 6.6x 6 Teva Pharma / TEVA 47,343 50.58 -4% 90 49% <1% <1% 11x 10x >9.9x 7 3M / MMM 60,770 85.01 -2% 150 12% <1% <1% 15x 14x 7.3x 8 Charles Schwab / SCHW 18,018 15.08 8% 849 17% <1% <1% 32x 18x 3.3x 9 Fidelity National / FNF 3,141 13.84 -12% 1,754 0% <1% 1% 11x 12x 2.3x 10 Federated Investors / FII 2,470 24.00 5% 228 5% <1% <1% 15x 13x n/m

1 Markel acquired UBSH shares in connection with a merger of a Markel subsidiary with First Market Bank, a private company in which Markel was a shareholder. Top Holdings of Markel Gayner – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 2 0% <1% 14% 18x 18x 2.0x 2 CarMax / KMX 7,321 32.56 17% 5,266 0% 2% 10% 20x 19x 3.5x 3 Fairfax Financial / FRFHF 8,346 392.00 -4% 279 0% 1% 7% n/a n/a 1.1x 4 Diageo / DEO 47,591 76.09 10% 1,255 0% <1% 6% 15x 14x n/m 5 Brookfield Asset / BAM 17,351 30.12 6% 3,101 0% <1% 6% n/a n/a 2.0x 6 General Electric / GE 172,674 16.22 0% 3,639 0% <1% 4% 14x 13x 4.2x 7 Marriott / MAR 14,209 39.01 9% 1,420 0% <1% 3% 35x 28x n/m 8 Wal-Mart / WMT 197,792 54.39 2% 933 6% <1% 3% 13x 12x 4.0x 9 UPS / UPS 68,345 69.11 4% 706 0% <1% 3% 20x 17x >9.9x 10 Union Bankshares / UBSH 335 12.92 -1% 3,505 0% 14% 3% 14x 13x 1.1x

New Positions Sold Out Positions Nat.-Oilwell Varco / NOV Nestle / NSRGY

Walt Disney / DIS









* Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. ** A large portion of Markel Corp.’s asset value may be attributed to holdings that are not publicly traded and are therefore not shown in the chart or tables.

Financial33%

Services32%


9%

Other25%




Maverick (Lee Ainsle) Lee Ainsle worked for Julian Robertson’s Tiger Management prior to founding long/short hedge fund Maverick. MOI Signal Rank™ – Top Current Ideas of Maverick Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Hewlett-Packard / HPQ 96,356 42.49 1% 9,168 new <1% 4% 9x 8x >9.9x 2 Kirkland's / KIRK 215 10.79 -22% 1,104 new 6% <1% 8x 7x 2.1x 3 Citigroup / C 123,986 4.27 9% 85,379 38% <1% 4% 11x 9x 1.0x 4 Corning / GLW 27,866 17.83 -2% 20,673 2% 1% 4% 9x 9x 1.6x 5 Apple / AAPL 281,366 306.73 8% 1,332 2% <1% 4% 16x 14x 6.0x 6 Bluefly / BFLY 54 2.20 -4% 3,704 0% 15% <1% n/a n/a 1.7x 7 Marvell Technology / MRVL 13,071 20.09 15% 21,694 5% 3% 5% 12x 12x 4.2x 8 Abercrombie & Fitch / ANF 4,176 47.30 20% 6,773 new 8% 3% 26x 18x 2.3x 9 SolarWinds / SWI 1,258 18.00 4% 5,993 92% 9% 1% 25x 21x >9.9x 10 Apollo Group / APOL 5,226 35.36 -31% 7,675 3% 5% 3% 8x 8x 5.9x

Top Holdings of Maverick Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Marvell Technology / MRVL 13,071 20.09 15% 21,694 5% 3% 5% 12x 12x 4.2x 2 Apple / AAPL 281,366 306.73 8% 1,332 2% <1% 4% 16x 14x 6.0x 3 Hewlett-Packard / HPQ 96,356 42.49 1% 9,168 new <1% 4% 9x 8x >9.9x 4 Corning / GLW 27,866 17.83 -2% 20,673 2% 1% 4% 9x 9x 1.6x 5 Citigroup / C 123,986 4.27 9% 85,379 38% <1% 4% 11x 9x 1.0x 6 Pfizer / PFE 134,547 16.80 -2% 21,457 -8% <1% 4% 8x 7x n/m 7 Abercrombie & Fitch / ANF 4,176 47.30 20% 6,773 new 8% 3% 26x 18x 2.3x 8 Expedia / EXPE 7,457 26.21 -7% 11,631 4% 4% 3% 15x 13x n/m 9 CommScope / CTV 3,040 32.00 35% 9,342 24% 10% 3% 18x 14x >9.9x 10 Comcast / CMCSA 57,703 20.56 14% 14,532 10% <1% 3% 16x 14x n/m

New Positions Sold Out Positions Abercrombie & Fitch / ANF Amdocs / DOX America Movil / AMX Bed Bath & Beyond / BBBY Coca-Cola Enterprise / CCE Dell / DELL Goldman Sachs / GS Goodrich Corp. / GR

Hewlett-Packard / HPQ Interactive Brokers / IBKR Itau Unibanco / ITUB Kirkland's / KIRK Life Technologies / LIFE Oracle / ORCL Owens Corning / OC SouFun Holdings / SFUN

Adobe Systems / ADBE American Public Ed. / APEI Bank of NY Mellon / BK Citrix Systems / CTXS Covidien / COV CVS Caremark / CVS Education Management / EDMC Express Scripts / ESRX

JPMorgan Chase / JPM Kohl's / KSS Toyota / TM Viacom / VIA.B Whiting Petroleum / WLL










Technology35%

Services30%

Financial17%

Other19%




MHR (Mark Rachesky) Mark Rachesky worked for Carl Icahn from 1990 to 1996. He subsequently founded MHR Fund Management, which focuses on inefficient market sectors, including special situation equities and distressed investments. He runs a concentrated portfolio. MOI Signal Rank™ – Top Current Ideas of MHR Fund Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Lions Gate / LGF 1,016 7.44 1% 39,402 70% 29% 15% n/a n/a n/m 2 Leap Wireless / LEAP 932 11.90 -4% 15,538 0% 20% 9% n/m n/m n/m 3 Key Energy Services / KEG 1,294 10.30 8% 16,666 0% 13% 9% n/m 19x 3.3x 4 Pride International / PDE 5,755 32.75 11% 12,832 0% 7% 21% 21x 12x 1.3x 5 Seahawk Drilling / HAWK 107 8.98 -57% 1,174 0% 10% <1% n/m n/m .3x 6 Loral Space / LORL 2,396 79.23 52% 8,130 0% 27% 32% 18x 10x 4.9x 7 Rand Logistics / RLOG 66 4.87 -2% 462 0% 3% <1% 29x 13x 3.1x 8 L-1 Identity / ID 1,104 11.80 1% 6,936 0% 7% 4% n/m >99x n/m 9 M & F Worldwide / MFW 485 25.09 3% 827 0% 4% 1% 4x 4x n/m 10 Omega Navigation / ONAV 26 1.37 15% 1,358 0% 7% <1% n/a n/a .2x

Top Holdings of MHR Fund Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Loral Space / LORL 2,396 79.23 52% 8,130 0% 27% 32% 18x 10x 4.9x 2 Pride International / PDE 5,755 32.75 11% 12,832 0% 7% 21% 21x 12x 1.3x 3 Lions Gate / LGF 1,016 7.44 1% 39,402 70% 29% 15% n/a n/a n/m 4 Leap Wireless / LEAP 932 11.90 -4% 15,538 0% 20% 9% n/m n/m n/m 5 Key Energy Services / KEG 1,294 10.30 8% 16,666 0% 13% 9% n/m 19x 3.3x 6 MetroPCS / PCS 4,327 12.21 17% 12,820 0% 4% 8% 18x 13x >9.9x 7 L-1 Identity / ID 1,104 11.80 1% 6,936 0% 7% 4% n/m >99x n/m 8 M & F Worldwide / MFW 485 25.09 3% 827 0% 4% 1% 4x 4x n/m 9 Seahawk Drilling / HAWK 107 8.98 -57% 1,174 0% 10% <1% n/m n/m .3x 10 Rand Logistics / RLOG 66 4.87 -2% 462 0% 3% <1% 29x 13x 3.1x










Technology37%

Services33%

Energy30%




MSD Capital (Glenn Fuhrman and John Phelan) Glenn Fuhrman and John Phelan are co-managing partners and co-founders of MSD, having teamed up with Michael Dell to manage his personal capital in the late 1990s. Fuhrman previously spent ten years at Goldman Sachs, where he was head of the Special Investments Group. Phelan previously spent five years at Eddie Lampert’s ESL Investments. MOI Signal Rank™ – Top Current Ideas of MSD Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book

1 Journal Communications / JRN 255 4.63 3% 2,922 new 5% 2% 8x 12x 3.3x

2 Domino's Pizza / DPZ 864 14.39 9% 3,752 new 6% 7% 11x 10x n/m 3 Macquarie Infrastr. / MIC 892 19.50 26% 3,382 32% 7% 8% 6x 7x n/m 4 School Specialty / SCHS 247 13.07 0% 2,785 0% 15% 5% 47x 18x n/m 5 EchoStar / SATS 1,790 21.01 10% 3,671 0% 4% 10% 46x 48x .7x 6 Asbury Automotive / ABG 512 15.65 11% 3,686 0% 11% 7% 11x 9x 1.8x 7 DineEquity / DIN 903 50.08 11% 2,512 0% 14% 16% 14x 13x n/m 8 Wright Express / WXS 1,662 43.40 22% 1,737 0% 5% 10% 16x 14x n/m 9 Transatlantic Petro / TAT 1,137 3.38 14% 16,070 29% 5% 7% n/a n/a 3.8x 10 Nalco Holding / NLC 4,117 29.76 18% 2,065 0% 1% 8% 19x 16x n/m

Top Holdings of MSD Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 DineEquity / DIN 903 50.08 11% 2,512 0% 14% 16% 14x 13x n/m 2 EchoStar / SATS 1,790 21.01 10% 3,671 0% 4% 10% 46x 48x .7x 3 Wright Express / WXS 1,662 43.40 22% 1,737 0% 5% 10% 16x 14x n/m 4 Macquarie Infrastr. / MIC 892 19.50 26% 3,382 32% 7% 8% 6x 7x n/m 5 Energy XXI / EXXI 1,750 25.34 10% 2,510 -22% 4% 8% 38x 21x 4.1x 6 Tyler Tech / TYL 661 20.50 2% 3,050 -25% 9% 8% 30x 26x n/m 7 Nalco Holding / NLC 4,117 29.76 18% 2,065 0% 1% 8% 19x 16x n/m 8 Asbury Automotive / ABG 512 15.65 11% 3,686 0% 11% 7% 11x 9x 1.8x 9 Transatlantic Petro / TAT 1,137 3.38 14% 16,070 29% 5% 7% n/a n/a 3.8x 10 Domino's Pizza / DPZ 864 14.39 9% 3,752 new 6% 7% 11x 10x n/m

New Positions Sold Out Positions Domino's Pizza / DPZ Journal Communications / JRN

None










Services56%

Energy15%

Technology13%

Other16%




Pabrai Funds (Mohnish Pabrai) Mohnish Pabrai is founder and managing partner of Pabrai Investment Funds, a family of value-oriented investment partnerships with a fee structure similar to that of the Buffett Partnerships of the 1950s and ‘60s, i.e. no management fee and 25% performance fee above 6% annual hurdle rate. Pabrai Funds have a long-term track record vastly superior to that of the S&P 500 Index. Pabrai follows an investment strategy built upon the principles of Graham, Buffett and Greenblatt. MOI Signal Rank™ – Top Current Ideas of Pabrai Funds

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Brookfield Prop. / BPO 8,588 17.11 10% 2,359 0% <1% 12% n/a n/a 1.2x 2 Cresud / CRESY 896 18.04 12% 1,719 0% 3% 9% 27x 27x n/m 3 POSCO / PKX 31,079 100.40 -12% 80 new <1% 2% 9x 8x 1.8x 4 Leucadia National / LUK 6,570 27.00 14% 750 0% <1% 6% 24x 11x 1.4x 5 Goldman Sachs / GS 85,209 166.67 15% 111 0% <1% 6% 12x 9x 1.4x 6 International Coal / ICO 1,429 7.01 32% 2,542 2% 1% 5% 25x 12x 1.9x 7 CapitalSource / CSE 2,134 6.60 24% 2,813 0% <1% 6% n/m 17x 1.1x 8 Horsehead / ZINC 538 12.40 26% 1,358 0% 3% 5% 41x 15x 1.5x 9 Wells Fargo / WFC 144,288 27.49 9% 399 3% <1% 3% 12x 10x 2.2x 10 Terex / TEX 2,770 25.44 11% 557 5% <1% 4% n/m 34x 1.8x

Top Holdings of Pabrai Funds – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Harvest Natural / HNR 474 14.02 35% 3,427 -24% 10% 14% 18x 8x 1.6x 2 Potash / POT 41,751 140.25 -3% 332 -3% <1% 14% n/a n/a 5.4x 3 Brookfield Prop. / BPO 8,588 17.11 10% 2,359 0% <1% 12% n/a n/a 1.2x 4 Cresud / CRESY 896 18.04 12% 1,719 0% 3% 9% 27x 27x n/m 5 Air Transport / ATSG 481 7.54 24% 3,767 -11% 6% 8% 12x 9x 2.4x 6 Leucadia National / LUK 6,570 27.00 14% 750 0% <1% 6% 24x 11x 1.4x 7 CapitalSource / CSE 2,134 6.60 24% 2,813 0% <1% 6% n/m 17x 1.1x 8 Goldman Sachs / GS 85,209 166.67 15% 111 0% <1% 6% 12x 9x 1.4x 9 International Coal / ICO 1,429 7.01 32% 2,542 2% 1% 5% 25x 12x 1.9x 10 Horsehead / ZINC 538 12.40 26% 1,358 0% 3% 5% 41x 15x 1.5x

New Positions Sold Out Positions POSCO / PKX Teck Cominco / TCK

Fairfax Financial / FRFHF










Basic Materials21%

Energy20%

Financial14%

Other45%




Paulson & Co. (John Paulson) John Paulson founded his firm with $2 million in 1994. He gained notoriety by profiting hugely from the credit crisis of ‘08. MOI Signal Rank™ – Top Current Ideas of Paulson & Co.

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 SuperMedia / SPMD 92 5.93 -44% 2,608 0% 17% <1% n/a n/a n/m 2 NBTY / NTY 3,487 54.98 2% 6,100 new 10% 1% n/a n/a 4.5x 3 Anadarko Petroleum / APC 31,535 63.63 12% 13,400 new 3% 4% 36x 30x 2.1x 4 Hartford Financial / HIG 10,478 23.57 3% 44,000 0% 10% 4% 9x 6x .5x 5 SPDR Gold Trust / GLD 55,722 132.20 3% 31,500 0% 7% 18% n/a n/a 1.5x 6 Mirant / MIR 1,527 10.49 5% 18,203 0% 13% <1% 7x >99x .3x 7 Tower Hill Mines / THM 559 8.26 31% 5,000 new 7% <1% n/a n/a 6.7x 8 American Capital / ACAS 2,542 7.45 28% 43,725 0% 13% 1% 13x 11x .8x 9 Talecris Bio / TLCR 2,753 22.04 -4% 10,000 100% 8% <1% 14x 13x 4.7x 10 Dex One / DEXO 323 6.46 -47% 3,676 0% 7% <1% n/a n/a n/m

Top Holdings of Paulson & Co. – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 SPDR Gold Trust / GLD 55,722 132.20 3% 31,500 0% 7% 18% n/a n/a 1.5x 2 Bank of America / BAC 117,593 11.66 -11% 177,794 -14% 2% 9% 11x 8x 1.0x 3 AngloGold Ashanti / AU 18,261 47.58 3% 41,000 -6% 11% 8% 22x 13x 5.1x 4 Citigroup / C 123,986 4.27 9% 424,000 -16% 1% 8% 11x 9x 1.0x 5 Hartford Financial / HIG 10,478 23.57 3% 44,000 0% 10% 4% 9x 6x .5x 6 JPMorgan Chase / JPM 154,061 39.41 4% 23,728 -8% <1% 4% 10x 9x 1.5x 7 Anadarko Petroleum / APC 31,535 63.63 12% 13,400 new 3% 4% 36x 30x 2.1x 8 Comcast / CMCSA 57,703 20.56 14% 40,000 -9% 1% 4% 16x 14x n/m 9 Capital One / COF 17,281 37.82 -4% 18,993 -10% 4% 3% 7x 8x 1.5x 10 SunTrust Banks / STI 12,079 24.16 -6% 29,381 -3% 6% 3% n/m 28x 1.1x

New Positions Sold Out Positions Alberto-Culver / ACV Anadarko Petroleum / APC BMC Software / BMC Brocade Comms / BRCD Genzyme / GENZ Liberty Interactive / LINTA NBTY / NTY NetApp / NTAP

Potash / POT Quad Graphics / QUAD Quest Software / QSFT Starwood Property / STWD Symantec / SYMC Teradata / TDC Tower Hill Mines / THM

Apache / APA Caseys General / CASY Devon Energy / DVN DIRECTV / DTV Exxon Mobil / XOM Goldman Sachs / GS Hyatt Hotels / H Macerich Company / MAC

Sprint Nextel / S










Financial57%

Basic Materials15%

Services11%

Other17%




Pennant (Alan Fournier) Alan Fournier started his career at Sanford Bernstein in 1988 and became a partner in 1990. He also worked for Rich Pzena’s firm and David Tepper’s Appaloosa, where he was responsible for global equities. Fournier founded Pennant in 2001. MOI Signal Rank™ – Top Current Ideas of Pennant Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 QUALCOMM / QCOM 77,586 47.96 6% 4,230 38% <1% 6% 17x 16x 4.7x 2 Fidelity National / FIS 8,240 27.38 1% 7,030 11% 2% 6% 14x 12x n/m 3 WellPoint / WLP 23,070 58.61 3% 3,153 15% <1% 5% 9x 9x 7.6x 4 TransDigm / TDG 3,376 68.27 10% 3,627 2% 7% 7% 18x 16x n/m 5 Abercrombie & Fitch / ANF 4,176 47.30 20% 3,933 10% 4% 5% 26x 18x 2.3x 6 Western Union / WU 11,865 18.09 2% 7,281 >100% 1% 4% 13x 12x n/m 7 Pfizer / PFE 134,547 16.80 -2% 6,763 79% <1% 3% 8x 7x n/m 8 Adobe Systems / ADBE 14,682 28.86 10% 5,212 >100% 1% 4% 15x 14x >9.9x 9 PHH / PHH 1,133 20.41 -3% 5,511 2% 10% 3% n/m 7x 4.2x 10 DaVita / DVA 7,105 73.10 6% 2,229 17% 2% 5% 17x 16x n/m

Top Holdings of Pennant Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 TransDigm / TDG 3,376 68.27 10% 3,627 2% 7% 7% 18x 16x n/m 2 QUALCOMM / QCOM 77,586 47.96 6% 4,230 38% <1% 6% 17x 16x 4.7x 3 Fidelity National / FIS 8,240 27.38 1% 7,030 11% 2% 6% 14x 12x n/m 4 Abercrombie & Fitch / ANF 4,176 47.30 20% 3,933 10% 4% 5% 26x 18x 2.3x 5 WellPoint / WLP 23,070 58.61 3% 3,153 15% <1% 5% 9x 9x 7.6x 6 DaVita / DVA 7,105 73.10 6% 2,229 17% 2% 5% 17x 16x n/m 7 Adobe Systems / ADBE 14,682 28.86 10% 5,212 >100% 1% 4% 15x 14x >9.9x 8 Western Union / WU 11,865 18.09 2% 7,281 >100% 1% 4% 13x 12x n/m 9 UnitedHealth / UNH 39,598 36.00 3% 3,180 -10% <1% 3% 9x 10x n/m 10 Pfizer / PFE 134,547 16.80 -2% 6,763 79% <1% 3% 8x 7x n/m

New Positions Sold Out Positions Babcock & Wilcox / BWC Citigroup / C Middleby / MIDD Omnicom / OMC RenaissanceRe / RNR Terex / TEX Varian Medical / VAR

WESCO International / WCC Artio Global Invest. / ART Automatic Data / ADP Delta Air Lines / DAL Global Cash Access / GCA Intel / INTC KBR / KBR Lam Research / LRCX

Live Nation / LYV Macy's / M Microsoft / MSFT Omnicare / OCR Robert Half / RHI Walter Investment / WAC










Financial31%

Health Care18%Technology

15%

Other36%




Pershing Square (Bill Ackman) Bill Ackman, managing member of Pershing Square Capital, is a value-oriented activist investor. He runs a concentrated portfolio with the largest ten equity investments accounting for the vast majority of his long book. Before the credit crunch developed into a full-blown economic crisis, Ackman made a strong case for why MBIA (MBI) and AMBAC (ABK) were overvalued and fundamentally more distressed than the market had judged at the time. On the long side, Ackman has approached large companies, including McDonald’s (MCD) and Target (TGT), with proposals for unlocking value. MOI Signal Rank™ – Top Current Ideas of Pershing Square

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 J.C. Penney / JCP 7,599 32.13 18% 39,076 new 17% 23% 23x 19x 1.5x 2 Fortune Brands / FO 9,179 60.16 22% 16,669 new 11% 18% 22x 18x n/m 3 Borders Group / BGP 82 1.14 -4% 10,598 0% 15% <1% n/a n/a 2.5x 4 Automatic Data / ADP 22,387 45.39 8% 8,701 5% 2% 7% 18x 17x 9.8x 5 Corrections Corp. / CXW 2,660 24.13 -2% 10,937 0% 10% 5% 18x 17x 1.9x 6 Greenlight Re / GLRE 1,033 28.34 13% 250 0% <1% <1% 15x 8x 1.4x 7 General Growth / GGP 4,793 15.10 22% 23,954 0% 8% 7% n/a n/a >9.9x 8 Kraft Foods / KFT 53,172 30.44 -1% 27,632 -18% 2% 15% 15x 13x n/m 9 Citigroup / C 123,986 4.27 9% 146,475 0% <1% 11% 11x 9x 1.0x 10 Target / TGT 39,862 56.31 5% 14,144 -32% 2% 14% 14x 13x 2.7x

Top Holdings of Pershing Square – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 J.C. Penney / JCP 7,599 32.13 18% 39,076 new 17% 23% 23x 19x 1.5x 2 Fortune Brands / FO 9,179 60.16 22% 16,669 new 11% 18% 22x 18x n/m 3 Kraft Foods / KFT 53,172 30.44 -1% 27,632 -18% 2% 15% 15x 13x n/m 4 Target / TGT 39,862 56.31 5% 14,144 -32% 2% 14% 14x 13x 2.7x 5 Citigroup / C 123,986 4.27 9% 146,475 0% <1% 11% 11x 9x 1.0x 6 Automatic Data / ADP 22,387 45.39 8% 8,701 5% 2% 7% 18x 17x 9.8x 7 General Growth / GGP 4,793 15.10 22% 23,954 0% 8% 7% n/a n/a >9.9x 8 Corrections Corp. / CXW 2,660 24.13 -2% 10,937 0% 10% 5% 18x 17x 1.9x 9 Borders Group / BGP 82 1.14 -4% 10,598 0% 15% <1% n/a n/a 2.5x 10 Greenlight Re / GLRE 1,033 28.34 13% 250 0% <1% <1% 15x 8x 1.4x

New Positions Sold Out Positions Fortune Brands / FO J.C. Penney / JCP

Yum! Brands / YUM










Services55%

Conglomerates18%


15%

Other11%




Sageview (Ed Gilhuly and Scott Stuart) Ed Gilhuly and Scott Stuart were classmates at Stanford Business School. After graduating in 1986, Gilhuly joined Kohlberg Kravis Roberts & Co. in San Francisco, while Stuart started with KKR in New York. Each became a partner of KKR at the end of 1994. They continued serving in leadership roles at KKR until 2005, at which time they teamed up to start Sageview. The firm follows a highly concentrated, value-oriented investment approach. MOI Signal Rank™ – Top Current Ideas of Sageview Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Covidien / COV 21,497 42.86 7% 666 new <1% 11% n/a n/a >9.9x 2 SandRidge Energy / SD 2,128 5.26 -7% 5,513 >100% 1% 11% 88x >99x 1.8x 3 Arris Group / ARRS 1,274 10.31 6% 3,604 14% 3% 14% 12x 13x 2.1x 4 Symantec / SYMC 13,375 17.23 14% 1,242 25% <1% 8% 12x 11x n/m 5 Life Technologies / LIFE 9,454 50.63 8% 2,545 0% 1% 48% 14x 13x n/m 6 Baxter International / BAX 29,946 51.39 8% 76 0% <1% 1% 13x 12x 7.5x 7 Charles Schwab / SCHW 18,018 15.08 8% 1,075 -4% <1% 6% 32x 18x 3.3x 8 Huron Consulting / HURN 488 22.30 1% 59 -71% <1% <1% 19x 12x n/m

Top Holdings of Sageview Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Life Technologies / LIFE 9,454 50.63 8% 2,545 0% 1% 48% 14x 13x n/m 2 Arris Group / ARRS 1,274 10.31 6% 3,604 14% 3% 14% 12x 13x 2.1x 3 SandRidge Energy / SD 2,128 5.26 -7% 5,513 >100% 1% 11% 88x >99x 1.8x 4 Covidien / COV 21,497 42.86 7% 666 new <1% 11% n/a n/a >9.9x 5 Symantec / SYMC 13,375 17.23 14% 1,242 25% <1% 8% 12x 11x n/m 6 Charles Schwab / SCHW 18,018 15.08 8% 1,075 -4% <1% 6% 32x 18x 3.3x 7 Baxter International / BAX 29,946 51.39 8% 76 0% <1% 1% 13x 12x 7.5x 8 Huron Consulting / HURN 488 22.30 1% 59 -71% <1% <1% 19x 12x n/m

New Positions Sold Out Positions Covidien / COV Financial Engines / FNGN

Hologic / HOLX Ituran Location / ITRN Rural/Metro Corp. / RURL










Health Care61%

Technology22%

Energy11%

Other7%




Scout (James Crichton) James Crichton co-founded Scout with Adam Weiss in 1999. The firm runs a concentrated portfolio of undervalued equities. MOI Signal Rank™ – Top Current Ideas of Scout Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Bank of America / BAC 117,593 11.66 -11% 18,000 new <1% 12% 11x 8x 1.0x 2 Sensata Tech / ST 4,701 27.25 n/m 4,025 18% 2% 6% n/a n/a n/m 3 Verisk Analytics / VRSK 5,294 30.73 10% 5,525 20% 3% 10% 22x 19x n/m 4 Coca-Cola Enterprise / CCE 8,610 25.40 20% 16,720 35% 5% 24% 14x 13x n/m 5 eBay / EBAY 39,503 30.30 24% 3,500 6% <1% 6% 18x 16x 4.7x 6 CF Industries / CF 8,373 117.71 23% 565 new <1% 4% 16x 11x 4.9x 7 MSC Industrial / MSM 3,673 58.52 8% 1,075 19% 2% 4% 19x 16x 6.3x 8 Flowserve / FLS 6,011 107.67 -2% 245 new <1% 2% 15x 13x 7.0x 9 CVS Caremark / CVS 42,164 31.03 -1% 1,000 new <1% 2% 12x 11x >9.9x 10 Alberto-Culver / ACV 3,679 37.23 -1% 540 new <1% 1% 21x 19x 5.8x

Top Holdings of Scout Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Coca-Cola Enterprise / CCE 8,610 25.40 20% 16,720 35% 5% 24% 14x 13x n/m 2 Bank of America / BAC 117,593 11.66 -11% 18,000 new <1% 12% 11x 8x 1.0x 3 Verisk Analytics / VRSK 5,294 30.73 10% 5,525 20% 3% 10% 22x 19x n/m 4 Sensata Tech / ST 4,701 27.25 n/m 4,025 18% 2% 6% n/a n/a n/m 5 eBay / EBAY 39,503 30.30 24% 3,500 6% <1% 6% 18x 16x 4.7x 6 Tyco Electronics / TEL 14,185 31.97 9% 3,000 -25% <1% 5% n/a n/a 4.1x 7 MasterCard / MA 31,919 243.88 9% 295 -35% <1% 4% 18x 15x 7.7x 8 CF Industries / CF 8,373 117.71 23% 565 new <1% 4% 16x 11x 4.9x 9 MSC Industrial / MSM 3,673 58.52 8% 1,075 19% 2% 4% 19x 16x 6.3x 10 McDonald's / MCD 84,140 79.64 7% 690 -74% <1% 3% 17x 16x 7.6x

New Positions Sold Out Positions Alberto-Culver / ACV Amazon.com / AMZN Axis Capital / AXS Bank of America / BAC CF Industries / CF Citrix Systems / CTXS CVS Caremark / CVS Everest Re / RE

Flowserve / FLS Gannett / GCI Molson Coors / TAP New Oriental Edu. / EDU PG&E / PCG Tupperware Brands / TUP VanceInfo / VIT

American Express / AXP Apollo Group / APOL Citigroup / C Goldman Sachs / GS Research In Motion / RIMM SPDR Gold Trust / GLD TransDigm / TDG Visa / V

Yum! Brands / YUM











29%

Services27%

Financial20%

Other25%




Second Curve (Tom Brown) Tom Brown was a sell-side analyst focused on the financial services industry in the 1980s and 1990s, working at Smith Barney, PaineWebber and Donaldson Lufkin & Jenrette. In 1998, he joined Julian Robertson’s Tiger Management. He struck out on his own two years later, founding Second Curve Capital, a value-oriented firm with a focus on the financial sector. MOI Signal Rank™ – Top Current Ideas of Second Curve

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Sterling Financial / STSA 1,020 16.50 -62% 2,500 new 4% 16% n/m n/m 1.3x 2 Taylor Capital / TAYC 226 12.36 8% 2,037 28% 11% 10% n/m 52x 1.5x 3 CompuCredit / CCRT 278 5.80 20% 4,134 11% 9% 9% n/m n/m 2.1x 4 Primus Guaranty / PRS 206 5.50 21% 6,411 6% 17% 13% n/a n/a n/m 5 Banner Corp. / BANR 189 1.69 -22% 5,865 >100% 5% 4% n/m n/m .5x 6 TN Commerce / TNCC 49 4.03 0% 884 >100% 7% 1% 18x 9x .5x 7 CoBiz Financial / COBZ 185 5.02 -10% 3,040 22% 8% 6% n/m 39x .9x 8 Tree.com / TREE 87 7.74 18% 1,015 43% 9% 3% n/m >99x 1.8x 9 Altisource Portfolio / ASPS 685 26.97 18% 468 26% 2% 5% n/a n/a >9.9x 10 Hudson Valley / HUVL 325 20.30 4% 181 new 1% 1% 97x 13x 1.2x

Top Holdings of Second Curve – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Sterling Financial / STSA 1,020 16.50 -62% 2,500 new 4% 16% n/m n/m 1.3x 2 Primus Guaranty / PRS 206 5.50 21% 6,411 6% 17% 13% n/a n/a n/m 3 Taylor Capital / TAYC 226 12.36 8% 2,037 28% 11% 10% n/m 52x 1.5x 4 CompuCredit / CCRT 278 5.80 20% 4,134 11% 9% 9% n/m n/m 2.1x 5 Ocwen Financial / OCN 890 8.86 -13% 2,305 -9% 2% 8% 21x 6x 1.3x 6 West. Alliance Banc / WAL 474 5.82 -13% 3,422 -3% 4% 8% n/m 24x 1.1x 7 Synovus Financial / SNV 1,594 2.03 -17% 9,062 -39% 1% 7% n/m n/m .7x 8 CoBiz Financial / COBZ 185 5.02 -10% 3,040 22% 8% 6% n/m 39x .9x 9 Altisource Portfolio / ASPS 685 26.97 18% 468 26% 2% 5% n/a n/a >9.9x 10 Wintrust Financial / WTFC 930 29.84 -8% 383 -51% 1% 4% 22x 18x 1.1x

New Positions Sold Out Positions Hudson Valley / HUVL Sterling Financial / STSA

Associated Banc / ASBC Capital One / COF Center Financial / CLFC

Fifth Third Bancorp / FITB Rodman & Renshaw / RODM










Financial95%

Services5%




Shumway Capital (Chris Shumway) Chris Shumway is another “Tiger Cub,” having previously worked for Julian Robertson’s Tiger Management. Shumway follows a value-oriented investment approach, albeit with large portfolio turnover and only modest concentration. MOI Signal Rank™ – Top Current Ideas of Shumway Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Citigroup / C 123,986 4.27 9% 100,652 new <1% 10% 11x 9x 1.0x 2 priceline.com / PCLN 20,109 409.59 18% 1,034 new 2% 10% 31x 23x >9.9x 3 Apple / AAPL 281,366 306.73 8% 1,820 >100% <1% 13% 16x 14x 6.0x 4 Las Vegas Sands / LVS 33,819 49.39 42% 9,946 85% 1% 11% 50x 30x 5.8x 5 Target / TGT 39,862 56.31 5% 2,479 new <1% 3% 14x 13x 2.7x 6 Pfizer / PFE 134,547 16.80 -2% 20,840 51% <1% 8% 8x 7x n/m 7 Alcon / ACL 49,055 163.39 -2% 333 new <1% 1% n/a n/a >9.9x 8 CVS Caremark / CVS 42,164 31.03 -1% 2,765 new <1% 2% 12x 11x >9.9x 9 NII Holdings / NIHD 6,888 40.69 -1% 2,167 new 1% 2% 20x 15x 2.5x 10 Genzyme / GENZ 18,469 71.31 1% 902 new <1% 1% 38x 18x 4.9x

Top Holdings of Shumway Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Apple / AAPL 281,366 306.73 8% 1,820 >100% <1% 13% 16x 14x 6.0x 2 Las Vegas Sands / LVS 33,819 49.39 42% 9,946 85% 1% 11% 50x 30x 5.8x 3 Citigroup / C 123,986 4.27 9% 100,652 new <1% 10% 11x 9x 1.0x 4 priceline.com / PCLN 20,109 409.59 18% 1,034 new 2% 10% 31x 23x >9.9x 5 Baidu.com / BIDU 37,824 108.59 6% 3,340 -7% <1% 8% 73x 46x >9.9x 6 Pfizer / PFE 134,547 16.80 -2% 20,840 51% <1% 8% 8x 7x n/m 7 Target / TGT 39,862 56.31 5% 2,479 new <1% 3% 14x 13x 2.7x 8 Illumina / ILMN 7,491 59.91 22% 2,270 -16% 2% 3% 57x 42x 9.9x 9 Union Pacific / UNP 45,281 91.82 12% 1,405 -26% <1% 3% 17x 14x 2.6x 10 Air Products & Chem / APD 18,280 86.01 4% 1,393 -23% <1% 3% 15x 14x 4.2x

New Positions Sold Out Positions Airgas / ARG Alcon / ACL Apache / APA BP / BP Citigroup / C Companhia Brasileira / CBD CSX Corp. / CSX CVS Caremark / CVS EMC / EMC Genzyme / GENZ Hewlett-Packard / HPQ MakeMyTrip / MMYT

Mead Johnson / MJN NII Holdings / NIHD Pioneer Natural / PXD Potash / POT priceline.com / PCLN SanDisk / SNDK Sanofi-Aventis / SNY Shire / SHPGY Target / TGT Warner Chilcott / WCRX Williams Companies / WMB Yum! Brands / YUM

American Eagle / AEO Ameriprise Financial / AMP Baxter International / BAX Cephalon / CEPH Cisco Systems / CSCO D.R. Horton / DHI Equinix / EQIX Freeport-McMoRan / FCX General Dynamics / GD Hansen Natural / HANS KB Home / KBH Kraft Foods / KFT

Lennar / LEN MasterCard / MA Netflix / NFLX Pulte Homes / PHM RadioShack / RSH Sirius XM Radio / SIRI TD Ameritrade / AMTD Teva Pharma / TEVA Time Warner / TWX Wells Fargo / WFC










Technology39%

Services24%

Health Care14%

Other22%




Southeastern (Mason Hawkins) Mason Hawkins is chairman and CEO of Southeastern Asset Management, a firm he founded in 1975. Southeastern serves as investment adviser to the Longleaf Partners Funds, a family of value-oriented mutual funds. The firm has $22 billion of assets under management, including $13 billion in separately managed accounts. MOI Signal Rank™ – Top Current Ideas of Southeastern

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Service Corp. / SCI 1,958 8.01 -7% 29,964 1% 12% 1% 15x 14x >9.9x 2 Chesapeake Energy / CHK 14,805 22.64 0% 81,153 0% 12% 8% 8x 9x 1.2x 3 Texas Industries / TXI 1,032 37.12 18% 4,559 23% 16% <1% n/m n/m 1.4x 4 Liberty Interactive / LINTA 9,310 15.56 13% 62,916 10% 11% 4% 15x 21x n/m 5 Cemex / CX 8,933 9.29 9% 133,994 1% 14% 5% n/m n/m .5x 6 Dillard's / DDS 2,035 31.84 35% 7,018 0% 11% <1% 15x 14x 1.0x 7 Campbell Soup / CPB 11,632 34.65 -3% 18,936 72% 6% 3% 14x 13x n/m 8 Martin Marietta / MLM 3,875 85.12 11% 4,424 68% 10% 2% 43x 33x 5.0x 9 Lowe's / LOW 30,794 22.09 -1% 21,685 >100% 2% 2% 16x 13x 1.6x 10 Aon / AON 11,108 41.01 5% 23,547 8% 9% 4% 13x 12x n/m

Top Holdings of Southeastern – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 DIRECTV / DTV 36,061 42.15 1% 56,731 -11% 7% 10% 18x 13x n/m 2 Dell / DELL 27,022 13.90 7% 141,683 0% 7% 8% 11x 10x >9.9x 3 Chesapeake Energy / CHK 14,805 22.64 0% 81,153 0% 12% 8% 8x 9x 1.2x 4 Walt Disney / DIS 70,204 37.01 12% 46,193 -2% 2% 7% 15x 13x >9.9x 5 Yum! Brands / YUM 23,799 50.79 10% 33,044 -32% 7% 7% 20x 18x >9.9x 6 Pioneer Natural / PXD 9,295 80.06 23% 15,649 -23% 13% 5% 47x 28x 2.5x 7 Cemex / CX 8,933 9.29 9% 133,994 1% 14% 5% n/m n/m .5x 8 Liberty Interactive / LINTA 9,310 15.56 13% 62,916 10% 11% 4% 15x 21x n/m 9 Aon / AON 11,108 41.01 5% 23,547 8% 9% 4% 13x 12x n/m 10 Bank of NY Mellon / BK 34,435 27.76 6% 29,236 0% 2% 3% 12x 11x 4.6x

New Positions Sold Out Positions Travelers / TRV Vulcan Materials / VMC

None










Services44%

Financial16%

Energy13%

Other27%




Spencer (Ken Shubin Stein) Dr. Shubin Stein is the founder of Spencer Capital, a deep value-oriented investment management firm. MOI Signal Rank™ – Top Current Ideas of Spencer Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Iridium Communications / IRDM 684 9.73 14% 327 new <1% 21% 31x 16x 1.5x 2 dELiA*s / DLIA 58 1.86 -2% 898 31% 3% 11% n/m n/m .7x 3 Spark Networks / LOV 61 2.96 -8% 544 9% 3% 11% n/a n/a 5.8x 4 General Growth / GGP 4,793 15.10 22% 198 14% <1% 20% n/a n/a >9.9x 5 MRV Communications / MRVC 213 1.35 -1% 126 0% <1% 1% 17x 10x 1.5x 6 Markel / MKL 3,508 361.00 5% 3 0% <1% 7% 23x 22x 1.4x 7 Wendy's Arby's / WEN 1,987 4.75 5% 264 0% <1% 8% 37x 28x n/m 8 PNI Digital Media / PNDMF 59 1.73 10% 436 0% 1% 5% n/a n/a 7.1x 9 Sears Canada / SEARF 2,070 19.25 4% 71 -10% <1% 9% n/a n/a 1.6x 10 Resource America / REXI 115 6.03 6% 190 -33% <1% 8% >99x 55x .9x

Top Holdings of Spencer Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Iridium Communications / IRDM 684 9.73 14% 327 new <1% 21% 31x 16x 1.5x 2 General Growth / GGP 4,793 15.10 22% 198 14% <1% 20% n/a n/a >9.9x 3 dELiA*s / DLIA 58 1.86 -2% 898 31% 3% 11% n/m n/m .7x 4 Spark Networks / LOV 61 2.96 -8% 544 9% 3% 11% n/a n/a 5.8x 5 Sears Canada / SEARF 2,070 19.25 4% 71 -10% <1% 9% n/a n/a 1.6x 6 Wendy's Arby's / WEN 1,987 4.75 5% 264 0% <1% 8% 37x 28x n/m 7 Resource America / REXI 115 6.03 6% 190 -33% <1% 8% >99x 55x .9x 8 Markel / MKL 3,508 361.00 5% 3 0% <1% 7% 23x 22x 1.4x 9 PNI Digital Media / PNDMF 59 1.73 10% 436 0% 1% 5% n/a n/a 7.1x 10 MRV Communications / MRVC 213 1.35 -1% 126 0% <1% 1% 17x 10x 1.5x

New Positions Sold Out Positions Iridium Communications / IRDM Berkshire Hathaway / BRK.A

BP / BP Orange 21 / ORNG

Sears Holdings / SHLD Osteotech / OSTE (acquired by Medtronic)









* Based on information provided to The Manual of Ideas by Spencer Capital. Excludes portfolio cash, certain non-U.S. holdings, and non-equity securities.

Services58%

Financial41%

Technology1%




Teton (Quincy Lee) Quincy Lee is an Austin, Texas-based value investor who is said to have compounded capital in his Teton investment partnership at an annual rate well in excess of 20%, net of fees. MOI Signal Rank™ – Top Current Ideas of Teton Capital

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Chinacast Education / CAST 382 7.68 8% 1,291 new 3% 7% 18x 15x 2.7x 2 Valeant Pharma / VRX 7,377 24.59 -2% 559 >100% <1% 9% n/a n/a n/m 3 ZipRealty / ZIPR 52 2.54 -12% 2,205 13% 11% 4% n/m n/m 1.6x 4 Goldman Sachs / GS 85,209 166.67 15% 58 24% <1% 6% 12x 9x 1.4x 5 CBS / CBS 11,228 16.49 4% 439 new <1% 5% 15x 12x n/m 6 American Dental / ADPI 194 12.57 4% 1,218 0% 8% 10% 12x 14x n/m 7 Bancorp / TBBK 222 8.49 27% 807 new 3% 5% n/m 17x 1.2x 8 SandRidge Energy / SD 2,128 5.26 -7% 782 new <1% 3% 88x >99x 1.8x 9 Sensata Tech / ST 4,701 27.25 n/m 236 new <1% 4% n/a n/a n/m 10 Meta Financial / CASH 39 12.68 -60% 199 -10% 6% 2% n/a n/a .6x

Top Holdings of Teton Capital – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Clear Channel / CCO 4,883 13.72 20% 1,418 -3% <1% 13% n/m >99x n/m 2 American Dental / ADPI 194 12.57 4% 1,218 0% 8% 10% 12x 14x n/m 3 Valeant Pharma / VRX 7,377 24.59 -2% 559 >100% <1% 9% n/a n/a n/m 4 Chinacast Education / CAST 382 7.68 8% 1,291 new 3% 7% 18x 15x 2.7x 5 Goldman Sachs / GS 85,209 166.67 15% 58 24% <1% 6% 12x 9x 1.4x 6 Liberty Global / LBTYA 9,207 37.97 23% 244 -38% <1% 6% 43x 34x n/m 7 Nicholas Financial / NICK 118 9.99 9% 892 -1% 8% 6% n/a n/a 1.1x 8 Orbitz Worldwide / OWW 530 5.18 -18% 1,421 -3% 1% 5% 40x 23x n/m 9 CBS / CBS 11,228 16.49 4% 439 new <1% 5% 15x 12x n/m 10 Bancorp / TBBK 222 8.49 27% 807 new 3% 5% n/m 17x 1.2x

New Positions Sold Out Positions Bancorp / TBBK CBS / CBS Chinacast Education / CAST First Fin. Holdings / FFCH

Furiex Pharma / FURX iStar Financial / SFI SandRidge Energy / SD Sensata Tech / ST

Cambium Learning / ABCD Credit Acceptance / CACC Kingsway Financial / KFS Liberty Starz / LSTZA

Live Nation / LYV Prospect Medical / PZZ Reliant Energy / RRI Vantage Drilling / VTG










Services50%

Financial21%

Health Care20%

Other9%




Third Point (Dan Loeb) Loeb is the founder of long/short activist fund Third Point, which has amassed a respectable long-term investment record. MOI Signal Rank™ – Top Current Ideas of Third Point

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Potash / POT 41,751 140.25 -3% 1,000 new <1% 14% n/a n/a 5.4x 2 Airgas / ARG 5,629 66.95 -1% 1,500 39% 2% 10% 20x 18x 9.2x 3 BioFuel Energy / BIOF 62 1.91 -4% 5,579 0% 17% 1% n/a n/a 1.1x 4 Apple / AAPL 281,366 306.73 8% 150 new <1% 5% 16x 14x 6.0x 5 Alcon / ACL 49,055 163.39 -2% 700 0% <1% 11% n/a n/a >9.9x 6 DepoMed / DEPO 281 5.32 19% 6,790 0% 13% 4% n/m 20x >9.9x 7 CareFusion / CFN 5,239 23.50 -9% 700 new <1% 2% 14x 13x 6.0x 8 Emmis Comms / EMMS 21 0.55 -29% 321 49% <1% <1% n/a n/a n/m 9 Northern Trust / NTRS 12,393 51.17 6% 600 new <1% 3% 18x 16x 2.0x 10 Mead Johnson / MJN 12,305 60.15 6% 1,000 0% <1% 6% 25x 22x n/m

Top Holdings of Third Point – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Potash / POT 41,751 140.25 -3% 1,000 new <1% 14% n/a n/a 5.4x 2 Alcon / ACL 49,055 163.39 -2% 700 0% <1% 11% n/a n/a >9.9x 3 Airgas / ARG 5,629 66.95 -1% 1,500 39% 2% 10% 20x 18x 9.2x 4 Health Net / HNT 2,626 27.48 1% 2,800 -7% 3% 8% 11x 10x 2.5x 5 PHH / PHH 1,133 20.41 -3% 3,500 -16% 6% 7% n/m 7x 4.2x 6 CIT Group / CIT 8,320 41.55 2% 1,550 -37% <1% 6% 16x 15x 1.0x 7 Liberty Interactive / LINTA 9,310 15.56 13% 4,000 -20% <1% 6% 15x 21x n/m 8 Mead Johnson / MJN 12,305 60.15 6% 1,000 0% <1% 6% 25x 22x n/m 9 Apple / AAPL 281,366 306.73 8% 150 new <1% 5% 16x 14x 6.0x 10 Aspen Technology / AZPN 1,180 12.68 22% 3,500 0% 4% 4% n/m n/m >9.9x

New Positions Sold Out Positions Apple / AAPL CareFusion / CFN KKR & Co. / KKR Northern Trust / NTRS

Oneida Financial / ONFC Potash / POT Six Flags / SIX

Advanced Micro / AMD Coca-Cola Enterprise / CCE Macy’s / M Plains Exploration / PXP

RF Micro Devices / RFMD TransDigm / TDG ViewPoint Financial / VPFG Xerox / XRX










Financial26%

Basic Materials25%

Health Care21%

Other28%




Tiger Global (Chase Coleman) Chase Coleman, a descendant early New York Governor Peter Stuyvesant, worked for Julian Robertson’s Tiger Management prior to founding Tiger Global in 2001. MOI Signal Rank™ – Top Current Ideas of Tiger Global

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 MakeMyTrip / MMYT 924 27.06 n/m 4,130 new 12% 3% n/a n/a >9.9x

TAL Education / XRS 1,160 15.59 n/m 23,475 new 32% 9% n/a n/a >9.9x 3 Viacom / VIA.B 23,208 38.39 6% 8,715 >100% 1% 8% 12x 10x n/m 4 Apple / AAPL 281,366 306.73 8% 1,256 21% <1% 9% 16x 14x 6.0x 5 DIRECTV / DTV 36,061 42.15 1% 7,508 0% <1% 8% 18x 13x n/m 6 Genpact / G 3,182 14.42 -19% 4,467 74% 2% 2% 20x 17x 4.1x 7 Amazon.com / AMZN 73,977 164.82 5% 830 new <1% 3% 66x 47x >9.9x 8 Cablevision / CVC 9,368 31.22 19% 7,241 18% 2% 5% 23x 16x n/m 9 Apollo Group / APOL 5,226 35.36 -31% 6,603 -33% 4% 6% 8x 8x 5.9x

Top Holdings of Tiger Global – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Apple / AAPL 281,366 306.73 8% 1,256 21% <1% 9% 16x 14x 6.0x 2 TAL Education / XRS 1,160 15.59 n/m 23,475 new 32% 9% n/a n/a >9.9x 3 Viacom / VIA.B 23,208 38.39 6% 8,715 >100% 1% 8% 12x 10x n/m 4 DIRECTV / DTV 36,061 42.15 1% 7,508 0% <1% 8% 18x 13x n/m 5 MercadoLibre / MELI 2,781 63.02 -13% 3,794 -10% 9% 6% 50x 41x >9.9x 6 Apollo Group / APOL 5,226 35.36 -31% 6,603 -33% 4% 6% 8x 8x 5.9x 7 priceline.com / PCLN 20,109 409.59 18% 555 -38% 1% 5% 31x 23x >9.9x 8 Cablevision / CVC 9,368 31.22 19% 7,241 18% 2% 5% 23x 16x n/m 9 Liberty Global / LBTYA 9,207 37.97 23% 5,425 -15% 2% 5% 43x 34x n/m 10 Electronic Arts / ERTS 5,094 15.35 -7% 13,000 -8% 4% 5% 24x 18x 3.7x

New Positions Sold Out Positions Amazon.com / AMZN CNinsure / CISG CommScope / CTV Green Dot / GDOT MakeMyTrip / MMYT

Power-One / PWER Rubicon Technology / RBCN Sears Holdings / SHLD TAL Education / XRS

American Tower / AMT CommScope / CTV Domino's Pizza / DPZ Harbin Electric / HRBN

Lorillard / LO PepsiCo / PEP Shanda Games / GAME










Services57%

Technology31%

Capital Goods6%

Other5%




Viking Global (Andreas Halvorsen) Andreas Halvorsen is a graduate of the Norwegian Naval Academy, a former platoon commander of the Norwegian SEALs, and a former director of equities at Tiger Management. Halvorsen founded Viking Global Investors in 1999.

MOI Signal Rank™ – Top Current Ideas of Viking Global Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Citigroup / C 123,986 4.27 9% 97,066 new <1% 4% 11x 9x 1.0x 2 Invesco / IVZ 10,133 21.93 3% 38,282 5% 8% 9% 17x 13x n/m 3 Viacom / VIA.B 23,208 38.39 6% 9,330 new 2% 4% 12x 10x n/m 4 Comcast / CMCSA 57,703 20.56 14% 25,507 10% <1% 5% 16x 14x n/m 5 Guess? / GES 4,090 44.55 10% 5,870 new 6% 3% 15x 13x 4.0x 6 Estee Lauder / EL 14,756 75.37 19% 4,821 >100% 2% 4% 24x 20x >9.9x 7 Crown Castle / CCI 12,415 42.70 -3% 2,549 new <1% 1% n/m 91x n/m 8 Potash / POT 41,751 140.25 -3% 716 new <1% 1% n/a n/a 5.4x 9 Valeant Pharma / VRX 7,377 24.59 -2% 6,429 >100% 2% 2% n/a n/a n/m 10 Hess / HES 23,126 70.40 19% 3,956 34% 1% 3% 14x 13x 1.7x

Top Holdings of Viking Global – By Dollar Value Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Invesco / IVZ 10,133 21.93 3% 38,282 5% 8% 9% 17x 13x n/m 2 Comcast / CMCSA 57,703 20.56 14% 25,507 10% <1% 5% 16x 14x n/m 3 Oracle / ORCL 141,526 28.15 5% 16,093 -24% <1% 5% 14x 13x >9.9x 4 American Tower / AMT 20,728 51.94 1% 8,560 -27% 2% 5% 55x 46x n/m 5 Citigroup / C 123,986 4.27 9% 97,066 new <1% 4% 11x 9x 1.0x 6 Estee Lauder / EL 14,756 75.37 19% 4,821 >100% 2% 4% 24x 20x >9.9x 7 Goodrich Corp. / GR 10,673 85.13 15% 4,266 -14% 3% 4% 19x 16x >9.9x 8 Viacom / VIA.B 23,208 38.39 6% 9,330 new 2% 4% 12x 10x n/m 9 Sherwin-Williams / SHW 7,920 73.38 -2% 4,260 -17% 4% 3% 17x 15x >9.9x 10 Hess / HES 23,126 70.40 19% 3,956 34% 1% 3% 14x 13x 1.7x

New Positions Sold Out Positions Allscripts-Misys / MDRX Amazon.com / AMZN Amerigroup / AGP Aon / AON Apple / AAPL Baidu.com / BIDU Cameron / CAM CareFusion / CFN Charles River Labs / CRL Check Point Software / CHKP Citigroup / C Costco Wholesale / COST Crown Castle / CCI Cytec Industries / CYT

Exxon Mobil / XOM Gafisa / GFA Goldman Sachs / GS Guess? / GES Hexcel Corp. / HXL Magellan Health / MGLN Noble Energy / NBL Potash / POT United Therapeutics / UTHR UnitedHealth / UNH Viacom / VIA.B Walgreen / WAG Watson Pharma / WPI WellCare/WCG, WellPoint/WLP

ACE Limited / ACE Adobe Systems / ADBE Agrium / AGU American Express / AXP Autodesk / ADSK Baker Hughes / BHI BRE Properties / BRE Charles Schwab / SCHW Colgate Palmolive / CL Corinthian Colleges / COCO Dollar General / DG Equity Residential / EQR Frontline / FRO Halliburton / HAL

KeyCorp / KEY Lab Corp. of America / LH Lincare / LNCR Morgan Stanley / MS News Corp. / NWSA Owens Corning / OC Precision Castparts / PCP Prudential Financial / PRU Smithfield Foods / SFD Time Warner / TWX United Technologies / UTX Virgin Media / VMED Xerox / XRX










Services29%

Financial25%

Technology13%

Other33%




Weitz Funds (Wally Weitz) Wally Weitz, sometimes called “The Other Oracle of Omaha,” founded Wallace R. Weitz & Co. in 1983 with $10 million under management. The firm has since grown into a $2 billion asset manager best known for the Weitz Value Fund. MOI Signal Rank™ – Top Current Ideas of Weitz

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Omnicare / OCR 2,781 23.92 0% 4,407 22% 4% 5% 12x 10x n/m 2 Redwood Trust / RWT 1,083 13.88 -4% 6,898 1% 9% 4% 9x 10x 1.1x 3 Liberty Interactive / LINTA 9,310 15.56 13% 8,725 1% 1% 6% 15x 21x n/m 4 Intelligent Systems / INS 9 1.05 5% 2,270 0% 25% <1% n/a n/a 1.7x 5 Texas Instruments / TXN 37,503 31.94 18% 2,789 86% <1% 4% 13x 13x 4.3x 6 Aon / AON 11,108 41.01 5% 1,919 47% <1% 4% 13x 12x n/m 7 Grand Canyon / LOPE 851 18.60 -15% 2,143 >100% 5% 2% 17x 13x 6.8x 8 SandRidge Energy / SD 2,128 5.26 -7% 8,036 new 2% 2% 88x >99x 1.8x 9 The Knot / KNOT 306 9.00 -1% 2,252 2% 7% <1% >99x 64x 1.9x 10 Dell / DELL 27,022 13.90 7% 6,565 13% <1% 4% 11x 10x >9.9x

Top Holdings of Weitz – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Liberty Interactive / LINTA 9,310 15.56 13% 8,725 1% 1% 6% 15x 21x n/m 2 Liberty Global / LBTYA 9,207 37.97 23% 2,935 -20% 1% 5% 43x 34x n/m 3 Omnicare / OCR 2,781 23.92 0% 4,407 22% 4% 5% 12x 10x n/m 4 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 1 -8% <1% 5% 18x 18x 2.0x 5 Redwood Trust / RWT 1,083 13.88 -4% 6,898 1% 9% 4% 9x 10x 1.1x 6 Microsoft / MSFT 219,791 25.69 5% 3,615 0% <1% 4% 10x 10x 6.6x 7 Dell / DELL 27,022 13.90 7% 6,565 13% <1% 4% 11x 10x >9.9x 8 Texas Instruments / TXN 37,503 31.94 18% 2,789 86% <1% 4% 13x 13x 4.3x 9 ConocoPhillips / COP 93,315 61.92 8% 1,281 -2% <1% 4% 10x 10x 1.4x 10 Aon / AON 11,108 41.01 5% 1,919 47% <1% 4% 13x 12x n/m

New Positions Sold Out Positions Baxter International / BAX Iconix Brand / ICON Kennedy-Wilson / KW Knology / KNOL

Prestige Brands / PBH SandRidge Energy / SD TD Ameritrade / AMTD

HSN / HSNI ITT Educational / ESI Potash / POT Progressive Corp. / PGR

UnitedHealth / UNH WellPoint / WLP










Services46%

Technology20%

Financial10%

Other24%




West Coast (Lance Helfert and Paul Orfalea) Lace Helfert and Paul Orfalea co-founded West Coast Asset Management in 2000. Helfert, who directs the firm’s investments, previously oversaw a $1 billion portfolio at Wilshire Associates. Orfalea is the founder of Kinko’s copy shops. West Coast invests in undervalued equities and follows a concentrated investment approach. MOI Signal Rank™ – Top Current Ideas of West Coast Asset Management

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 American Defense / EAG 8 0.16 0% 6,094 20% 12% 1% n/a n/a n/m 2 Automatic Data / ADP 22,387 45.39 8% 211 2% <1% 11% 18x 17x 9.8x 3 Angiotech Pharma / ANPI 16 0.19 -67% 56 -4% <1% <1% n/a n/a n/m 4 Live Nation / LYV 1,824 10.51 6% 514 1% <1% 6% n/m >99x n/m 5 Clorox / CLX 8,747 62.73 -6% 180 -10% <1% 13% 15x 14x n/m 6 Kimberly-Clark / KMB 25,218 61.84 -5% 172 -13% <1% 12% 13x 12x >9.9x 7 Sonde Resources / SNG 186 2.98 -2% 1,055 -13% 2% 4% n/a n/a .8x 8 Kraft Foods / KFT 53,172 30.44 -1% 143 -17% <1% 5% 15x 13x n/m 9 Molson Coors / TAP 9,140 49.11 4% 252 -8% <1% 14% 14x 13x 6.1x 10 McCormick / MKC 5,865 44.12 5% 243 -9% <1% 12% 17x 16x n/m

Top Holdings of West Coast Asset Management – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Molson Coors / TAP 9,140 49.11 4% 252 -8% <1% 14% 14x 13x 6.1x 2 Clorox / CLX 8,747 62.73 -6% 180 -10% <1% 13% 15x 14x n/m 3 McCormick / MKC 5,865 44.12 5% 243 -9% <1% 12% 17x 16x n/m 4 Kimberly-Clark / KMB 25,218 61.84 -5% 172 -13% <1% 12% 13x 12x >9.9x 5 Automatic Data / ADP 22,387 45.39 8% 211 2% <1% 11% 18x 17x 9.8x 6 Johnson & Johnson / JNJ 175,293 63.83 3% 135 -40% <1% 10% 13x 13x 7.1x 7 Live Nation / LYV 1,824 10.51 6% 514 1% <1% 6% n/m >99x n/m 8 Contango Oil & Gas / MCF 914 58.35 16% 91 -8% <1% 6% 10x 6x 2.3x 9 Kraft Foods / KFT 53,172 30.44 -1% 143 -17% <1% 5% 15x 13x n/m 10 Broadridge Financial / BR 2,648 21.18 -7% 204 -51% <1% 5% 13x 12x >9.9x











45%

Services22%

Basic Materials12%

Other21%




Wintergreen (David Winters) David Winters joined Mutual Series in 1987 and was mentored by famed value investor Michael Price. Winters became president and CIO of Mutual Series in 2001. He left in 2005 to form Wintergreen Advisers and manage the Wintergreen Fund, a mutual fund that follows an active, value-oriented investment approach. MOI Signal Rank™ – Top Current Ideas of Wintergreen Advisers

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Canadian Natural / CNQ 43,264 39.76 15% 1,878 38% <1% 16% n/a n/a 2.0x 2 Franklin Resources / BEN 26,033 116.22 9% 508 1% <1% 13% 15x 13x 4.6x 3 Consolidated-Tomoka / CTO 158 27.60 -3% 1,481 0% 26% 9% n/m >99x 1.4x 4 Philip Morris / PM 108,519 59.81 7% 721 0% <1% 9% 15x 14x n/m 5 SPDR Gold Trust / GLD 55,722 132.20 3% 131 0% <1% 4% n/a n/a 1.5x 6 General Dynamics / GD 25,158 66.60 6% 474 0% <1% 7% 10x 9x n/m 7 Reynolds American / RAI 18,821 32.28 9% 660 0% <1% 5% 13x 12x n/m 8 Coca-Cola / KO 149,353 64.32 10% 373 0% <1% 5% 18x 17x 9.5x 9 Goldman Sachs / GS 85,209 166.67 15% 142 0% <1% 5% 12x 9x 1.4x 10 Potash / POT 41,751 140.25 -3% 20 new <1% <1% n/a n/a 5.4x

Top Holdings of Wintergreen Advisers – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Canadian Natural / CNQ 43,264 39.76 15% 1,878 38% <1% 16% n/a n/a 2.0x 2 Berkshire Hathaway / BRK.A 200,325 121,300 -3% 1 -33% <1% 15% 18x 18x 2.0x 3 Franklin Resources / BEN 26,033 116.22 9% 508 1% <1% 13% 15x 13x 4.6x 4 Philip Morris / PM 108,519 59.81 7% 721 0% <1% 9% 15x 14x n/m 5 Consolidated-Tomoka / CTO 158 27.60 -3% 1,481 0% 26% 9% n/m >99x 1.4x 6 General Dynamics / GD 25,158 66.60 6% 474 0% <1% 7% 10x 9x n/m 7 Coca-Cola / KO 149,353 64.32 10% 373 0% <1% 5% 18x 17x 9.5x 8 Goldman Sachs / GS 85,209 166.67 15% 142 0% <1% 5% 12x 9x 1.4x 9 Reynolds American / RAI 18,821 32.28 9% 660 0% <1% 5% 13x 12x n/m 10 SPDR Gold Trust / GLD 55,722 132.20 3% 131 0% <1% 4% n/a n/a 1.5x

New Positions Sold Out Positions Potash / POT None Portfolio Metrics * Sector Weightings *









Financial37%


23%

Energy16%

Other24%




WL Ross & Co. (Wilbur Ross) Wilbur Ross, born in 1937, has become well-known for restructuring failed companies in a variety of industries. He has been a leveraged buyout and distressed investor in steel, coal, telecom, financial and other companies. MOI Signal Rank™ – Top Current Ideas of WL Ross & Co.

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 EXCO Resources / XCO 3,860 18.18 22% 1,864 new <1% 7% 25x 22x 2.8x 2 Sun Bancorp NJ / SNBC 211 4.19 -18% 1,813 new 4% 1% n/m n/m 1.3x 3 Cooper Tire & Rubber / CTB 1,333 21.67 10% 530 36% <1% 2% 9x 9x 3.0x 4 Jo-Ann Stores / JAS 1,200 44.42 0% 195 13% <1% 2% 13x 11x 2.1x 5 Assured Guaranty / AGO 3,094 16.84 -2% 16,016 0% 9% 52% 5x 5x .7x 6 Plains Exploration / PXP 4,168 29.74 12% 93 new <1% <1% 26x 18x 1.5x 7 International Coal / ICO 1,429 7.01 32% 24,537 0% 12% 33% 25x 12x 1.9x 8 Key Energy Services / KEG 1,294 10.30 8% 571 >100% <1% 1% n/m 19x 3.3x 9 Innophos / IPHS 761 35.47 7% 83 18% <1% <1% 13x 11x 3.3x 10 Lear / LEA 4,479 88.16 12% 69 4% <1% 1% 11x 10x 2.6x

Top Holdings of WL Ross & Co. – By Dollar Value

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Sep. 30 ('000) Jun. 30 Co. Fund* FY FY Book 1 Assured Guaranty / AGO 3,094 16.84 -2% 16,016 0% 9% 52% 5x 5x .7x 2 International Coal / ICO 1,429 7.01 32% 24,537 0% 12% 33% 25x 12x 1.9x 3 EXCO Resources / XCO 3,860 18.18 22% 1,864 new <1% 7% 25x 22x 2.8x 4 Cooper Tire & Rubber / CTB 1,333 21.67 10% 530 36% <1% 2% 9x 9x 3.0x 5 Jo-Ann Stores / JAS 1,200 44.42 0% 195 13% <1% 2% 13x 11x 2.1x 6 Sun Bancorp NJ / SNBC 211 4.19 -18% 1,813 new 4% 1% n/m n/m 1.3x 7 Lear / LEA 4,479 88.16 12% 69 4% <1% 1% 11x 10x 2.6x 8 Key Energy Services / KEG 1,294 10.30 8% 571 >100% <1% 1% n/m 19x 3.3x 9 Innophos / IPHS 761 35.47 7% 83 18% <1% <1% 13x 11x 3.3x 10 Plains Exploration / PXP 4,168 29.74 12% 93 new <1% <1% 26x 18x 1.5x

New Positions Sold Out Positions EXCO Resources / XCO Plains Exploration / PXP Sun Bancorp NJ / SNBC

None










Financial53%

Energy41%

Consumer Cyclical

3%Other2%


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