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PORTFOLIO MANAGER’S REVIEW

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A Monthly Publication of BeyondProxy LLC August 27, 2010 Subscribe at www.manualofideas.com

When asked how he became so successful, Buffett answered: “we read hundreds and hundreds of annual reports every year.”

Edited by the

Manual of Ideas Research Team

“If our efforts can further the goals of our members by giving them a discernible edge over other market participants, we have succeeded.”

Top Five Ideas In This Report

African Barrick Gold (UK: ABG) ……………………… p. 66 Chesapeake Energy (NYSE: CHK) ………………….. p. 78 Ensco (NYSE: ESV) ………………….. p. 82 NCR (NYSE: NCR) ………………… p. 102 Vodafone (UK: VOD, Nasdaq: VOD) ….. p. 118

Also Inside

Editor’s Commentary …………….. p. 5 Interview: Ken Shubin Stein ……. p. 9 Portfolios with Signal Value™ … p. 14 New/Increased Holdings ………. p. 66 Unchanged/Offsetting Holdings p. 126 100 Superinvestor Stocks …….. p. 146 Favorite Value Screens ……….. p. 162

Top 10 Online Resources ……… p. 172

About Portfolio Manager’s Review

Our goal is to bring you investment ideas that are compelling on the basis of value versus price. In our quest for value, we analyze the top holdings of top fund managers. We also use a proprietary methodology to identify stocks that are not widely followed by institutional investors. Our research team has extensive experience in industry and security analysis, equity valuation, and investment management. We bring a “buy side” mindset to the idea generation process, cutting across industries and market capitalization ranges in our search for compelling equity investment opportunities.

THE SUPERINVESTOR REPORT

► Snapshot of 100 companies owned by superinvestors

► Latest holdings of 50+ top investors, including MOI’s proprietary Signal Value™ idea ranking

► 20 companies profiled by MOI research team ► Proprietary selection of Top 5 candidates for investment

► Plus: Favorite stock screens for value investors ► Plus: Exclusive interview with Ken Shubin Stein

Superinvestor companies mentioned in this issue include African Barrick Gold, American Capital, American International Group,

Aon Corp., Apollo Group, Apple, Arris Group, Automatic Data Processing, Bally Technologies, Bank of America, Bank of NY Mellon, Baxter, BP,

Broadridge Financial, Canadian Natural Resources, CF Industries, Chesapeake Energy, Citigroup, Coca-Cola, Coca-Cola Enterprises, Cooper Tire & Rubber, Corning, Covidien, DaVita, Dell, DIRECTV,

Discovery Communications, Dollar Tree, eBay, Ensco, Enstar Group, Estee Lauder, Fiserv, Franklin Resources, GameStop, General Electric,

Goldman Sachs, Google, H&R Block, Hess, Innophos, Intel, Ituran Location, Jo-Ann Stores, Johnson & Johnson, JPMorgan Chase,

Key Energy Services, Kraft Foods, Leap Wireless, Liberty Media Interactive, Life Technologies, Lincare, Live Nation, Lowe's, Macquarie Infrastructure,

Macy's, MasterCard, MBIA, McClatchy, McDonald's, Merck, Microsoft, Nalco Holding, NCR Corp., News Corp., Novartis, Ocwen Financial, Oracle,

Pfizer, Philip Morris, Pinnacle Airlines, Potash, Pride International, Redwood Trust, Republic Airways, Reynolds American, Sears Holdings, Service Corp. International, Smurfit-Stone, Sprint Nextel, SuperMedia, Symantec, Target, Tennessee Commerce Banc, Teva Pharmaceuticals, Time Warner, Transocean, TravelCenters, Tree.com, Tyco International, U.S. Bancorp, Union Pacific, Viacom, ViaSat, Visa, Vodafone, Wal-Mart,

Walt Disney, Washington Post, Wells Fargo, Xerium Technologies, Xerox, Yum! Brands, and more.

(profiled companies are underlined)

© 2008-2010 by BeyondProxy LLC. All rights reserved. SUBSCRIBE TODAY! www.manualofideas.com August 27, 2010 – Page 3 of 175

Table of Contents

EDITOR’S COMMENTARY .............................................................................5

EXCLUSIVE INTERVIEW WITH KEN SHUBIN STEIN ..................................9

50+ PORTFOLIOS WITH SIGNAL VALUE™ .............................................. 14 AKRE CAPITAL (CHUCK AKRE) ................................................................................................ 15 APPALOOSA (DAVID TEPPER) ................................................................................................. 16 BARES CAPITAL (BRIAN BARES).............................................................................................. 17 BAUPOST (SETH KLARMAN) .................................................................................................... 18 BERKSHIRE HATHAWAY (WARREN BUFFETT) ........................................................................... 19 BLUE RIDGE (JOHN GRIFFIN) .................................................................................................. 20 BP CAPITAL (BOONE PICKENS)............................................................................................... 21 BRAVE WARRIOR (GLENN GREENBERG) .................................................................................. 22 BREEDEN CAPITAL (RICHARD BREEDEN) ................................................................................. 23 CENTAUR CAPITAL (ZEKE ASHTON) ........................................................................................ 24 CHILDREN’S INVESTMENT (CHRIS HOHN) ................................................................................. 25 CHOU ASSOCIATES (FRANCIS CHOU) ...................................................................................... 26 CLARIUM (PETER THIEL) ........................................................................................................ 27 EAGLE (BOYKIN CURRY) ........................................................................................................ 28 EDINBURGH PARTNERS (SANDY NAIRN) .................................................................................. 29 ESL INVESTMENTS (EDDIE LAMPERT) ..................................................................................... 30 FAIRFAX (PREM WATSA) ........................................................................................................ 31 FAIRHOLME (BRUCE BERKOWITZ) ........................................................................................... 32 FIRST PACIFIC (BOB RODRIGUEZ AND STEVEN ROMICK) ........................................................... 33 GATES CAPITAL (JEFF GATES) ............................................................................................... 34 GLENVIEW (LARRY ROBBINS) ................................................................................................. 35 GREENLIGHT (DAVID EINHORN) .............................................................................................. 36 GRUSS (HOWARD GUBERMAN) ............................................................................................... 37 H PARTNERS (REHAN JAFFER) ............................................................................................... 38 HARBINGER (PHIL FALCONE) .................................................................................................. 39 HAWKSHAW (KIAN GHAZI) ...................................................................................................... 40 ICAHN CAPITAL (CARL ICAHN) ................................................................................................. 41 KLEINHEINZ CAPITAL (JOHN KLEINHEINZ) ................................................................................ 42 LANE FIVE (LISA RAPUANO) .................................................................................................... 43 LEUCADIA (IAN CUMMING AND JOE STEINBERG) ....................................................................... 44 LONE PINE (STEVE MANDEL) .................................................................................................. 45 MARKEL GAYNER (TOM GAYNER) ........................................................................................... 46 MAVERICK (LEE AINSLE) ........................................................................................................ 47 MHR (MARK RACHESKY) ....................................................................................................... 48 MSD CAPITAL (GLENN FUHRMAN AND JOHN PHELAN) .............................................................. 49 PABRAI FUNDS (MOHNISH PABRAI) ......................................................................................... 50 PAULSON & CO. (JOHN PAULSON) .......................................................................................... 51 PENNANT (ALAN FOURNIER) ................................................................................................... 52 PERSHING SQUARE (BILL ACKMAN) ........................................................................................ 53 SAGEVIEW (ED GILHULY AND SCOTT STUART) ......................................................................... 54 SCOUT (JAMES CRICHTON) .................................................................................................... 55 SECOND CURVE (TOM BROWN) .............................................................................................. 56 SHUMWAY CAPITAL (CHRIS SHUMWAY) ................................................................................... 57 SOUTHEASTERN (MASON HAWKINS) ....................................................................................... 58 THIRD POINT (DAN LOEB)....................................................................................................... 59 TIGER GLOBAL (CHASE COLEMAN) ......................................................................................... 60 VIKING GLOBAL (ANDREAS HALVORSEN) ................................................................................. 61 WEITZ FUNDS (WALLY WEITZ) ................................................................................................ 62 WEST COAST (LANCE HELFERT AND PAUL ORFALEA) ............................................................... 63 WINTERGREEN (DAVID WINTERS) ........................................................................................... 64 WL ROSS & CO. (WILBUR ROSS) ........................................................................................... 65

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NEW OR INCREASED SUPERINVESTOR HOLDINGS ............................. 66 AFRICAN BARRICK GOLD (UK: ABG) – GREENLIGHT ......................................................... 66 AON CORP. (AON) – BREEDEN , FPA , SOUTHEASTERN , WEITZ ............................... 70 BALLY TECHNOLOGIES (BYI) – BREEDEN ............................................................................. 74 CHESAPEAKE ENERGY (CHK) – BP CAPITAL , ICAHN , SOUTHEASTERN ............................ 78 ENSCO (ESV) – BLUE RIDGE , EAGLE , GREENLIGHT , ICAHN ............................ 82 ESTEE LAUDER (EL) – LONE PINE , VIKING .................................................................... 86 GAMESTOP (GME) – CENTAUR .......................................................................................... 90 MBIA (MBI) – FAIRFAX , FAIRHOLME .......................................................................... 94 NALCO HOLDING (NLC) – BERKSHIRE , MSD ................................................................... 98 NCR CORP. (NCR) – GREENLIGHT ................................................................................ 102 SERVICE CORP. INTERNATIONAL (SCI) – SOUTHEASTERN ................................................... 106 TEVA PHARMA (TEVA) – BLUE RIDGE , EAGLE , MARKEL , MAVERICK ..................... 110 TREE.COM (TREE) – SECOND CURVE , WEITZ ................................................................ 114 VODAFONE (VOD) – CENTAUR , EAGLE , FPA , KLEINHEINZ , SOUTHEASTERN .... 118 XERIUM TECHNOLOGIES (XRM) – THIRD POINT ............................................................... 122

UNCHANGED OR OFFSETTING SUPERINVESTOR HOLDINGS .......... 126 AAPLE (AAPL) – BLUE RIDGE , GREENLIGHT , KLEINHEINZ , LONE PINE .................... 126 GOOGLE (GOOG) – BRAVE WARRIOR , GLENVIEW , MAVERICK , VIKING ................ 130 LIBERTY INTERACTIVE (LINTA) – EAGLE , SOUTHEASTERN , THIRD POINT , WEITZ ...... 134 SUPERMEDIA (SPMD) – APPALOOSA , FAIRFAX , PAULSON ........................................ 138 TRAVELCENTERS OF AMERICA (TA) – BARES , LEUCADIA ............................................... 142

SNAPSHOT OF 100 SUPERINVESTOR HOLDINGS ............................... 146 IN ALPHABETICAL ORDER ..................................................................................................... 146 BY MARKET VALUE .............................................................................................................. 148 BY SECTOR ......................................................................................................................... 150 STOCK PRICE PERFORMANCE .............................................................................................. 152 FREE CASH FLOW ............................................................................................................... 154 P/E MULTIPLES ................................................................................................................... 156 PERCENTILE RANK WITHIN INDUSTRY .................................................................................... 158 LATEST EARNINGS SURPRISES ............................................................................................. 160

FAVORITE STOCK SCREENS FOR VALUE INVESTORS ...................... 162 “MAGIC FORMULA,” BASED ON TRAILING OPERATING INCOME ................................................. 163 “MAGIC FORMULA,” BASED ON THIS YEAR’S EPS ESTIMATES ................................................. 164 “MAGIC FORMULA,” BASED ON NEXT YEAR’S EPS ESTIMATES ................................................ 165 CONTRARIAN: BIGGEST YTD LOSERS (DELEVERAGED & PROFITABLE) ..................................... 166 VALUE WITH CATALYST: CHEAP REPURCHASERS OF STOCK ................................................... 167 PROFITABLE DIVIDEND PAYORS WITH DECENT BALANCE SHEETS............................................ 168 DEEP VALUE: LOTS OF REVENUE, LOW ENTERPRISE VALUE ................................................... 169 DEEP VALUE: NEGLECTED GROSS PROFITEERS .................................................................... 170 ACTIVIST TARGETS: POTENTIAL SALES, LIQUIDATIONS OR RECAPS ......................................... 171

THIS MONTH’S TOP 10 WEB LINKS ....................................................... 172



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.

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 • 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 • 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 • Chris Shumway, Shumway Capital • David Tepper, Appaloosa • Peter Thiel, Clarium • Prem Watsa, Fairfax • Wally Weitz, Weitz Funds • David Winters, Wintergreen



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Dollar Tree / DLTR 5,665 44.62 7% 611 >100% <1% 8% 15x 13x 4.5x 2 Markel / MKL 3,188 326.27 -4% 115 7% 1% 11% 22x 19x 1.4x 3 Enstar Group / ESGR 973 70.35 6% 396 20% 3% 8% 7x 6x 1.2x 4 Lamar Advertising / LAMR 2,610 28.28 15% 1,138 29% 1% 9% n/m n/m n/m 5 Ross Stores / ROST 6,082 49.81 -7% 429 95% <1% 6% 12x 11x 4.8x 6 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 0 69% <1% 4% 19x 18x 2.1x 7 TradeStation / TRAD 234 5.77 -15% 300 >100% <1% <1% 20x 17x 1.4x 8 First Fin. Holdings / FFCH 166 10.06 -12% 20 new <1% <1% n/m 35x .6x 9 Greenlight Re / GLRE 833 22.84 -9% 27 new <1% <1% n/a n/a 1.2x 10 Fox Chase Bancorp / FXCB 136 9.35 -2% 100 new <1% <1% 43x 24x .7x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 American Tower / AMT 19,026 47.43 7% 1,070 -1% <1% 14% 55x 43x n/m 2 Markel / MKL 3,188 326.27 -4% 115 7% 1% 11% 22x 19x 1.4x 3 Lamar Advertising / LAMR 2,610 28.28 15% 1,138 29% 1% 9% n/m n/m n/m 4 Enstar Group / ESGR 973 70.35 6% 396 20% 3% 8% 7x 6x 1.2x 5 Dollar Tree / DLTR 5,665 44.62 7% 611 >100% <1% 8% 15x 13x 4.5x 6 O'Reilly Automotive / ORLY 6,636 47.82 1% 473 -1% <1% 6% 17x 15x 3.1x 7 Ross Stores / ROST 6,082 49.81 -7% 429 95% <1% 6% 12x 11x 4.8x 8 Hartford Financial / HIG 8,944 20.13 -9% 808 -1% <1% 5% 9x 5x .5x 9 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 0 69% <1% 4% 19x 18x 2.1x 10 FactSet Research / FDS 3,483 75.19 12% 164 -27% <1% 4% 24x 22x >9.9x

New Positions Sold Out Positions Becton Dickinson / BDX Ensco / ESV First Fin. Holdings / FFCH

Fox Chase Bancorp / FXCB Greenlight Re / GLRE W.R. Berkley / WRB

CarMax / KMX Entertainment Prop. / EPR

Portfolio Metrics * Sector Weightings *

Portfolio size $351 million

Top 10 as % of portfolio 75%

Median market value $3.8 billion

Average market value $20 billion

Median P/E (this FY) 17x

Median P/E (next FY) 15x

Median P / tangible book 1.7x

* 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.

Services53%

Financial41%

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Pfizer / PFE 128,413 15.92 12% 11,344 76% <1% 7% 7x 7x n/m 2 MPG Office Trust / MPG 126 2.63 -10% 4,047 new 8% <1% 19x 10x n/m 3 Merck / MRK 107,393 34.44 -2% 3,843 >100% <1% 5% 10x 9x >9.9x 4 Banco Santander / STD 96,360 11.71 12% 754 new <1% <1% 9x 7x 2.1x 5 Royal Bank Scotland / RBS 40,896 14.11 17% 12,035 7% <1% 6% n/a n/a .4x 6 Macy's / M 8,854 20.97 17% 4,838 new 1% 4% 11x 10x >9.9x 7 Con-way / CNW 1,503 27.61 -8% 633 35% 1% <1% 30x 14x 3.3x 8 SuperMedia / SPMD 185 11.94 -35% 495 -1% 3% <1% 2x 7x n/m 9 Strategic Hotels / BEE 586 3.87 -12% 1,238 17% <1% <1% n/m n/m 1.8x 10 Continental Airlines / CAL 3,051 21.74 -1% 644 22% <1% <1% 7x 5x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Bank of America / BAC 129,136 12.87 -10% 27,350 -10% <1% 13% 14x 8x 1.2x 2 Citigroup / C 108,651 3.75 0% 57,783 -7% <1% 8% 10x 8x .9x 3 Wells Fargo / WFC 128,742 24.60 -4% 7,901 -12% <1% 7% 12x 9x 2.2x 4 AIG / AIG 23,467 35.17 2% 5,467 -27% <1% 7% 5x 8x >9.9x 5 Pfizer / PFE 128,413 15.92 12% 11,344 76% <1% 7% 7x 7x n/m 6 Royal Bank Scotland / RBS 40,896 14.11 17% 12,035 7% <1% 6% n/a n/a .4x 7 Fifth Third Bancorp / FITB 9,206 11.56 -6% 12,696 -25% 2% 5% 31x 12x 1.3x 8 Merck / MRK 107,393 34.44 -2% 3,843 >100% <1% 5% 10x 9x >9.9x 9 Hartford Financial / HIG 8,944 20.13 -9% 6,181 -6% 1% 5% 9x 5x .5x 10 SunTrust Banks / STI 11,998 24.00 3% 4,739 -14% <1% 4% n/m 29x 1.2x

New Positions Sold Out Positions Banco Santander / STD CF Industries / CF Macy's / M MPG Office Trust / MPG

American Commercial / ACLI MPG Office Trust / MPG NRG Energy / NRG Office Depot / ODP Valassis Comms / VCI XL Capital / XL


Portfolio size $2.7 billion








Financial62%

Health Care15%

Services7%

Other17%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Interactive Intell. / ININ 248 14.15 -14% 2,491 0% 14% 14% 15x 13x 3.2x 2 International Assets / IAAC 295 16.74 5% 2,269 15% 13% 15% 19x 19x 1.3x 3 Hallmark Financial / HALL 171 8.51 -14% 2,033 0% 10% 7% 15x 9x 1.1x 4 Stratasys / SSYS 446 21.67 -12% 857 0% 4% 7% 39x 28x 3.4x 5 Winmark / WINA 154 30.72 -8% 845 0% 17% 10% 19x 17x 9.2x 6 Tandy Leather / TLF 44 4.27 3% 1,643 0% 16% 3% n/a n/a 1.7x 7 Utah Medical / UTMD 92 25.33 2% 330 0% 9% 3% n/a n/a 2.9x 8 HEICO Corp. / HEI 1,202 36.51 2% 103 >100% <1% 1% 25x 21x >9.9x 9 Stamps.com / STMP 158 11.09 8% 1,026 0% 7% 4% 15x 14x 2.4x 10 BIDZ.com / BIDZ 30 1.54 -1% 1,483 0% 8% <1% n/m 15x .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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 International Assets / IAAC 295 16.74 5% 2,269 15% 13% 15% 19x 19x 1.3x 2 Interactive Intell. / ININ 248 14.15 -14% 2,491 0% 14% 14% 15x 13x 3.2x 3 Winmark / WINA 154 30.72 -8% 845 0% 17% 10% 19x 17x 9.2x 4 Stratasys / SSYS 446 21.67 -12% 857 0% 4% 7% 39x 28x 3.4x 5 Hallmark Financial / HALL 171 8.51 -14% 2,033 0% 10% 7% 15x 9x 1.1x 6 Stamps.com / STMP 158 11.09 8% 1,026 0% 7% 4% 15x 14x 2.4x 7 American Dental / ADPI 173 10.96 -9% 905 -10% 6% 4% 10x 10x n/m 8 Rentrak / RENT 246 22.57 -7% 437 -11% 4% 4% 29x 17x 6.4x 9 Utah Medical / UTMD 92 25.33 2% 330 0% 9% 3% n/a n/a 2.9x 10 Tandy Leather / TLF 44 4.27 3% 1,643 0% 16% 3% n/a n/a 1.7x

New Positions Sold Out Positions Colfax / CFX None Portfolio Metrics * Sector Weightings *









Financial37%

Technology25%

Services20%

Other18%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Enzon Pharma / ENZN 636 10.50 -1% 10,176 11% 17% 7% 62x n/m 1.7x 2 ViaSat / VSAT 1,396 34.40 6% 9,972 15% 25% 24% 20x 20x 2.4x 3 Theravance / THRX 1,031 14.00 11% 13,000 0% 18% 13% n/m n/m n/m 4 Multimedia Games / MGAM 102 3.71 -18% 2,600 0% 9% <1% n/m 25x 1.5x 5 Ituran Location / ITRN 320 13.65 -9% 1,721 0% 7% 2% 14x 13x 2.6x 6 Alliance One / AOI 311 3.48 -2% 8,800 0% 10% 2% 5x n/a .9x 7 Energy XXI / EXXI 883 17.44 11% 265 new <1% <1% 65x 29x 2.1x 8 Solar Capital / SLRC 659 19.87 3% 2,011 0% 6% 3% 9x 8x .9x 9 CapitalSource / CSE 1,616 5.00 5% 20,278 0% 6% 7% n/m 15x .9x 10 Syneron Medical / ELOS 292 8.20 -20% 1,500 0% 4% <1% n/m n/m 1.3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 ViaSat / VSAT 1,396 34.40 6% 9,972 15% 25% 24% 20x 20x 2.4x 2 News Corp. / NWSA 33,368 12.73 6% 19,050 -18% <1% 17% 12x 10x >9.9x 3 Theravance / THRX 1,031 14.00 11% 13,000 0% 18% 13% n/m n/m n/m 4 BreitBurn Energy / BBEP 913 17.13 15% 8,291 -2% 16% 10% 14x 16x .7x 5 Domtar / UFS 2,614 61.00 24% 1,825 -32% 4% 8% 7x 10x 1.0x 6 Enzon Pharma / ENZN 636 10.50 -1% 10,176 11% 17% 7% 62x n/m 1.7x 7 CapitalSource / CSE 1,616 5.00 5% 20,278 0% 6% 7% n/m 15x .9x 8 ADC Telecom / ADCT 1,225 12.62 70% 5,662 13% 6% 5% 24x 17x 3.6x 9 Solar Capital / SLRC 659 19.87 3% 2,011 0% 6% 3% 9x 8x .9x 10 Alliance One / AOI 311 3.48 -2% 8,800 0% 10% 2% 5x n/a .9x

New Positions Sold Out Positions Energy XXI / EXXI DIRECTV / DTV Portfolio Metrics * Sector Weightings *, **



Median market value $972 million

Average market value $5.0 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.

Technology29%

Health Care21%

Services21%

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Wells Fargo / WFC 128,742 24.60 -4% 325,791 2% 6% 17% 12x 9x 2.2x 2 Washington Post / WPO 3,187 347.68 -15% 1,728 0% 19% 1% 13x 11x 3.2x 3 Comdisco / CDCO 35 8.79 -2% 1,538 0% 38% <1% n/a n/a .8x 4 Wesco Financial / WSC 2,321 326.00 1% 5,703 0% 80% 4% 30x 27x 1.0x 5 USG / USG 1,228 12.34 2% 17,072 0% 17% <1% n/m n/m 1.9x 6 American Express / AXP 49,043 40.76 3% 151,611 0% 13% 13% 12x 11x 3.4x 7 Moody's / MCO 5,087 21.71 9% 30,784 0% 13% 1% 12x 11x n/m 8 Coca-Cola / KO 127,713 55.30 10% 200,000 0% 9% 23% 16x 15x 9.5x 9 Johnson & Johnson / JNJ 161,796 58.74 -1% 41,320 73% 2% 5% 12x 12x 7.4x 10 U.S. Bancorp / USB 41,679 21.74 -3% 69,039 0% 4% 3% 13x 10x 2.9x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Coca-Cola / KO 127,713 55.30 10% 200,000 0% 9% 23% 16x 15x 9.5x 2 Wells Fargo / WFC 128,742 24.60 -4% 325,791 2% 6% 17% 12x 9x 2.2x 3 American Express / AXP 49,043 40.76 3% 151,611 0% 13% 13% 12x 11x 3.4x 4 Procter & Gamble / PG 170,252 59.98 0% 78,071 -1% 3% 10% 15x 14x n/m 5 Kraft Foods / KFT 50,752 29.10 4% 105,215 -1% 6% 6% 14x 13x n/m 6 Johnson & Johnson / JNJ 161,796 58.74 -1% 41,320 73% 2% 5% 12x 12x 7.4x 7 Wal-Mart / WMT 186,299 50.22 4% 39,037 0% 1% 4% 13x 11x 3.8x 8 Wesco Financial / WSC 2,321 326.00 1% 5,703 0% 80% 4% 30x 27x 1.0x 9 ConocoPhillips / COP 82,285 53.89 10% 29,110 -15% 2% 3% 9x 8x 1.4x 10 U.S. Bancorp / USB 41,679 21.74 -3% 69,039 0% 4% 3% 13x 10x 2.9x

New Positions Sold Out Positions Fiserv / FISV None Portfolio Metrics * Sector Weightings *, **

Portfolio size $48 billion


Median market value $29 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

40%

Financial38%

Services10%

Other12%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Apple / AAPL 228,062 249.64 -1% 1,897 36% <1% 8% 17x 14x 5.4x 2 JPMorgan Chase / JPM 147,266 37.14 1% 11,933 24% <1% 7% 10x 8x 1.5x 3 Gold Miners ETF / GDX 6,187 51.28 -1% 5,148 0% 4% 4% n/a n/a 1.1x 4 Discovery Comms / DISCA 10,765 37.82 6% 7,148 0% 3% 4% 21x 18x n/m 5 Xinyuan Real Estate / XIN 198 2.61 10% 13,953 0% 18% <1% 4x 3x .4x 6 Dollar Tree / DLTR 5,665 44.62 7% 3,795 43% 3% 3% 15x 13x 4.5x 7 Genpact / G 2,973 13.55 -13% 2,040 new <1% <1% n/a n/a 4.3x 8 J. Crew / JCG 2,196 34.41 -7% 1,490 new 2% <1% 14x 13x 5.1x 9 Wells Fargo / WFC 128,742 24.60 -4% 1,275 new <1% <1% 12x 9x 2.2x 10 Primerica / PRI 1,529 21.03 n/m 447 new <1% <1% 11x 10x 1.2x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Apple / AAPL 228,062 249.64 -1% 1,897 36% <1% 8% 17x 14x 5.4x 2 JPMorgan Chase / JPM 147,266 37.14 1% 11,933 24% <1% 7% 10x 8x 1.5x 3 Amazon.com / AMZN 57,214 127.76 17% 2,123 -2% <1% 4% 49x 36x >9.9x 4 Discovery Comms / DISCA 10,765 37.82 6% 7,148 0% 3% 4% 21x 18x n/m 5 Gold Miners ETF / GDX 6,187 51.28 -1% 5,148 0% 4% 4% n/a n/a 1.1x 6 Crown Castle / CCI 11,786 40.60 9% 6,384 -6% 2% 4% n/m >99x n/m 7 Citrix Systems / CTXS 11,069 59.21 40% 3,815 59% 2% 4% 31x 27x 9.1x 8 McDonald's / MCD 77,782 73.08 11% 2,890 -25% <1% 4% 16x 15x 7.3x 9 Western Union / WU 10,522 15.94 7% 12,275 0% 2% 3% 12x 11x n/m 10 Dollar Tree / DLTR 5,665 44.62 7% 3,795 43% 3% 3% 15x 13x 4.5x

New Positions Sold Out Positions Ensco / ESV Genpact / G Goldman Sachs / GS Golub Capital / GBDC J. Crew / JCG Kroger / KR Liberty Global / LBTYA

MGIC Investment / MTG Pfizer / PFE PMI Group / PMI Primerica / PRI Starwood Hotels / HOT Theravance / THRX Wells Fargo / WFC

American Capital / ACAS Apollo Group / APOL Boston Scientific / BSX Green Mtn Coffee / GMCR Iberiabank / IBKC iShares Silver Trust / SLV Netflix / NFLX










Financial37%

Services33%

Technology20%

Other11%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Hess / HES 16,828 51.24 2% 284 >100% <1% 5% 11x 9x 1.3x 2 Suncor Energy / SU 48,631 31.13 6% 553 48% <1% 6% 19x 13x 1.6x 3 Anadarko Petroleum / APC 24,103 48.70 35% 314 >100% <1% 5% 25x 20x 1.6x 4 Devon Energy / DVN 27,031 62.14 2% 190 new <1% 4% 10x 10x 2.5x 5 Transatlantic / TRH 3,021 47.39 -1% 2,000 0% 3% 33% 9x 7x .7x 6 Chesapeake Energy / CHK 13,335 20.38 -3% 590 >100% <1% 4% 7x 7x 1.1x 7 SandRidge Energy / SD 1,738 4.29 -26% 1,889 5% <1% 3% 11x 13x n/m 8 Southwestern Energy / SWN 11,667 33.71 -13% 190 new <1% 2% 18x 15x 4.4x 9 EnCana / ECA 20,393 27.70 -9% 190 new <1% 2% 21x 20x 1.3x 10 Quicksilver Resource / KWK 1,995 11.71 6% 600 new <1% 2% 16x 19x 2.6x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Transatlantic / TRH 3,021 47.39 -1% 2,000 0% 3% 33% 9x 7x .7x 2 Suncor Energy / SU 48,631 31.13 6% 553 48% <1% 6% 19x 13x 1.6x 3 Anadarko Petroleum / APC 24,103 48.70 35% 314 >100% <1% 5% 25x 20x 1.6x 4 Hess / HES 16,828 51.24 2% 284 >100% <1% 5% 11x 9x 1.3x 5 McMoRan Exploration / MMR 1,082 11.63 5% 1,120 -6% 1% 4% n/m n/m 5.7x 6 Weatherford / WFT 11,216 15.19 16% 854 -6% <1% 4% 27x 13x 2.4x 7 Chesapeake Energy / CHK 13,335 20.38 -3% 590 >100% <1% 4% 7x 7x 1.1x 8 Devon Energy / DVN 27,031 62.14 2% 190 new <1% 4% 10x 10x 2.5x 9 Smith International / SII 9,754 39.24 4% 295 -5% <1% 4% 35x 22x 5.8x 10 SandRidge Energy / SD 1,738 4.29 -26% 1,889 5% <1% 3% 11x 13x n/m

New Positions Sold Out Positions Apache / APA Chevron / CVX Devon Energy / DVN EnCana / ECA Fluor / FLR Massey Energy / MEE

Murphy Oil / MUR Oceaneering / OII Plains Exploration / PXP Quicksilver Resource / KWK Southwestern Energy / SWN

Transocean / RIG

Portfolio Metrics * Sector Weightings *, **








* 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.

Energy66%

Financial33%

Capital Goods2%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Google / GOOG 147,249 462.02 4% 252 88% <1% 12% 17x 15x 4.3x 2 MasterCard / MA 27,005 206.37 3% 231 new <1% 5% 15x 13x 7.8x 3 Broadridge Financial / BR 2,555 20.16 6% 2,361 new 2% 5% 13x 11x >9.9x 4 Fiserv / FISV 7,694 51.26 12% 1,079 new <1% 6% 13x 12x n/m 5 Arch Capital / ACGL 3,880 78.11 5% 731 68% 1% 6% 9x 9x 1.0x 6 Visa / V 58,890 70.10 -1% 359 new <1% 3% 18x 15x >9.9x 7 Star Gas Partners / SGU 298 4.35 0% 154 new <1% <1% n/a n/a 6.8x 8 Nicholas Financial / NICK 100 8.50 3% 29 new <1% <1% n/a n/a 1.0x 9 Freddie Mac / FMCC 227 0.35 -15% 72 0% <1% <1% n/a n/a .0x 10 Bank of America / BAC 129,136 12.87 -10% 15 0% <1% <1% 14x 8x 1.2x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Ryanair / RYAAY 8,648 29.14 8% 4,632 -2% 2% 14% 17x 13x 2.2x 2 Comcast / CMCSA 49,985 17.81 3% 7,513 -8% <1% 14% 14x 12x n/m 3 Google / GOOG 147,249 462.02 4% 252 88% <1% 12% 17x 15x 4.3x 4 Lab Corp. of America / LH 7,788 75.76 1% 1,532 -1% 1% 12% 14x 12x n/m 5 U.S. Bancorp / USB 41,679 21.74 -3% 5,126 -1% <1% 11% 13x 10x 2.9x 6 Lockheed Martin / LMT 26,535 73.20 -2% 1,323 -17% <1% 10% 10x 9x n/m 7 Arch Capital / ACGL 3,880 78.11 5% 731 68% 1% 6% 9x 9x 1.0x 8 Fiserv / FISV 7,694 51.26 12% 1,079 new <1% 6% 13x 12x n/m 9 MasterCard / MA 27,005 206.37 3% 231 new <1% 5% 15x 13x 7.8x 10 Broadridge Financial / BR 2,555 20.16 6% 2,361 new 2% 5% 13x 11x >9.9x

New Positions Sold Out Positions Broadridge Financial / BR Fiserv / FISV MasterCard / MA

Nicholas Financial / NICK Star Gas Partners / SGU Visa / V

Precision Castparts / PCP RenaissanceRe / RNR Varian Medical / VAR










Financial25%

Technology20%

Services19%

Other36%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Aon Corp. / AON 9,955 36.91 -1% 2,561 72% <1% 9% 11x 11x n/m 2 H&R Block / HRB 4,355 13.47 -14% 13,292 0% 4% 16% 9x 7x >9.9x 3 EMCOR Group / EME 1,542 23.24 0% 1,707 new 3% 4% 13x 11x 3.5x 4 Hillenbrand / HI 1,251 20.09 -6% 5,069 0% 8% 9% 11x 10x n/m 5 Steris / STE 1,753 29.42 -5% 5,067 0% 9% 14% 13x 12x 4.5x 6 Zale / ZLC 58 1.79 13% 9,071 0% 28% 1% n/m n/m .3x 7 SAIC / SAI 5,909 15.55 -7% 852 new <1% 1% 11x 10x >9.9x 8 Bally Technologies / BYI 1,797 33.04 2% 2,726 11% 5% 8% 15x 13x 5.2x 9 ValueClick / VCLK 864 10.56 -1% 280 new <1% <1% 17x 15x 3.8x 10 Dun & Bradstreet / DNB 3,402 67.97 1% 1,335 3% 3% 8% 12x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 H&R Block / HRB 4,355 13.47 -14% 13,292 0% 4% 16% 9x 7x >9.9x 2 Steris / STE 1,753 29.42 -5% 5,067 0% 9% 14% 13x 12x 4.5x 3 Helmerich & Payne / HP 3,844 36.33 -1% 3,617 -2% 3% 12% 15x 13x 1.4x 4 Hillenbrand / HI 1,251 20.09 -6% 5,069 0% 8% 9% 11x 10x n/m 5 Aon Corp. / AON 9,955 36.91 -1% 2,561 72% <1% 9% 11x 11x n/m 6 Dun & Bradstreet / DNB 3,402 67.97 1% 1,335 3% 3% 8% 12x 11x n/m 7 Bally Technologies / BYI 1,797 33.04 2% 2,726 11% 5% 8% 15x 13x 5.2x 8 Burger King / BKC 2,232 16.45 -2% 4,356 0% 3% 6% 12x 11x >9.9x 9 Raytheon / RTN 16,367 43.75 -10% 1,447 -6% <1% 6% 10x 8x n/m 10 EMCOR Group / EME 1,542 23.24 0% 1,707 new 3% 4% 13x 11x 3.5x

New Positions Sold Out Positions EMCOR Group / EME Fidelity National / FNF NASDAQ OMX / NDAQ

SAIC / SAI ValueClick / VCLK

Hill-Rom Holdings / HRC Pharma Product / PPDI










Services35%

Financial19%

Health Care14%

Other32%



Centaur Capital (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 Capital 1

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Broadridge Financial / BR 2,555 20.16 6% 200 new <1% 8% 13x 11x >9.9x 2 GameStop / GME 2,828 18.81 0% 225 >100% <1% 9% 7x 7x 3.9x 3 Vodafone / VOD 124,220 23.55 14% 170 42% <1% 8% 9x 9x 5.0x 4 DreamWorks / DWA 2,584 30.67 7% 75 new <1% 5% 17x 14x 2.4x 5 MVC Capital / MVC 307 12.62 -2% 313 0% 1% 8% 15x 19x .7x 6 American Eagle / AEO 2,681 13.05 11% 195 new <1% 5% 13x 12x 1.8x 7 Lab Corp. of America / LH 7,788 75.76 1% 60 0% <1% 9% 14x 12x n/m 8 Himax Tech / HIMX 410 2.32 -20% 940 new <1% 4% 13x 9x 1.1x 9 Terra Nova Royalty / TTT 221 7.31 -12% 257 >100% <1% 4% n/m 41x 1.1x 10 Adaptec / ADPT 331 2.75 -5% 268 new <1% 1% n/m n/a .8x

1 Excludes LEAPs and other option positions. Top Holdings of Centaur Capital – By Dollar Value 1

Market Price Shares Owned Holdings P/E (Est.) Price/ Value Recent ∆ from Recent ∆ from as % of This Next Tang. Company / Ticker ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Lab Corp. of America / LH 7,788 75.76 1% 60 0% <1% 9% 14x 12x n/m 2 GameStop / GME 2,828 18.81 0% 225 >100% <1% 9% 7x 7x 3.9x 3 Broadridge Financial / BR 2,555 20.16 6% 200 new <1% 8% 13x 11x >9.9x 4 Vodafone / VOD 124,220 23.55 14% 170 42% <1% 8% 9x 9x 5.0x 5 MVC Capital / MVC 307 12.62 -2% 313 0% 1% 8% 15x 19x .7x 6 Northrop Grumman / NOC 16,879 57.37 5% 67 9% <1% 8% 8x 9x n/m 7 American Eagle / AEO 2,681 13.05 11% 195 new <1% 5% 13x 12x 1.8x 8 Capital Southwest / CSWC 327 87.37 -1% 27 0% <1% 5% n/a n/a .7x 9 PetSmart / PETM 3,872 32.72 8% 71 -23% <1% 5% 17x 15x 3.4x 10 DreamWorks / DWA 2,584 30.67 7% 75 new <1% 5% 17x 14x 2.4x

1 Excludes LEAPs and other option positions.

New Positions Sold Out Positions Adaptec / ADPT American Eagle / AEO Broadridge Financial / BR DreamWorks / DWA Himax Tech / HIMX

Madison Sq. Garden / MSG Alleghany / Y AllianceBernstein / AB Annaly Capital / NLY Chipotle / CMG Duoyuan Printing / DYP

Exxon Mobil / XOM Fairfax Financial / FRFHF Fidelity National / FNF MIND C.T.I. / MNDO









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

Services51%

Financial18%

Technology12%

Other19%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Walt Disney / DIS 63,212 33.05 5% 17,777 new <1% 14% 16x 14x >9.9x 2 Viacom / VIA.B 19,266 31.68 1% 18,561 >100% 3% 14% 11x 10x n/m 3 Union Pacific / UNP 36,949 74.26 7% 11,410 4% 2% 20% 14x 12x 2.1x 4 WellPoint / WLP 19,943 49.89 2% 5,358 15% 1% 6% 8x 8x 8.3x 5 Co. Bebidas Americas / ABV 68,114 110.02 9% 459 0% <1% 1% 17x 16x >9.9x 6 Compass Minerals / CMP 2,354 71.87 2% 32 0% <1% <1% 14x 12x 9.6x 7 Lockheed Martin / LMT 26,535 73.20 -2% 3,579 -25% <1% 6% 10x 9x n/m 8 Oracle / ORCL 115,704 23.02 7% 13,790 -18% <1% 8% 12x 11x >9.9x 9 Moody's / MCO 5,087 21.71 9% 47 -15% <1% <1% 12x 11x n/m 10 Molson Coors / TAP 8,538 45.92 8% 6,677 -21% 4% 7% 13x 12x 6.5x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Union Pacific / UNP 36,949 74.26 7% 11,410 4% 2% 20% 14x 12x 2.1x 2 Visa / V 58,890 70.10 -1% 8,523 -45% 1% 14% 18x 15x >9.9x 3 Viacom / VIA.B 19,266 31.68 1% 18,561 >100% 3% 14% 11x 10x n/m 4 Walt Disney / DIS 63,212 33.05 5% 17,777 new <1% 14% 16x 14x >9.9x 5 Coca-Cola / KO 127,713 55.30 10% 6,093 -28% <1% 8% 16x 15x 9.5x 6 Oracle / ORCL 115,704 23.02 7% 13,790 -18% <1% 8% 12x 11x >9.9x 7 Molson Coors / TAP 8,538 45.92 8% 6,677 -21% 4% 7% 13x 12x 6.5x 8 WellPoint / WLP 19,943 49.89 2% 5,358 15% 1% 6% 8x 8x 8.3x 9 Lockheed Martin / LMT 26,535 73.20 -2% 3,579 -25% <1% 6% 10x 9x n/m 10 Co. Bebidas Americas / ABV 68,114 110.02 9% 459 0% <1% 1% 17x 16x >9.9x

New Positions Sold Out Positions Walt Disney / DIS MasterCard / MA

Time Warner / TWX










Services28%

Financial21%

Transportation20%

Other31%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Overstock.com / OSTK 321 13.90 -23% 2,220 0% 10% 10% 22x 15x >9.9x 2 Bank of America / BAC 129,136 12.87 -10% 1,200 new <1% 5% 14x 8x 1.2x 3 Sprint Nextel / S 12,505 4.19 -1% 6,123 0% <1% 8% n/m n/m n/m 4 Flagstone Re / FSR 797 10.21 -6% 1,500 0% 2% 5% n/a n/a .7x 5 Sears Holdings / SHLD 6,815 61.59 -5% 334 0% <1% 6% 24x 23x 1.7x 6 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 0 0% <1% 7% 19x 18x 2.1x 7 Nokia / NOK 34,042 9.09 12% 30 100% <1% <1% 13x 11x 5.5x 8 Vodafone / VOD 124,220 23.55 14% 10 new <1% <1% 9x 9x 5.0x 9 BP / BP 113,998 36.40 26% 10 new <1% <1% 6x 6x 1.8x 10 International Coal / ICO 1,009 4.95 29% 3,000 0% 1% 5% 20x 8x 1.4x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 King Pharma / KG 2,307 9.24 22% 6,728 -1% 3% 19% 14x 13x 1.9x 2 Biovail / BVF 3,565 22.48 17% 1,937 -9% 1% 14% 22x 20x n/m 3 Overstock.com / OSTK 321 13.90 -23% 2,220 0% 10% 10% 22x 15x >9.9x 4 Watson Pharma / WPI 5,269 42.19 4% 635 -10% <1% 8% 12x 11x >9.9x 5 Sprint Nextel / S 12,505 4.19 -1% 6,123 0% <1% 8% n/m n/m n/m 6 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 0 0% <1% 7% 19x 18x 2.1x 7 Sears Holdings / SHLD 6,815 61.59 -5% 334 0% <1% 6% 24x 23x 1.7x 8 Bank of America / BAC 129,136 12.87 -10% 1,200 new <1% 5% 14x 8x 1.2x 9 Flagstone Re / FSR 797 10.21 -6% 1,500 0% 2% 5% n/a n/a .7x 10 International Coal / ICO 1,009 4.95 29% 3,000 0% 1% 5% 20x 8x 1.4x

New Positions Sold Out Positions Bank of America / BAC BP / BP Vodafone / VOD

RCN Corp. / RCNI Qwest Comms / Q









* 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%

Services31%

Financial17%

Other5%



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. 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Hewlett-Packard / HPQ 93,030 39.85 -8% 43 6% <1% 20% 9x 8x >9.9x 2 Rosetta Stone / RST 368 17.86 -22% 50 0% <1% 10% 25x 15x 3.0x 3 Interactive Brokers / IBKR 690 16.34 -2% 90 13% <1% 17% 25x 14x 1.1x 4 Progressive Corp. / PGR 12,985 19.45 4% 81 0% <1% 18% 13x 12x 2.1x 5 McDonald's / MCD 77,782 73.08 11% 24 0% <1% 20% 16x 15x 7.3x 6 Intel / INTC 105,291 18.91 -3% 30 0% <1% 7% 9x 9x 2.6x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 McDonald's / MCD 77,782 73.08 11% 24 0% <1% 20% 16x 15x 7.3x 2 Hewlett-Packard / HPQ 93,030 39.85 -8% 43 6% <1% 20% 9x 8x >9.9x 3 Progressive Corp. / PGR 12,985 19.45 4% 81 0% <1% 18% 13x 12x 2.1x 4 Interactive Brokers / IBKR 690 16.34 -2% 90 13% <1% 17% 25x 14x 1.1x 5 Rosetta Stone / RST 368 17.86 -22% 50 0% <1% 10% 25x 15x 3.0x 6 Contango Oil & Gas / MCF 677 42.91 -4% 15 -40% <1% 7% 14x 9x 1.8x 7 Intel / INTC 105,291 18.91 -3% 30 0% <1% 7% 9x 9x 2.6x

New Positions Sold Out Positions None Axis Capital / AXS

Exxon Mobil / XOM Iconix Brand Group / ICON Trico Marine / TRMA









* 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.

Technology37%

Financial35%

Services20%

Other7%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Wal-Mart / WMT 186,299 50.22 4% 5,653 0% <1% 5% 13x 11x 3.8x 2 Coca-Cola / KO 127,713 55.30 10% 5,723 1% <1% 6% 16x 15x 9.5x 3 Praxair / PX 27,041 88.35 16% 3,416 3% 1% 5% 19x 17x 8.2x 4 3M / MMM 57,521 80.66 2% 2,824 9% <1% 4% 14x 13x 8.1x 5 Lowe's / LOW 29,371 20.64 1% 3,597 new <1% 1% 15x 12x 1.5x 6 Travelers / TRV 23,542 50.09 2% 6 new <1% <1% 9x 9x 1.1x 7 Microsoft / MSFT 209,676 24.23 5% 11,226 1% <1% 5% 10x 9x 6.4x 8 Ensco / ESV 5,936 41.51 6% 1,036 new <1% <1% 11x 10x 1.1x 9 UnitedHealth / UNH 35,538 31.61 11% 8,247 2% <1% 5% 9x 9x >9.9x 10 ConocoPhillips / COP 82,285 53.89 10% 6 new <1% <1% 9x 8x 1.4x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Comcast / CMCSA 49,985 17.81 3% 18,986 -1% <1% 6% 14x 12x n/m 2 Liberty Global / LBTYA 6,918 28.39 9% 11,771 -1% 5% 6% n/m n/m n/m 3 Coca-Cola / KO 127,713 55.30 10% 5,723 1% <1% 6% 16x 15x 9.5x 4 Praxair / PX 27,041 88.35 16% 3,416 3% 1% 5% 19x 17x 8.2x 5 Wal-Mart / WMT 186,299 50.22 4% 5,653 0% <1% 5% 13x 11x 3.8x 6 Microsoft / MSFT 209,676 24.23 5% 11,226 1% <1% 5% 10x 9x 6.4x 7 UnitedHealth / UNH 35,538 31.61 11% 8,247 2% <1% 5% 9x 9x >9.9x 8 Ecolab / ECL 11,070 47.45 6% 5,464 -4% 2% 5% 21x 19x >9.9x 9 Altera / ALTR 7,865 25.60 3% 9,927 -4% 3% 5% 11x 12x 4.9x 10 3M / MMM 57,521 80.66 2% 2,824 9% <1% 4% 14x 13x 8.1x

New Positions Sold Out Positions ConocoPhillips / COP Ensco / ESV Lowe's / LOW Travelers / TRV

Boeing / BA Costco Wholesale / COST CVS Caremark / CVS

DigitalGlobe / DGI DISH Network / DISH EOG Resources / EOG










Services33%


16%

Financial14%

Other37%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Applied Materials / AMAT 14,894 11.09 -8% 16,158 28% 1% 7% 12x 9x 2.6x 2 Petroleo Brasileiro / PBR 151,002 34.42 0% 7,040 3% <1% 10% n/a n/a 1.9x 3 Time Warner Cable / TWC 19,118 53.79 3% 5,469 0% 2% 12% 16x 13x n/m 4 ConocoPhillips / COP 82,285 53.89 10% 3,377 1% <1% 7% 9x 8x 1.4x 5 Bank of America / BAC 129,136 12.87 -10% 13,199 1% <1% 7% 14x 8x 1.2x 6 D.R. Horton / DHI 3,269 10.27 4% 16,862 2% 5% 7% 14x 19x 1.3x 7 General Electric / GE 160,689 15.03 4% 11,693 1% <1% 7% 14x 12x 4.0x 8 SK Telecom / SKM 10,592 16.17 10% 11,042 2% 2% 7% 9x 8x 3.4x 9 Franklin Resources / BEN 22,266 98.92 15% 1,784 0% <1% 7% 16x 14x 4.1x 10 Symantec / SYMC 10,893 13.80 -1% 11,157 1% 1% 6% 11x 9x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Time Warner Cable / TWC 19,118 53.79 3% 5,469 0% 2% 12% 16x 13x n/m 2 Petroleo Brasileiro / PBR 151,002 34.42 0% 7,040 3% <1% 10% n/a n/a 1.9x 3 Cisco Systems / CSCO 126,959 22.23 4% 10,125 -25% <1% 9% 13x 11x 5.2x 4 ConocoPhillips / COP 82,285 53.89 10% 3,377 1% <1% 7% 9x 8x 1.4x 5 Applied Materials / AMAT 14,894 11.09 -8% 16,158 28% 1% 7% 12x 9x 2.6x 6 SK Telecom / SKM 10,592 16.17 10% 11,042 2% 2% 7% 9x 8x 3.4x 7 Franklin Resources / BEN 22,266 98.92 15% 1,784 0% <1% 7% 16x 14x 4.1x 8 General Electric / GE 160,689 15.03 4% 11,693 1% <1% 7% 14x 12x 4.0x 9 D.R. Horton / DHI 3,269 10.27 4% 16,862 2% 5% 7% 14x 19x 1.3x 10 Bank of America / BAC 129,136 12.87 -10% 13,199 1% <1% 7% 14x 8x 1.2x

New Positions Sold Out Positions None Home Depot / HD Portfolio Metrics * Sector Weightings *









Technology29%

Services19%Energy

17%

Other34%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Genworth Financial / GNW 5,559 11.36 -13% 9,091 12% 2% 1% 11x 7x .5x 2 Capital One / COF 17,257 37.78 -6% 7,093 -22% 2% 3% 8x 9x 1.6x 3 Sears Holdings / SHLD 6,815 61.59 -5% 48,180 -22% 44% 39% 24x 23x 1.7x 4 Citigroup / C 108,651 3.75 0% 24,592 -21% <1% 1% 10x 8x .9x 5 CIT Group / CIT 7,618 38.04 12% 3,563 -21% 2% 2% 16x 15x .9x 6 AutoZone / AZO 10,017 213.07 10% 12,439 -36% 26% 35% 15x 13x n/m 7 AutoNation / AN 3,429 23.42 20% 62,227 -19% 43% 19% 16x 13x 5.2x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Sears Holdings / SHLD 6,815 61.59 -5% 48,180 -22% 44% 39% 24x 23x 1.7x 2 AutoZone / AZO 10,017 213.07 10% 12,439 -36% 26% 35% 15x 13x n/m 3 AutoNation / AN 3,429 23.42 20% 62,227 -19% 43% 19% 16x 13x 5.2x 4 Capital One / COF 17,257 37.78 -6% 7,093 -22% 2% 3% 8x 9x 1.6x 5 CIT Group / CIT 7,618 38.04 12% 3,563 -21% 2% 2% 16x 15x .9x 6 Genworth Financial / GNW 5,559 11.36 -13% 9,091 12% 2% 1% 11x 7x .5x 7 Citigroup / C 108,651 3.75 0% 24,592 -21% <1% 1% 10x 8x .9x

New Positions Sold Out Positions None Acxiom / ACXM

SLM Corp. / SLM Wells Fargo / WFC










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.” In recent years, Watsa’s firm successfully defended itself against short sellers who allegedly conspired to drive down the price of Fairfax stock and hurt the company’s business. 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Overstock.com / OSTK 321 13.90 -23% 3,389 0% 15% 2% 22x 15x >9.9x 2 Intel / INTC 105,291 18.91 -3% 11,500 new <1% 8% 9x 9x 2.6x 3 Kraft Foods / KFT 50,752 29.10 4% 10,150 2% <1% 11% 14x 13x n/m 4 Wells Fargo / WFC 128,742 24.60 -4% 14,074 0% <1% 13% 12x 9x 2.2x 5 U.S. Bancorp / USB 41,679 21.74 -3% 11,307 0% <1% 9% 13x 10x 2.9x 6 Johnson & Johnson / JNJ 161,796 58.74 -1% 6,884 0% <1% 16% 12x 12x 7.4x 7 International Coal / ICO 1,009 4.95 29% 45,156 0% 22% 9% 20x 8x 1.4x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Johnson & Johnson / JNJ 161,796 58.74 -1% 6,884 0% <1% 16% 12x 12x 7.4x 2 Wells Fargo / WFC 128,742 24.60 -4% 14,074 0% <1% 13% 12x 9x 2.2x 3 Kraft Foods / KFT 50,752 29.10 4% 10,150 2% <1% 11% 14x 13x n/m 4 Dell / DELL 23,636 12.07 0% 22,817 -1% 1% 11% 10x 8x >9.9x 5 U.S. Bancorp / USB 41,679 21.74 -3% 11,307 0% <1% 9% 13x 10x 2.9x 6 International Coal / ICO 1,009 4.95 29% 45,156 0% 22% 9% 20x 8x 1.4x 7 Intel / INTC 105,291 18.91 -3% 11,500 new <1% 8% 9x 9x 2.6x 8 Level 3 Comms / LVLT 1,781 1.07 -2% 139,276 0% 8% 6% n/m n/m n/m 9 Frontier Comms / FTR 7,658 7.72 9% 18,620 0% 2% 6% 15x 17x n/m

New Positions Sold Out Positions 1st Century Banc / FCTY Citigroup / C Consolidated Edison / ED Dominion Resources / D Duke Energy / DUK Everest Re / RE Intel / INTC MBIA / MBI Patterson-UTI Energy / PTEN

PG&E / PCG PPL Corp. / PPL Public Service / PEG Sempra Energy / SRE SLM Corp. / SLM Southern Company / SO Sybase / SY Xcel Energy / XEL

General Electric / GE Leucadia National / LUK









* 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.

Financial24%

Technology19%

Health Care16%

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Goldman Sachs / GS 76,435 148.24 13% 5,991 new 1% 8% 10x 8x 1.3x 2 AIG / AIG 23,467 35.17 2% 32,789 >100% 5% 11% 5x 8x >9.9x 3 MBIA / MBI 1,816 9.06 61% 22,736 new 11% 2% n/m n/m .7x 4 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 7 18% <1% 8% 19x 18x 2.1x 5 Citigroup / C 108,651 3.75 0% 237,323 4% <1% 8% 10x 8x .9x 6 RSC Holdings / RRR 675 6.52 6% 14,839 3% 14% <1% n/m 28x n/m 7 St. Joe / JOE 2,314 24.96 8% 26,799 0% 29% 6% n/m n/m 2.6x 8 Bank of America / BAC 129,136 12.87 -10% 54,093 38% <1% 6% 14x 8x 1.2x 9 Morgan Stanley / MS 36,209 25.92 12% 16,258 new 1% 4% 8x 8x 1.2x 10 BP / BP 113,998 36.40 26% 9,436 new <1% 3% 6x 6x 1.8x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 AIG / AIG 23,467 35.17 2% 32,789 >100% 5% 11% 5x 8x >9.9x 2 Citigroup / C 108,651 3.75 0% 237,323 4% <1% 8% 10x 8x .9x 3 Goldman Sachs / GS 76,435 148.24 13% 5,991 new 1% 8% 10x 8x 1.3x 4 Sears Holdings / SHLD 6,815 61.59 -5% 14,037 -5% 13% 8% 24x 23x 1.7x 5 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 7 18% <1% 8% 19x 18x 2.1x 6 Bank of America / BAC 129,136 12.87 -10% 54,093 38% <1% 6% 14x 8x 1.2x 7 St. Joe / JOE 2,314 24.96 8% 26,799 0% 29% 6% n/m n/m 2.6x 8 Humana / HUM 8,210 48.51 6% 13,106 -17% 8% 6% 8x 9x 1.9x 9 AmeriCredit / ACF 3,255 24.12 32% 24,709 -19% 18% 5% 14x 13x 1.4x 10 Regions Financial / RF 8,566 6.82 4% 71,912 -5% 6% 4% n/m 21x 1.1x

New Positions Sold Out Positions BP / BP Goldman Sachs / GS MBIA / MBI Morgan Stanley / MS

None










Financial68%

Services21%

Capital Goods4%

Other7%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Covidien / COV 19,104 38.09 -5% 3,209 33% <1% 3% 12x 11x >9.9x 2 Ensco / ESV 5,936 41.51 6% 7,980 6% 6% 8% 11x 10x 1.1x 3 Arrow Electronics / ARW 2,918 24.77 11% 5,111 2% 4% 3% 6x 6x 1.5x 4 Rowan Companies / RDC 2,890 25.21 15% 7,353 4% 6% 5% 10x 11x .9x 5 Occidental Petroleum / OXY 60,967 75.06 -3% 1,281 56% <1% 2% 14x 11x 2.0x 6 Aon Corp. / AON 9,955 36.91 -1% 2,880 44% 1% 3% 11x 11x n/m 7 SM Energy / SM 2,236 35.48 -12% 1,034 new 2% <1% 33x 28x 1.9x 8 Baker Hughes / BHI 16,817 39.01 -6% 1,976 new <1% 2% 21x 13x 2.7x 9 Lincare / LNCR 2,331 23.76 -27% 1,564 50% 2% <1% 13x 11x n/m 10 Seahawk Drilling / HAWK 87 7.33 -65% 194 -2% 2% <1% n/m n/m .2x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Ensco / ESV 5,936 41.51 6% 7,980 6% 6% 8% 11x 10x 1.1x 2 Rowan Companies / RDC 2,890 25.21 15% 7,353 4% 6% 5% 10x 11x .9x 3 Avnet / AVT 3,670 24.17 0% 5,701 -3% 4% 3% 7x 6x 1.5x 4 Arrow Electronics / ARW 2,918 24.77 11% 5,111 2% 4% 3% 6x 6x 1.5x 5 Covidien / COV 19,104 38.09 -5% 3,209 33% <1% 3% 12x 11x >9.9x 6 Signet Jewelers / SIG 2,391 27.95 2% 4,280 -7% 5% 3% n/a n/a 1.3x 7 Rosetta Resources / ROSE 1,028 19.48 -2% 5,880 -14% 11% 3% 30x 15x 2.0x 8 Aon Corp. / AON 9,955 36.91 -1% 2,880 44% 1% 3% 11x 11x n/m 9 Trinity Industries / TRN 1,385 17.37 -2% 5,903 -1% 7% 3% 24x 14x .9x 10 Occidental Petroleum / OXY 60,967 75.06 -3% 1,281 56% <1% 2% 14x 11x 2.0x

New Positions Sold Out Positions Anheuser-Busch / BUD Baker Hughes / BHI Devon Energy / DVN Johnson & Johnson / JNJ

SM Energy / SM Tidewater / TDW Transocean / RIG Travelers / TRV

None










Energy35%

Services19%

Technology13%

Other33%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Coca-Cola Enterprise / CCE 14,585 29.02 12% 1,413 new <1% 8% 16x 16x n/m 2 Domtar / UFS 2,614 61.00 24% 694 >100% 2% 8% 7x 10x 1.0x 3 Armstrong World / AWI 2,149 37.25 23% 1,320 79% 2% 10% 22x 16x 1.7x 4 Blount International / BLT 534 11.15 9% 4,346 30% 9% 10% 14x 12x n/m 5 Solutia / SOA 1,769 14.50 11% 3,275 23% 3% 9% 10x 9x n/m 6 Vishay Precision / VPG 211 15.79 -74% 646 new 5% 2% n/a n/a 1.5x 7 Interval Leisure / IILG 710 12.46 0% 1,536 47% 3% 4% 17x 16x n/m 8 McGraw-Hill / MHP 8,710 28.18 0% 785 39% <1% 4% 11x 10x n/m 9 KAR Auction / KAR 1,520 11.28 -9% 970 >100% <1% 2% 12x 10x n/m 10 Dover Downs Gaming / DDE 110 3.42 18% 2,421 6% 8% 2% 13x 10x 1.0x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Armstrong World / AWI 2,149 37.25 23% 1,320 79% 2% 10% 22x 16x 1.7x 2 Blount International / BLT 534 11.15 9% 4,346 30% 9% 10% 14x 12x n/m 3 Solutia / SOA 1,769 14.50 11% 3,275 23% 3% 9% 10x 9x n/m 4 Domtar / UFS 2,614 61.00 24% 694 >100% 2% 8% 7x 10x 1.0x 5 Coca-Cola Enterprise / CCE 14,585 29.02 12% 1,413 new <1% 8% 16x 16x n/m 6 Copart / CPRT 2,868 34.01 -5% 859 -10% 1% 6% 18x 15x 3.3x 7 McGraw-Hill / MHP 8,710 28.18 0% 785 39% <1% 4% 11x 10x n/m 8 DaVita / DVA 6,548 63.82 2% 315 -21% <1% 4% 15x 14x n/m 9 Advance Auto Parts / AAP 4,886 55.89 11% 359 -24% <1% 4% 15x 13x 4.7x 10 Interval Leisure / IILG 710 12.46 0% 1,536 47% 3% 4% 17x 16x n/m

New Positions Sold Out Positions Coca-Cola Enterprise / CCE Vishay Precision / VPG

Genesco / GCO Penn National Gaming / PENN Quanex Building / NX Western Union / WU










Services30%

Basic Materials23%

Capital Goods23%

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Xerox / XRX 12,406 8.97 12% 23,972 new 2% 4% 10x 8x n/m 2 DaVita / DVA 6,548 63.82 2% 3,338 64% 3% 4% 15x 14x n/m 3 Expedia / EXPE 6,725 23.64 26% 9,084 >100% 3% 4% 14x 12x n/m 4 Life Technologies / LIFE 8,127 44.33 -6% 7,305 17% 4% 7% 13x 12x n/m 5 Medco Health / MHS 19,627 45.26 -18% 4,143 >100% <1% 4% 13x 11x n/m 6 PHH / PHH 1,085 19.56 3% 2,899 >100% 5% 1% n/m 7x 9.6x 7 Express Scripts / ESRX 24,604 45.36 -4% 4,291 62% <1% 4% 18x 14x n/m 8 Lincare / LNCR 2,331 23.76 -27% 2,314 >100% 2% 1% 13x 11x n/m 9 Live Nation / LYV 1,527 8.80 -16% 2,788 >100% 2% <1% n/m 73x n/m 10 Synovus Financial / SNV 1,798 2.29 -10% 3,000 new <1% <1% n/m n/m .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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Life Technologies / LIFE 8,127 44.33 -6% 7,305 17% 4% 7% 13x 12x n/m 2 McKesson / MCK 16,124 61.67 -8% 3,737 -30% 1% 5% 13x 12x 6.2x 3 Xerox / XRX 12,406 8.97 12% 23,972 new 2% 4% 10x 8x n/m 4 Expedia / EXPE 6,725 23.64 26% 9,084 >100% 3% 4% 14x 12x n/m 5 DaVita / DVA 6,548 63.82 2% 3,338 64% 3% 4% 15x 14x n/m 6 Express Scripts / ESRX 24,604 45.36 -4% 4,291 62% <1% 4% 18x 14x n/m 7 Fidelity National / FNF 3,368 14.76 14% 12,885 42% 6% 4% 13x 14x 2.5x 8 Medco Health / MHS 19,627 45.26 -18% 4,143 >100% <1% 4% 13x 11x n/m 9 Oracle / ORCL 115,704 23.02 7% 8,122 32% <1% 4% 12x 11x >9.9x 10 Thermo Fisher / TMO 18,008 44.20 -10% 4,062 -4% <1% 4% 13x 11x >9.9x

New Positions Sold Out Positions Air Products & Chem / APD Broadridge Financial / BR Discover Financial / DFS Gilead Sciences / GILD Goodrich Corp. / GR Google / GOOG Lab Corp. of America / LH McAfee / MFE

Quest Diagnostics / DGX RadioShack / RSH Synovus Financial / SNV Talecris Bio / TLCR Waters / WAT Wyndham / WYN Xerox / XRX

Amdocs / DOX American Water Works / AWK DIRECTV / DTV eBay / EBAY

Kroger / KR Merck / MRK Morgan Stanley / MS R.R. Donnelley / RRD










Services28%

Technology28%

Health Care19%

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Ensco / ESV 5,936 41.51 6% 7,417 new 5% 9% 11x 10x 1.1x 2 Pfizer / PFE 128,413 15.92 12% 23,154 28% <1% 11% 7x 7x n/m 3 Republic Airways / RJET 232 6.69 9% 3,853 12% 11% <1% n/m 7x .7x 4 NCR / NCR 2,024 12.61 4% 11,469 new 7% 4% 9x 8x 3.5x 5 Cardinal Health / CAH 11,275 31.14 -7% 6,551 0% 2% 6% 13x 11x 3.7x 6 Einstein Noah / BAGL 168 10.14 -6% 10,733 0% 65% 3% 14x 12x n/m 7 BioFuel Energy / BIOF 42 1.29 -3% 7,542 0% 23% <1% n/a n/a .6x 8 MI Developments / MIM 555 11.88 -3% 5,655 0% 12% 2% n/a n/a .4x 9 CareFusion / CFN 5,071 22.81 0% 8,719 0% 4% 6% 14x 12x 5.3x 10 CIT Group / CIT 7,618 38.04 12% 10,590 0% 5% 12% 16x 15x .9x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 CIT Group / CIT 7,618 38.04 12% 10,590 0% 5% 12% 16x 15x .9x 2 Pfizer / PFE 128,413 15.92 12% 23,154 28% <1% 11% 7x 7x n/m 3 Ensco / ESV 5,936 41.51 6% 7,417 new 5% 9% 11x 10x 1.1x 4 Cardinal Health / CAH 11,275 31.14 -7% 6,551 0% 2% 6% 13x 11x 3.7x 5 CareFusion / CFN 5,071 22.81 0% 8,719 0% 4% 6% 14x 12x 5.3x 6 Microsoft / MSFT 209,676 24.23 5% 7,660 >100% <1% 5% 10x 9x 6.4x 7 NCR / NCR 2,024 12.61 4% 11,469 new 7% 4% 9x 8x 3.5x 8 Gold Miners ETF / GDX 6,187 51.28 -1% 2,583 -19% 2% 4% n/a n/a 1.1x 9 Becton Dickinson / BDX 16,441 70.82 5% 1,797 >100% <1% 4% 14x 13x 4.5x 10 Xerox / XRX 12,406 8.97 12% 13,500 93% <1% 4% 10x 8x n/m

New Positions Sold Out Positions Apple / AAPL Ensco / ESV Furiex Pharma / FURX Lockheed Martin / LMT NCR / NCR

Oritani Financial / ORIT Symmetricom / SYMM

ATP Oil & Gas / ATPG Automatic Data / ADP Coinstar / CSTR Iconix Brand Group / ICON MDC Partners / MDCA

Symetra Financial / SYA Teradata / TDC URS / URS Validus / VR










Financial30%

Health Care27%

Technology19%

Other24%


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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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Gerdau Ameristeel / GNA 4,750 10.95 0% 2,000 new <1% 4% 25x 13x 9.6x 2 Novartis / NVS 116,091 50.75 5% 2,250 new <1% 23% 10x 10x 3.4x 3 Caseys General Store / CASY 1,919 37.68 8% 550 new 1% 4% 15x 13x 2.5x 4 SPDR Gold Trust / GLD 50,567 119.97 -1% 1,020 6% <1% 24% n/a n/a 1.3x 5 Psychiatric Solution / PSYS 1,901 33.21 1% 300 new <1% 2% 14x 13x n/m 6 Talecris Bio / TLCR 2,728 22.20 5% 400 new <1% 2% 15x 13x 5.4x 7 Dollar Thrifty Auto / DTG 1,381 48.15 13% 169 new <1% 2% 15x 17x 3.1x 8 Wells Fargo / WFC 128,742 24.60 -4% 200 new <1% <1% 12x 9x 2.2x 9 Abraxis Bioscience / ABII 3,012 74.43 0% 48 new <1% <1% n/a n/a 6.6x 10 Novell / NOVL 2,033 5.81 2% 500 new <1% <1% 21x 20x 3.5x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Alcon / ACL 48,322 160.95 9% 1,000 -16% <1% 32% 21x 19x >9.9x 2 SPDR Gold Trust / GLD 50,567 119.97 -1% 1,020 6% <1% 24% n/a n/a 1.3x 3 Novartis / NVS 116,091 50.75 5% 2,250 new <1% 23% 10x 10x 3.4x 4 Gerdau Ameristeel / GNA 4,750 10.95 0% 2,000 new <1% 4% 25x 13x 9.6x 5 Caseys General Store / CASY 1,919 37.68 8% 550 new 1% 4% 15x 13x 2.5x 6 Psychiatric Solution / PSYS 1,901 33.21 1% 300 new <1% 2% 14x 13x n/m 7 Retail Opportunity / ROIC 399 9.54 -1% 961 0% 2% 2% 95x 14x 1.0x 8 Talecris Bio / TLCR 2,728 22.20 5% 400 new <1% 2% 15x 13x 5.4x 9 Coca-Cola Enterprise / CCE 14,585 29.02 12% 300 -41% <1% 2% 16x 16x n/m 10 Dollar Thrifty Auto / DTG 1,381 48.15 13% 169 new <1% 2% 15x 17x 3.1x

New Positions Sold Out Positions Abraxis Bioscience / ABII Caseys General / CASY Dollar Thrifty Auto / DTG Gerdau Ameristeel / GNA Novartis / NVS

Novell / NOVL Psychiatric Solution / PSYS Talecris Bio / TLCR Wells Fargo / WFC

Baker Hughes / BHI Sauer-Danfoss / SHS Synovus Financial / SNV Telefonos de Mexico / TMX



Top 10 as % o portfolio 96%







Health Care59%

Financial25%

Services8%

Other8%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Transocean / RIG 16,269 51.00 10% 2,077 new <1% 39% 7x 6x 1.3x 2 CF Industries / CF 6,398 90.01 42% 400 new <1% 13% 12x 12x 3.8x 3 W.R. Grace / GRA 1,862 25.58 22% 850 70% 1% 8% 11x 11x n/m 4 Leap Wireless / LEAP 872 11.13 -14% 3,750 0% 5% 15% n/m n/m n/m 5 Boyd Gaming / BYD 666 7.72 -9% 3,100 0% 4% 9% 34x 23x 1.2x 6 Coinstar / CSTR 1,544 47.19 10% 200 new <1% 3% 24x 17x 7.9x 7 Crown Holdings / CCK 4,649 28.67 14% 50 new <1% <1% 13x 12x n/m 8 Vantage Drilling / VTG 373 1.29 -4% 7,761 >100% 3% 4% n/m 9x .5x 9 Foster Wheeler / FWLT 2,957 23.19 10% 800 >100% <1% 7% 11x 10x 4.0x 10 Owens Illinois / OI 4,388 26.83 1% 50 new <1% <1% 9x 8x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Transocean / RIG 16,269 51.00 10% 2,077 new <1% 39% 7x 6x 1.3x 2 Leap Wireless / LEAP 872 11.13 -14% 3,750 0% 5% 15% n/m n/m n/m 3 CF Industries / CF 6,398 90.01 42% 400 new <1% 13% 12x 12x 3.8x 4 Boyd Gaming / BYD 666 7.72 -9% 3,100 0% 4% 9% 34x 23x 1.2x 5 W.R. Grace / GRA 1,862 25.58 22% 850 70% 1% 8% 11x 11x n/m 6 Foster Wheeler / FWLT 2,957 23.19 10% 800 >100% <1% 7% 11x 10x 4.0x 7 Vantage Drilling / VTG 373 1.29 -4% 7,761 >100% 3% 4% n/m 9x .5x 8 Coinstar / CSTR 1,544 47.19 10% 200 new <1% 3% 24x 17x 7.9x 9 FBR Capital Markets / FBCM 214 3.39 2% 1,317 0% 2% 2% n/m 10x .8x 10 Crown Holdings / CCK 4,649 28.67 14% 50 new <1% <1% 13x 12x n/m

New Positions Sold Out Positions CF Industries / CF Coinstar / CSTR Crown Holdings / CCK Owens Illinois / OI Transocean / RIG

Golar LNG / GLNG Key Energy Services / KEG MetroPCS / PCS Trico Marine / TRMA










Energy42%

Services24%

Basic Materials22%

Other12%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Spectrum Brands / SPB 1,381 26.99 6% 34,169 new 67% 45% n/m 9x n/m 2 Cameron / CAM 8,923 36.84 13% 7,000 new 3% 13% 16x 13x 3.6x 3 Harbinger Group / HRG 102 5.29 -16% 9,950 >100% 52% 3% n/m n/m .7x 4 TerreStar / TSTR 32 0.23 -54% 31,636 0% 23% <1% n/a n/a n/m 5 Corn Products / CPO 2,560 34.02 12% 3,930 13% 5% 7% 13x 12x 1.7x 6 Walter Energy / WLT 3,929 74.24 22% 750 new 1% 3% 8x 7x >9.9x 7 Calpine / CPN 5,540 12.46 -2% 6,700 0% 2% 4% 96x 36x 1.3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Spectrum Brands / SPB 1,381 26.99 6% 34,169 new 67% 45% n/m 9x n/m 2 Cameron / CAM 8,923 36.84 13% 7,000 new 3% 13% 16x 13x 3.6x 3 Sprint Nextel / S 12,505 4.19 -1% 35,000 -30% 1% 7% n/m n/m n/m 4 Corn Products / CPO 2,560 34.02 12% 3,930 13% 5% 7% 13x 12x 1.7x 5 Citigroup / C 108,651 3.75 0% 35,000 -50% <1% 6% 10x 8x .9x 6 New York Times / NYT 1,126 7.72 -11% 13,120 -22% 9% 5% 11x 11x n/m 7 Calpine / CPN 5,540 12.46 -2% 6,700 0% 2% 4% 96x 36x 1.3x 8 EXCO Resources / XCO 2,952 13.88 -5% 5,837 -17% 3% 4% 18x 13x 2.2x 9 Walter Energy / WLT 3,929 74.24 22% 750 new 1% 3% 8x 7x >9.9x 10 Harbinger Group / HRG 102 5.29 -16% 9,950 >100% 52% 3% n/m n/m .7x

New Positions Sold Out Positions Cameron / CAM Crosstex Energy / XTXI Lloyds Banking / LYG Spectrum Brands / SPB Walter Energy / WLT

Ashland / ASH Bunge / BG Clearwire / CLWR Cliffs Natural / CLF Complete Production / CPX CONSOL Energy / CNX Constellation Energy / CEG Freeport-McMoRan / FCX Harry Winston / HWD iStar Financial / SFI Media General / MEG

Mercer International / MERC Mirant / MIR NRG Energy / NRG Owens Corning / OC Pioneer Drilling / PDC Seagate Technology / STX SPDR Gold Trust / GLD Strategic Hotels / BEE Trina Solar / TSL US Airways / LCC









* 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.

Technology47%

Energy23%

Services13%

Other17%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Symantec / SYMC 10,893 13.80 -1% 962 new <1% 11% 11x 9x n/m 2 Dell / DELL 23,636 12.07 0% 1,050 16% <1% 10% 10x 8x >9.9x 3 Frozen Food Express / FFEX 50 2.85 -19% 2,038 0% 12% 5% n/m n/m .6x 4 Electronic Arts / ERTS 5,215 15.79 10% 839 0% <1% 11% 24x 18x 3.5x 5 Corporate Executive / EXBD 1,001 29.20 11% 321 0% <1% 8% 22x 17x >9.9x 6 Abercrombie & Fitch / ANF 3,210 36.39 19% 358 0% <1% 11% 21x 15x 1.8x 7 Aviat Networks / AVNW 242 4.05 12% 2,166 43% 4% 7% n/m >99x .9x 8 The Knot / KNOT 244 7.16 -8% 254 new <1% 1% >99x 65x 1.6x 9 SPDR Gold Trust / GLD 50,567 119.97 -1% 60 0% <1% 6% n/a n/a 1.3x 10 Gold Miners ETF / GDX 6,187 51.28 -1% 137 0% <1% 6% n/a n/a 1.1x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Symantec / SYMC 10,893 13.80 -1% 962 new <1% 11% 11x 9x n/m 2 Electronic Arts / ERTS 5,215 15.79 10% 839 0% <1% 11% 24x 18x 3.5x 3 Abercrombie & Fitch / ANF 3,210 36.39 19% 358 0% <1% 11% 21x 15x 1.8x 4 Dell / DELL 23,636 12.07 0% 1,050 16% <1% 10% 10x 8x >9.9x 5 Corporate Executive / EXBD 1,001 29.20 11% 321 0% <1% 8% 22x 17x >9.9x 6 Aviat Networks / AVNW 242 4.05 12% 2,166 43% 4% 7% n/m >99x .9x 7 Universal Technical / UTI 400 16.53 -30% 500 -10% 2% 7% 13x 10x 5.0x 8 SPDR Gold Trust / GLD 50,567 119.97 -1% 60 0% <1% 6% n/a n/a 1.3x 9 Gold Miners ETF / GDX 6,187 51.28 -1% 137 0% <1% 6% n/a n/a 1.1x 10 IAC/InterActiveCorp / IACI 2,484 23.75 8% 277 0% <1% 5% 30x 20x 1.7x

New Positions Sold Out Positions Symantec / SYMC The Knot / KNOT

Core-Mark / CORE DragonWave / DRWI IMAX / IMAX MEMC Electronic / WFR Papa John's / PZZA




Median mar et value $916 million






Technology41%

Services40%

Financial12%

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 exclusively show 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Chesapeake Energy / CHK 13,335 20.38 -3% 12,739 >100% 2% 6% 7x 7x 1.1x 2 Lions Gate / LGF 873 6.41 -8% 32,003 82% 23% 5% n/m n/m n/m 3 Take-Two / TTWO 715 8.44 -6% 9,431 1% 11% 2% n/m 7x 3.0x 4 Hain Celestial / HAIN 852 20.81 3% 2,900 new 7% 1% 20x 17x 6.8x 5 Motorola / MOT 17,458 7.48 15% 177,666 14% 8% 32% 18x 14x 2.6x 6 Mentor Graphics / MENT 1,041 9.74 10% 6,215 new 6% 1% 15x 11x 6.5x 7 Amylin Pharma / AMLN 2,852 19.85 6% 12,971 0% 9% 6% n/m n/m 7.3x 8 Biogen Idec / BIIB 13,397 55.38 17% 12,860 0% 5% 17% 11x 11x 5.9x 9 Anadarko Petroleum / APC 24,103 48.70 35% 2,000 new <1% 2% 25x 20x 1.6x 10 Genzyme / GENZ 17,046 66.89 32% 10,480 0% 4% 17% 35x 19x 5.5x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Motorola / MOT 17,458 7.48 15% 177,666 14% 8% 32% 18x 14x 2.6x 2 Biogen Idec / BIIB 13,397 55.38 17% 12,860 0% 5% 17% 11x 11x 5.9x 3 Genzyme / GENZ 17,046 66.89 32% 10,480 0% 4% 17% 35x 19x 5.5x 4 Chesapeake Energy / CHK 13,335 20.38 -3% 12,739 >100% 2% 6% 7x 7x 1.1x 5 Amylin Pharma / AMLN 2,852 19.85 6% 12,971 0% 9% 6% n/m n/m 7.3x 6 Lions Gate / LGF 873 6.41 -8% 32,003 82% 23% 5% n/m n/m n/m 7 Anadarko Petroleum / APC 24,103 48.70 35% 2,000 new <1% 2% 25x 20x 1.6x 8 Take-Two / TTWO 715 8.44 -6% 9,431 1% 11% 2% n/m 7x 3.0x 9 Mentor Graphics / MENT 1,041 9.74 10% 6,215 new 6% 1% 15x 11x 6.5x 10 Hain Celestial / HAIN 852 20.81 3% 2,900 new 7% 1% 20x 17x 6.8x

New Positions Sold Out Positions Anadarko Petroleum / APC Ensco / ESV Hain Celestial / HAIN Lawson Software / LWSN

Mentor Graphics / MENT MICROS Systems / MCRS NRG Energy / NRG Smith & Wesson / SWHC

CIT Group / CIT









* 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 Care45%

Technology38%

Energy9%

Other8%


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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Baidu.com / BIDU 28,596 82.17 21% 1,000 >100% <1% 6% 59x 38x >9.9x 2 Netflix / NFLX 6,805 129.96 20% 225 new <1% 2% 46x 35x >9.9x 3 Veeco Instruments / VECO 1,334 32.63 -5% 1,645 25% 4% 4% 8x 7x 3.4x 4 Mindray Medical / MR 2,825 26.38 -16% 1,377 2% 1% 3% 19x 17x 4.4x 5 Cheniere Energy Inc. / LNG 151 2.62 -7% 5,690 13% 10% 1% n/m n/m 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Apple / AAPL 228,062 249.64 -1% 553 -32% <1% 10% 17x 14x 5.4x 2 Research In Motion / RIMM 26,918 48.72 -1% 2,167 -6% <1% 8% 9x 8x 4.1x 3 Baidu.com / BIDU 28,596 82.17 21% 1,000 >100% <1% 6% 59x 38x >9.9x 4 China Mobile / CHL 213,388 53.18 8% 1,200 -8% <1% 5% 14x 13x 2.9x 5 Lukoil / LUKOY 45,592 53.85 5% 1,145 -8% <1% 4% 5x 5x .8x 6 Veeco Instruments / VECO 1,334 32.63 -5% 1,645 25% 4% 4% 8x 7x 3.4x 7 Chubb / CB 16,794 53.39 7% 700 -1% <1% 3% 10x 9x 1.1x 8 Mindray Medical / MR 2,825 26.38 -16% 1,377 2% 1% 3% 19x 17x 4.4x 9 Ctrip.com / CTRP 5,735 42.10 12% 750 17% <1% 2% 45x 35x 9.7x 10 Netflix / NFLX 6,805 129.96 20% 225 new <1% 2% 46x 35x >9.9x

New Positions Sold Out Positions AES Corp. / AES AFLAC / AFL Agilent Technologies / A Akamai Technologies / AKAM Amedisys / AMED American Capital / ACAS AutoNation / AN BP / BP China Fire / CFSG Devon Energy / DVN DreamWorks / DWA E-House China / EJ

EMC / EMC Express Scripts / ESRX Exxon Mobil / XOM Fiserv / FISV Home Inns & Hotels / HMIN Hot Topic / HOTT Itau Unibanco / ITUB Kraft Foods / KFT Las Vegas Sands / LVS Lihua International / LIWA Live Nation / LYV Longtop Fin. Tech / LFT

Marvell Technology / MRVL McMoRan Exploration / MMR Netflix / NFLX Randgold Resources / GOLD Range Resources / RRC Sinovac Biotech / SVA Sprint Nextel / S Visa / V Vodafone / VOD Yahoo! / YHOO Yum! Brands / YUM Zale / ZLC

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 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.

Technology42%

Services21%

Financial13%

Other23%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Smurfit-Stone / SSCC 1,830 18.30 -23% 1,050 new 1% 15% 17x 9x .9x 2 MasterCard / MA 27,005 206.37 3% 47 34% <1% 7% 15x 13x 7.8x 3 Bank of America / BAC 129,136 12.87 -10% 834 4% <1% 8% 14x 8x 1.2x 4 Equinix / EQIX 4,104 90.02 11% 80 18% <1% 5% 89x 36x 4.9x 5 SBA Comms / SBAC 4,211 36.73 8% 154 71% <1% 4% n/m n/m n/m 6 Centerstate Banks / CSFL 238 7.92 -22% 72 new <1% <1% >99x 38x 1.2x 7 Learning Tree / LTRE 126 9.27 -15% 744 3% 5% 5% 26x 18x 2.0x 8 Corinthian Colleges / COCO 396 4.49 -54% 459 9% <1% 2% 3x 2x 5.8x 9 Iberiabank / IBKC 1,354 50.38 -2% 69 new <1% 3% 25x 17x 1.3x 10 Williams Controls / WMCO 66 9.00 0% 682 3% 9% 5% >99x 13x 3.2x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Smurfit-Stone / SSCC 1,830 18.30 -23% 1,050 new 1% 15% 17x 9x .9x 2 Bank of America / BAC 129,136 12.87 -10% 834 4% <1% 8% 14x 8x 1.2x 3 MasterCard / MA 27,005 206.37 3% 47 34% <1% 7% 15x 13x 7.8x 4 Ares Capital / ARCC 2,795 14.55 16% 499 -38% <1% 6% 12x 10x 1.0x 5 Equinix / EQIX 4,104 90.02 11% 80 18% <1% 5% 89x 36x 4.9x 6 Learning Tree / LTRE 126 9.27 -15% 744 3% 5% 5% 26x 18x 2.0x 7 Republic Services / RSG 11,685 30.51 3% 223 3% <1% 5% 18x 15x n/m 8 Raymond James / RJF 3,095 24.91 1% 269 3% <1% 5% 14x 12x 1.4x 9 Williams Controls / WMCO 66 9.00 0% 682 3% 9% 5% >99x 13x 3.2x 10 SBA Comms / SBAC 4,211 36.73 8% 154 71% <1% 4% n/m n/m n/m

New Positions Sold Out Positions Centerstate Banks / CSFL DIRECTV / DTV Iberiabank / IBKC

Smurfit-Stone / SSCC Visa / V

American Tower / AMT Crown Castle / CCI drugstore.com / DSCM

Interval Leisure / IILG Legg Mason / LM Potash / POT




Median mar et value $2.9 billion






Services47%

Financial40%

Health Care8%

Other5%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Capital Southwest / CSWC 327 87.37 -1% 20 0% <1% <1% n/a n/a .7x 2 International Assets / IAAC 295 16.74 5% 1,385 0% 8% 1% 19x 19x 1.3x 3 Jefferies / JEF 4,121 24.00 14% 48,585 0% 28% 58% 17x 14x 2.1x 4 AmeriCredit / ACF 3,255 24.12 32% 33,900 0% 25% 41% 14x 13x 1.4x 5 TravelCenters / TA 62 3.61 56% 275 0% 2% <1% n/m n/m .3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Jefferies / JEF 4,121 24.00 14% 48,585 0% 28% 58% 17x 14x 2.1x 2 AmeriCredit / ACF 3,255 24.12 32% 33,900 0% 25% 41% 14x 13x 1.4x 3 International Assets / IAAC 295 16.74 5% 1,385 0% 8% 1% 19x 19x 1.3x 4 Capital Southwest / CSWC 327 87.37 -1% 20 0% <1% <1% n/a n/a .7x 5 TravelCenters / TA 62 3.61 56% 275 0% 2% <1% n/m n/m .3x

New Positions Sold Out Positions None Endwave / ENWV

Millennium India / SMCG








Median P / tangible book .7x

* 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%

Services0%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Crown Castle / CCI 11,786 40.60 9% 10,957 new 4% 4% n/m >99x n/m 2 Lincare / LNCR 2,331 23.76 -27% 6,245 new 6% 1% 13x 11x n/m 3 Yum! Brands / YUM 19,764 42.32 8% 15,053 23% 3% 6% 17x 15x >9.9x 4 Cognizant Tech / CTSH 17,936 59.61 19% 11,868 9% 4% 7% 26x 23x 6.6x 5 VistaPrint / VPRT 1,245 28.39 -40% 797 new 2% <1% 13x 11x 3.4x 6 Estee Lauder / EL 11,296 57.39 3% 6,106 75% 3% 3% 19x 16x >9.9x 7 priceline.com / PCLN 14,630 302.36 71% 1,188 new 2% 3% 25x 20x >9.9x 8 DeVry / DV 2,698 37.98 -28% 1,286 new 2% <1% 8x 7x 5.7x 9 Live Nation / LYV 1,527 8.80 -16% 11,706 22% 7% <1% n/m 73x n/m 10 SPDR Gold Trust / GLD 50,567 119.97 -1% 3,370 45% <1% 4% n/a n/a 1.3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Cognizant Tech / CTSH 17,936 59.61 19% 11,868 9% 4% 7% 26x 23x 6.6x 2 Yum! Brands / YUM 19,764 42.32 8% 15,053 23% 3% 6% 17x 15x >9.9x 3 JPMorgan Chase / JPM 147,266 37.14 1% 16,436 -8% <1% 6% 10x 8x 1.5x 4 Apple / AAPL 228,062 249.64 -1% 2,251 -4% <1% 5% 17x 14x 5.4x 5 Crown Castle / CCI 11,786 40.60 9% 10,957 new 4% 4% n/m >99x n/m 6 QUALCOMM / QCOM 62,458 38.91 18% 11,265 -24% <1% 4% 16x 15x 4.1x 7 Accenture / ACN 27,121 38.42 -1% 10,668 -15% 2% 4% 15x 13x >9.9x 8 SPDR Gold Trust / GLD 50,567 119.97 -1% 3,370 45% <1% 4% n/a n/a 1.3x 9 priceline.com / PCLN 14,630 302.36 71% 1,188 new 2% 3% 25x 20x >9.9x 10 Estee Lauder / EL 11,296 57.39 3% 6,106 75% 3% 3% 19x 16x >9.9x

New Positions Sold Out Positions 7 Days Group / SVN Autodesk / ADSK Career Education / CECO China Lodging / HTHT Crown Castle / CCI DeVry / DV Dollar General / DG Equinix / EQIX Family Dollar Stores / FDO Google / GOOG

Lincare / LNCR Owens Corning / OC priceline.com / PCLN QuinStreet / QNST Regal Entertainment / RGC Suntech Power / STP TD Ameritrade / AMTD VanceInfo / VIT VistaPrint / VPRT

Apollo Group / APOL Bank of America / BAC Baxter International / BAX Coca-Cola / KO CVS Caremark / CVS Dr Pepper Snapple / DPS Mindray Medical / MR Monsanto / MON PNC Financial / PNC Staples / SPLS

Walter Energy / WLT Wells Fargo / WFC










Services34%

Technology33%

Financial16%

Other16%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Investors Title / ITIC 68 29.79 -6% 229 0% 10% <1% 15x 19x .7x 2 Union Bankshares / UBSH 1 309 11.91 -3% 3,505 0% 14% 3% 15x 12x 1.0x 3 Fairfax Financial / FRFHF 8,715 394.41 6% 279 0% 1% 7% 10x 16x 1.3x 4 Wal-Mart / WMT 186,299 50.22 4% 883 2% <1% 3% 13x 11x 3.8x 5 General Electric / GE 160,689 15.03 4% 3,644 0% <1% 4% 14x 12x 4.0x 6 Heritage-Crystal / HCCI 121 8.51 6% 240 >100% 2% <1% 33x 25x 1.9x 7 UPS / UPS 64,494 65.10 14% 707 0% <1% 3% 19x 16x >9.9x 8 Pre-Paid Legal / PPD 520 52.43 15% 15 new <1% <1% 8x 8x 7.7x 9 Walt Disney / DIS 63,212 33.05 5% 1,490 0% <1% 3% 16x 14x >9.9x 10 Anheuser-Busch / BUD 82,968 51.70 8% 120 71% <1% <1% 17x 14x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 2 0% <1% 15% 19x 18x 2.1x 2 CarMax / KMX 4,824 21.56 8% 5,271 -1% 2% 7% 15x 14x 2.5x 3 Fairfax Financial / FRFHF 8,715 394.41 6% 279 0% 1% 7% 10x 16x 1.3x 4 Diageo / DEO 42,137 67.27 7% 1,256 0% <1% 6% 15x 13x n/m 5 Brookfield Asset / BAM 14,644 25.47 13% 3,104 0% <1% 5% 25x 20x 1.7x 6 General Electric / GE 160,689 15.03 4% 3,644 0% <1% 4% 14x 12x 4.0x 7 Walt Disney / DIS 63,212 33.05 5% 1,490 0% <1% 3% 16x 14x >9.9x 8 Marriott / MAR 12,180 33.57 12% 1,422 0% <1% 3% 30x 24x n/m 9 UPS / UPS 64,494 65.10 14% 707 0% <1% 3% 19x 16x >9.9x 10 Wal-Mart / WMT 186,299 50.22 4% 883 2% <1% 3% 13x 11x 3.8x

New Positions Sold Out Positions Pre-Paid Legal / PPD Cintas / CTAS Portfolio Metrics * Sector Weightings *, **








* 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.

Financial35%

Services32%


9%

Other24%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Corning / GLW 25,142 16.10 0% 20,339 13% 1% 4% 7x 8x 1.5x 2 Marvell Technology / MRVL 10,504 16.16 3% 20,578 16% 3% 4% 10x 10x 4.2x 3 Children's Place / PLCE 1,244 44.84 2% 2,075 New 7% 1% 14x 13x 2.0x 4 Pfizer / PFE 128,413 15.92 12% 23,218 12% <1% 5% 7x 7x n/m 5 Skyworks Solutions / SWKS 3,158 17.68 5% 12,956 New 7% 3% 15x 12x 4.4x 6 QUALCOMM / QCOM 62,458 38.91 18% 10,136 19% <1% 5% 16x 15x 4.1x 7 Bluefly / BFLY 51 2.08 4% 3,704 0% 15% <1% n/a n/a 1.6x 8 Citrix Systems / CTXS 11,069 59.21 40% 5,212 new 3% 4% 31x 27x 9.1x 9 Stanley Black Decker / SWK 9,120 55.05 9% 4,724 >100% 3% 3% 15x 12x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 QUALCOMM / QCOM 62,458 38.91 18% 10,136 19% <1% 5% 16x 15x 4.1x 2 Pfizer / PFE 128,413 15.92 12% 23,218 12% <1% 5% 7x 7x n/m 3 Marvell Technology / MRVL 10,504 16.16 3% 20,578 16% 3% 4% 10x 10x 4.2x 4 Corning / GLW 25,142 16.10 0% 20,339 13% 1% 4% 7x 8x 1.5x 5 Apple / AAPL 228,062 249.64 -1% 1,310 -15% <1% 4% 17x 14x 5.4x 6 Citrix Systems / CTXS 11,069 59.21 40% 5,212 new 3% 4% 31x 27x 9.1x 7 Apollo Group / APOL 6,007 40.72 -4% 7,484 32% 5% 4% 8x 7x 7.9x 8 Expedia / EXPE 6,725 23.64 26% 11,171 7% 4% 3% 14x 12x n/m 9 Macy's / M 8,854 20.97 17% 12,494 2% 3% 3% 11x 10x >9.9x 10 Stanley Black Decker / SWK 9,120 55.05 9% 4,724 >100% 3% 3% 15x 12x n/m

New Positions Sold Out Positions Adobe Systems / ADBE Bank of NY Mellon / BK Children's Place / PLCE Citigroup / C Citrix Systems / CTXS Comcast / CMCSA DeVry / DV Education Management / EDMC Invesco / IVZ Kohl's / KSS Medidata Solutions / MDSO

Skyworks Solutions / SWKS Teva Pharma / TEVA Toyota / TM UnitedHealth / UNH Whiting Petroleum / WLL

Abercrombie & Fitch / ANF AthenaHealth / ATHN Bank of America / BAC Berkshire Hathaway / BRK.A Carnival Corp. / CCL Cypress Bioscience / CYPB Dell / DELL Discovery Comms / DISCA DISH Network / DISH FedEx / FDX Health Net / HNT

Hewlett-Packard / HPQ Mead Johnson / MJN Men's Wearhouse / MW NewStar Financial / NEWS Northwest Bancorp / NWBI Office Depot / ODP Oracle / ORCL PNC Financial / PNC Raytheon / RTN Visa / V










Technology36%

Services30%

Financial14%

Other20%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Leap Wireless / LEAP 872 11.13 -14% 15,538 0% 20% 12% n/m n/m n/m 2 Lions Gate / LGF 873 6.41 -8% 23,165 0% 17% 11% n/m n/m n/m 3 Key Energy Services / KEG 1,063 8.46 -8% 16,666 0% 13% 10% >99x 14x 3.3x 4 Pride International / PDE 4,047 23.04 3% 12,832 0% 7% 21% 15x 8x .9x 5 Seahawk Drilling / HAWK 87 7.33 -65% 1,174 37% 10% <1% n/m n/m .2x 6 Loral Space / LORL 1,560 51.64 21% 8,130 0% 27% 30% 14x 7x 3.6x 7 Omega Navigation / ONAV 27 1.40 -28% 1,358 0% 7% <1% n/a n/a .2x 8 L-1 Identity / ID 840 9.02 10% 6,936 43% 7% 4% >99x 56x n/m 9 M & F Worldwide / MFW 478 24.70 -9% 827 0% 4% 1% 4x 3x n/m 10 Rand Logistics / RLOG 66 4.90 -4% 462 0% 3% <1% 20x 13x 3.8x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Loral Space / LORL 1,560 51.64 21% 8,130 0% 27% 30% 14x 7x 3.6x 2 Pride International / PDE 4,047 23.04 3% 12,832 0% 7% 21% 15x 8x .9x 3 Leap Wireless / LEAP 872 11.13 -14% 15,538 0% 20% 12% n/m n/m n/m 4 Lions Gate / LGF 873 6.41 -8% 23,165 0% 17% 11% n/m n/m n/m 5 Key Energy Services / KEG 1,063 8.46 -8% 16,666 0% 13% 10% >99x 14x 3.3x 6 MetroPCS / PCS 3,178 8.98 10% 12,820 0% 4% 8% 14x 10x n/m 7 L-1 Identity / ID 840 9.02 10% 6,936 43% 7% 4% >99x 56x n/m 8 M & F Worldwide / MFW 478 24.70 -9% 827 0% 4% 1% 4x 3x n/m 9 Seahawk Drilling / HAWK 87 7.33 -65% 1,174 37% 10% <1% n/m n/m .2x 10 Rand Logistics / RLOG 66 4.90 -4% 462 0% 3% <1% 20x 13x 3.8x

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









Technology35%

Services33%

Energy32%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 School Specialty / SCHS 261 13.86 -23% 2,785 0% 15% 7% 17x 10x n/m 2 Macquarie Infrastr. / MIC 605 13.23 3% 2,565 new 6% 6% 5x 5x n/m 3 Wright Express / WXS 1,258 32.87 11% 1,737 6% 5% 10% 13x 12x 8.6x 4 EchoStar / SATS 1,633 19.18 1% 3,671 0% 4% 12% 29x 48x .6x 5 Tyler Tech / TYL 615 17.73 14% 4,050 0% 12% 12% 24x 21x >9.9x 6 DineEquity / DIN 574 32.03 15% 2,512 0% 14% 14% 9x 8x n/m 7 Asbury Automotive / ABG 418 12.76 21% 3,686 0% 11% 8% 9x 7x 1.7x 8 Nalco Holding / NLC 3,182 23.01 12% 2,065 0% 1% 8% 15x 13x n/m 9 Sunstone Hotel / SHO 865 8.78 -12% 4,159 -4% 4% 6% n/m n/m 1.3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 DineEquity / DIN 574 32.03 15% 2,512 0% 14% 14% 9x 8x n/m 2 Tyler Tech / TYL 615 17.73 14% 4,050 0% 12% 12% 24x 21x >9.9x 3 EchoStar / SATS 1,633 19.18 1% 3,671 0% 4% 12% 29x 48x .6x 4 Wright Express / WXS 1,258 32.87 11% 1,737 6% 5% 10% 13x 12x 8.6x 5 Energy XXI / EXXI 883 17.44 11% 3,226 0% 6% 10% 65x 29x 2.1x 6 Nalco Holding / NLC 3,182 23.01 12% 2,065 0% 1% 8% 15x 13x n/m 7 Asbury Automotive / ABG 418 12.76 21% 3,686 0% 11% 8% 9x 7x 1.7x 8 School Specialty / SCHS 261 13.86 -23% 2,785 0% 15% 7% 17x 10x n/m 9 Transatlantic Petro / TAT 928 3.04 -4% 12,500 -24% 4% 7% n/m 11x 4.1x 10 Sunstone Hotel / SHO 865 8.78 -12% 4,159 -4% 4% 6% n/m n/m 1.3x

New Positions Sold Out Positions Macquarie Infrastr. / MIC Dollar Thrifty Auto / DTG Portfolio Metrics * Sector Weightings *









Services50%

Technology19%

Energy16%

Other14%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Fairfax Financial / FRFHF 8,715 394.41 6% 97 20% <1% 13% 10x 16x 1.3x 2 Pinnacle Airlines / PNCL 92 4.97 -9% 2,003 0% 11% 3% 4x 4x 1.1x 3 CapitalSource / CSE 1,616 5.00 5% 2,813 new <1% 5% n/m 15x .9x 4 Brookfield Prop. / BPO 7,082 14.12 1% 2,359 0% <1% 11% 11x 12x 1.1x 5 Cresud / CRESY 693 13.96 15% 1,719 0% 3% 8% 15x 18x 1.5x 6 Potash / POT 44,392 149.67 74% 343 3% <1% 17% 27x 20x 6.9x 7 Goldman Sachs / GS 76,435 148.24 13% 111 0% <1% 6% 10x 8x 1.3x 8 Wells Fargo / WFC 128,742 24.60 -4% 389 4% <1% 3% 12x 9x 2.2x 9 Harvest Natural / HNR 230 6.85 -7% 4,490 -6% 13% 10% 6x 4x .8x 10 Leucadia National / LUK 4,956 20.37 4% 750 -5% <1% 5% n/a n/a 1.3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Potash / POT 44,392 149.67 74% 343 3% <1% 17% 27x 20x 6.9x 2 Fairfax Financial / FRFHF 8,715 394.41 6% 97 20% <1% 13% 10x 16x 1.3x 3 Brookfield Prop. / BPO 7,082 14.12 1% 2,359 0% <1% 11% 11x 12x 1.1x 4 Harvest Natural / HNR 230 6.85 -7% 4,490 -6% 13% 10% 6x 4x .8x 5 Cresud / CRESY 693 13.96 15% 1,719 0% 3% 8% 15x 18x 1.5x 6 Air Transport / ATSG 300 4.71 -1% 4,209 -22% 7% 7% 6x 5x 1.7x 7 Goldman Sachs / GS 76,435 148.24 13% 111 0% <1% 6% 10x 8x 1.3x 8 Leucadia National / LUK 4,956 20.37 4% 750 -5% <1% 5% n/a n/a 1.3x 9 CapitalSource / CSE 1,616 5.00 5% 2,813 new <1% 5% n/m 15x .9x 10 International Coal / ICO 1,009 4.95 29% 2,486 -1% 1% 4% 20x 8x 1.4x

New Positions Sold Out Positions CapitalSource / CSE Interactive Brokers / IBKR

Teck Cominco / TCK










Financial26%

Basic Materials21%Energy

14%

Other38%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 American Capital / ACAS 1,707 5.01 4% 43,725 new 13% <1% 9x 8x .5x 2 McClatchy / MNI 243 2.87 -21% 5,000 new 6% <1% 5x 4x n/m 3 Bank of America / BAC 129,136 12.87 -10% 207,794 17% 2% 11% 14x 8x 1.2x 4 Strategic Hotels / BEE 586 3.87 -12% 8,000 new 5% <1% n/m n/m 1.8x 5 Popular / BPOP 2,618 2.56 -4% 66,667 new 7% <1% n/m 13x .9x 6 Sybase / SY 5,644 64.98 1% 7,000 new 8% 2% n/a n/a >9.9x 7 inVentiv Health / VTIV 884 26.06 2% 3,300 new 10% <1% n/a n/a n/m 8 Exxon Mobil / XOM 299,856 58.89 3% 9,169 new <1% 2% 10x 9x 2.1x 9 Cheniere Energy Inc. / LNG 151 2.62 -7% 7,461 0% 13% <1% n/m n/m n/m 10 Mirant / MIR 1,437 9.87 -7% 18,203 0% 13% <1% 6x 37x .3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 SPDR Gold Trust / GLD 50,567 119.97 -1% 31,500 0% 7% 16% n/a n/a 1.3x 2 Bank of America / BAC 129,136 12.87 -10% 207,794 17% 2% 11% 14x 8x 1.2x 3 AngloGold Ashanti / AU 16,039 43.85 2% 43,750 0% 12% 8% 29x 17x 6.0x 4 Citigroup / C 108,651 3.75 0% 506,700 0% 2% 8% 10x 8x .9x 5 JPMorgan Chase / JPM 147,266 37.14 1% 25,728 0% <1% 4% 10x 8x 1.5x 6 Hartford Financial / HIG 8,944 20.13 -9% 44,000 >100% 10% 4% 9x 5x .5x 7 Capital One / COF 17,257 37.78 -6% 20,993 0% 5% 3% 8x 9x 1.6x 8 Comcast / CMCSA 49,985 17.81 3% 44,000 0% 2% 3% 14x 12x n/m 9 SunTrust Banks / STI 11,998 24.00 3% 30,381 0% 6% 3% n/m 29x 1.2x 10 Exxon Mobil / XOM 299,856 58.89 3% 9,169 new <1% 2% 10x 9x 2.1x

New Positions Sold Out Positions Airgas / ARG Alcon / ACL American Capital / ACAS Caseys General / CASY Exxon Mobil / XOM General Growth / GGP Goldman Sachs / GS inVentiv Health / VTIV

Mariner Energy / ME McClatchy / MNI PMI Group / PMI Popular / BPOP Strategic Hotels / BEE Sybase / SY Talecris Bio / TLCR

First Midwest Banc / FMBI










Financial58%

Basic Materials13%

Services12%

Other16%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 WellPoint / WLP 19,943 49.89 2% 2,734 8% <1% 5% 8x 8x 8.3x 2 DaVita / DVA 6,548 63.82 2% 1,898 0% 2% 4% 15x 14x n/m 3 Live Nation / LYV 1,527 8.80 -16% 2,735 new 2% <1% n/m 73x n/m 4 Delta Air Lines / DAL 8,307 10.53 -10% 2,876 >100% <1% 1% 7x 5x n/m 5 Old Republic / ORI 3,011 12.49 3% 8,305 24% 3% 4% 37x 12x .8x 6 Seahawk Drilling / HAWK 87 7.33 -65% 583 0% 5% <1% n/m n/m .2x 7 Apple / AAPL 228,062 249.64 -1% 200 new <1% 2% 17x 14x 5.4x 8 Exxon Mobil / XOM 299,856 58.89 3% 240 new <1% <1% 10x 9x 2.1x 9 Omnicare / OCR 2,344 19.84 -16% 2,445 57% 2% 2% 10x 9x n/m 10 UnitedHealth / UNH 35,538 31.61 11% 3,534 9% <1% 4% 9x 9x >9.9x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 TransDigm / TDG 2,830 57.35 12% 3,573 -1% 7% 7% 18x 16x n/m 2 WellPoint / WLP 19,943 49.89 2% 2,734 8% <1% 5% 8x 8x 8.3x 3 Abercrombie & Fitch / ANF 3,210 36.39 19% 3,569 -8% 4% 5% 21x 15x 1.8x 4 DaVita / DVA 6,548 63.82 2% 1,898 0% 2% 4% 15x 14x n/m 5 QUALCOMM / QCOM 62,458 38.91 18% 3,065 -16% <1% 4% 16x 15x 4.1x 6 Cisco Systems / CSCO 126,959 22.23 4% 5,296 -18% <1% 4% 13x 11x 5.2x 7 UnitedHealth / UNH 35,538 31.61 11% 3,534 9% <1% 4% 9x 9x >9.9x 8 PHH / PHH 1,085 19.56 3% 5,407 0% 10% 4% n/m 7x 9.6x 9 Old Republic / ORI 3,011 12.49 3% 8,305 24% 3% 4% 37x 12x .8x 10 Covidien / COV 19,104 38.09 -5% 2,554 0% <1% 3% 12x 11x >9.9x

New Positions Sold Out Positions Apple / AAPL Coca-Cola Enterprise / CCE Exxon Mobil / XOM Live Nation / LYV Macy's / M

McDermott / MDR Alliance Holdings / AHGP Alliance Resource / ARLP AMR Corp. / AMR Applied Materials / AMAT Broadcom / BRCM

Citigroup / C FreightCar America / RAIL Helix Energy / HLX MI Developments / MIM UAL Corp. / UAUA










Financial28%

Technology17%

Health Care17%

Other39%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Automatic Data / ADP 19,818 39.40 -2% 8,270 new 2% 9% 16x 15x 3.6x 2 Citigroup / C 108,651 3.75 0% 146,500 new <1% 15% 10x 8x .9x 3 Kraft Foods / KFT 50,752 29.10 4% 33,651 3% 2% 27% 14x 13x n/m 4 Borders Group / BGP 73 1.21 -9% 10,598 0% 18% <1% n/a n/a .8x 5 General Growth / GGP 4,431 13.96 5% 23,954 0% 8% 9% n/a n/a 7.4x 6 Greenlight Re / GLRE 833 22.84 -9% 250 0% <1% <1% n/a n/a 1.2x 7 Landry's Restaurants / LNY 395 24.31 -1% 1,554 0% 10% 1% n/m 69x 1.5x 8 Corrections Corp. / CXW 2,328 21.07 10% 10,937 0% 10% 6% 16x 16x 1.6x 9 Target / TGT 37,684 52.15 6% 20,680 0% 3% 30% 13x 12x 2.5x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Target / TGT 37,684 52.15 6% 20,680 0% 3% 30% 13x 12x 2.5x 2 Kraft Foods / KFT 50,752 29.10 4% 33,651 3% 2% 27% 14x 13x n/m 3 Citigroup / C 108,651 3.75 0% 146,500 new <1% 15% 10x 8x .9x 4 General Growth / GGP 4,431 13.96 5% 23,954 0% 8% 9% n/a n/a 7.4x 5 Automatic Data / ADP 19,818 39.40 -2% 8,270 new 2% 9% 16x 15x 3.6x 6 Corrections Corp. / CXW 2,328 21.07 10% 10,937 0% 10% 6% 16x 16x 1.6x 7 Yum! Brands / YUM 19,764 42.32 8% 1,907 -87% <1% 2% 17x 15x >9.9x 8 Landry's Restaurants / LNY 395 24.31 -1% 1,554 0% 10% 1% n/m 69x 1.5x 9 Borders Group / BGP 73 1.21 -9% 10,598 0% 18% <1% n/a n/a .8x 10 Greenlight Re / GLRE 833 22.84 -9% 250 0% <1% <1% n/a n/a 1.2x

New Positions Sold Out Positions Automatic Data / ADP Citigroup / C

None










Services58%


27%

Financial15%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Arris Group / ARRS 1,073 8.57 -16% 3,173 new 3% 13% 10x 9x 1.8x 2 Symantec / SYMC 10,893 13.80 -1% 992 new <1% 7% 11x 9x n/m 3 Charles Schwab / SCHW 16,869 14.13 0% 1,125 new <1% 8% 25x 16x 3.2x 4 Life Technologies / LIFE 8,127 44.33 -6% 2,545 2% 1% 54% 13x 12x n/m 5 Huron Consulting / HURN 435 19.70 1% 201 new <1% 2% 14x 9x n/m 6 Financial Engines / FNGN 601 14.52 7% 140 new <1% <1% 50x 39x 5.9x 7 Baxter International / BAX 26,045 44.57 10% 76 new <1% 2% 11x 11x 7.6x 8 SandRidge Energy / SD 1,738 4.29 -26% 15 new <1% <1% 11x 13x n/m 9 Ituran Location / ITRN 320 13.65 -9% 100 0% <1% <1% 14x 13x 2.6x 10 Rural/Metro Corp. / RURL 193 7.63 -6% 14 0% <1% <1% 14x 11x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Life Technologies / LIFE 8,127 44.33 -6% 2,545 2% 1% 54% 13x 12x n/m 2 Hologic / HOLX 3,804 14.68 5% 1,940 -14% <1% 14% 13x 11x n/m 3 Arris Group / ARRS 1,073 8.57 -16% 3,173 new 3% 13% 10x 9x 1.8x 4 Charles Schwab / SCHW 16,869 14.13 0% 1,125 new <1% 8% 25x 16x 3.2x 5 Symantec / SYMC 10,893 13.80 -1% 992 new <1% 7% 11x 9x n/m 6 Huron Consulting / HURN 435 19.70 1% 201 new <1% 2% 14x 9x n/m 7 Baxter International / BAX 26,045 44.57 10% 76 new <1% 2% 11x 11x 7.6x 8 Financial Engines / FNGN 601 14.52 7% 140 new <1% <1% 50x 39x 5.9x 9 Ituran Location / ITRN 320 13.65 -9% 100 0% <1% <1% 14x 13x 2.6x 10 Rural/Metro Corp. / RURL 193 7.63 -6% 14 0% <1% <1% 14x 11x n/m

New Positions Sold Out Positions Arris Group / ARRS Baxter International / BAX Charles Schwab / SCHW Financial Engines / FNGN

Huron Consulting / HURN SandRidge Energy / SD Symantec / SYMC

Pioneer Natural / PXD SeaChange / SEAC










Health Care69%

Technology20%

Financial9%

Other3%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 SPDR Gold Trust / GLD 50,567 119.97 -1% 830 new <1% 6% n/a n/a 1.3x 2 Visa / V 58,890 70.10 -1% 1,060 new <1% 5% 18x 15x >9.9x 3 McDonald's / MCD 77,782 73.08 11% 2,629 19% <1% 12% 16x 15x 7.3x 4 MasterCard / MA 27,005 206.37 3% 455 new <1% 6% 15x 13x 7.8x 5 Coca-Cola Enterprise / CCE 14,585 29.02 12% 12,350 10% 2% 23% 16x 16x n/m 6 Tyco International / TYC 19,261 38.70 10% 4,000 0% <1% 10% 15x 12x >9.9x 7 Sensata Tech / ST 2,961 17.31 n/m 3,420 21% 2% 4% 10x 9x n/m 8 Apollo Group / APOL 6,007 40.72 -4% 480 new <1% 1% 8x 7x 7.9x 9 Research In Motion / RIMM 26,918 48.72 -1% 370 new <1% 1% 9x 8x 4.1x 10 Citigroup / C 108,651 3.75 0% 7,500 new <1% 2% 10x 8x .9x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Coca-Cola Enterprise / CCE 14,585 29.02 12% 12,350 10% 2% 23% 16x 16x n/m 2 McDonald's / MCD 77,782 73.08 11% 2,629 19% <1% 12% 16x 15x 7.3x 3 Tyco International / TYC 19,261 38.70 10% 4,000 0% <1% 10% 15x 12x >9.9x 4 Verisk Analytics / VRSK 5,095 28.47 -5% 4,611 -23% 3% 8% 21x 19x n/m 5 SPDR Gold Trust / GLD 50,567 119.97 -1% 830 new <1% 6% n/a n/a 1.3x 6 MasterCard / MA 27,005 206.37 3% 455 new <1% 6% 15x 13x 7.8x 7 eBay / EBAY 30,665 23.37 19% 3,300 -52% <1% 5% 14x 13x 4.0x 8 Visa / V 58,890 70.10 -1% 1,060 new <1% 5% 18x 15x >9.9x 9 Sensata Tech / ST 2,961 17.31 n/m 3,420 21% 2% 4% 10x 9x n/m 10 Lamar Advertising / LAMR 2,610 28.28 15% 2,000 -13% 2% 4% n/m n/m n/m

New Positions Sold Out Positions American Express / AXP Apollo Group / APOL Citigroup / C Goldman Sachs / GS MasterCard / MA

Research In Motion / RIMM SPDR Gold Trust / GLD TransDigm / TDG Visa / V

Amazon.com / AMZN Bank of America / BAC C.H. Robinson / CHRW CarMax / KMX Comcast / CMCSA

Home Depot / HD Netflix / NFLX Popular / BPOP Wells Fargo / WFC










Services33%

Financial25%


23%

Other19%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 TN Commerce Banc / TNCC 25 4.37 -32% 584 new 10% 1% 7x 7x .3x 2 Ocwen Financial / OCN 909 9.07 -11% 2,532 >100% 3% 9% 12x 6x 1.2x 3 Taylor Capital / TAYC 185 10.10 -22% 1,864 40% 10% 8% n/m n/m 1.2x 4 West. Alliance Banc / WAL 481 6.55 -9% 3,710 59% 5% 10% n/m 21x 1.2x 5 Synovus Financial / SNV 1,798 2.29 -10% 14,794 11% 2% 14% n/m n/m .7x 6 Primus Guaranty / PRS 141 3.71 1% 6,360 9% 17% 10% n/a n/a n/m 7 Banner Corp. / BANR 49 2.10 6% 2,000 new 9% 2% n/m n/m .2x 8 Altisource Portfolio / ASPS 694 27.51 11% 371 >100% 1% 4% n/a n/a >9.9x 9 CoBiz Financial / COBZ 201 5.46 -17% 2,500 25% 7% 6% n/m 20x .9x 10 Rodman & Renshaw / RODM 79 2.27 -21% 50 new <1% <1% 7x 4x 1.4x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Synovus Financial / SNV 1,798 2.29 -10% 14,794 11% 2% 14% n/m n/m .7x 2 West. Alliance Banc / WAL 481 6.55 -9% 3,710 59% 5% 10% n/m 21x 1.2x 3 Primus Guaranty / PRS 141 3.71 1% 6,360 9% 17% 10% n/a n/a n/m 4 Ocwen Financial / OCN 909 9.07 -11% 2,532 >100% 3% 9% 12x 6x 1.2x 5 Wintrust Financial / WTFC 914 29.38 -12% 778 -15% 2% 9% 25x 13x 1.1x 6 Taylor Capital / TAYC 185 10.10 -22% 1,864 40% 10% 8% n/m n/m 1.2x 7 CompuCredit / CCRT 228 4.76 20% 3,720 39% 8% 7% n/m n/a 1.7x 8 CoBiz Financial / COBZ 201 5.46 -17% 2,500 25% 7% 6% n/m 20x .9x 9 Encore Capital / ECPG 475 19.95 -3% 660 1% 3% 5% 11x 9x 1.9x 10 Altisource Portfolio / ASPS 694 27.51 11% 371 >100% 1% 4% n/a n/a >9.9x

New Positions Sold Out Positions Banner Corp. / BANR Capital One / COF CapitalSource / CSE

First Merchants / FRME Rodman & Renshaw / RODM TN Commerce Banc / TNCC

First Busey / BUSE Nara Bancorp / NARA Regions Financial / RF










Financial96%

Services4%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Baxter International / BAX 26,045 44.57 10% 4,036 new <1% 6% 11x 11x 7.6x 2 Baidu.com / BIDU 28,596 82.17 21% 3,604 >100% 1% 10% 59x 38x >9.9x 3 Illumina / ILMN 5,593 45.00 3% 2,695 >100% 2% 4% 46x 34x 8.0x 4 Union Pacific / UNP 36,949 74.26 7% 1,897 68% <1% 5% 14x 12x 2.1x 5 Live Nation / LYV 1,527 8.80 -16% 4,933 new 3% 1% n/m 73x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Baidu.com / BIDU 28,596 82.17 21% 3,604 >100% 1% 10% 59x 38x >9.9x 2 Pfizer / PFE 128,413 15.92 12% 13,762 -35% <1% 7% 7x 7x n/m 3 Baxter International / BAX 26,045 44.57 10% 4,036 new <1% 6% 11x 11x 7.6x 4 Equinix / EQIX 4,104 90.02 11% 1,948 -47% 4% 6% 89x 36x 4.9x 5 Apple / AAPL 228,062 249.64 -1% 678 -79% <1% 6% 17x 14x 5.4x 6 Teva Pharma / TEVA 47,012 50.28 -3% 3,216 -51% <1% 5% 11x 10x >9.9x 7 Las Vegas Sands / LVS 19,578 29.63 34% 5,362 0% <1% 5% 42x 28x 3.5x 8 Union Pacific / UNP 36,949 74.26 7% 1,897 68% <1% 5% 14x 12x 2.1x

New Positions Sold Out Positions American Eagle / AEO Ameriprise Financial / AMP Baxter International / BAX Cephalon / CEPH D.R. Horton / DHI El Paso Corp. / EP Freeport-McMoRan / FCX Hansen Natural / HANS KB Home / KBH Lennar / LEN Live Nation / LYV MercadoLibre / MELI Netflix / NFLX Pulte Homes / PHM RadioShack / RSH Sirius XM Radio / SIRI

Amazon.com / AMZN Annaly Capital / NLY Bank of America / BAC C.R. Bard / BCR Cablevision / CVC CME Group / CME Comcast / CMCSA Community Health / CYH Credit Suisse / CS Ctrip.com / CTRP Discovery Comms / DISCA Gap / GPS Goldman Sachs / GS Hartford Financial / HIG Illinois Tool Works / ITW Ingersoll-Rand / IR Johnson & Johnson / JNJ

JPMorgan Chase / JPM Juniper Networks / JNPR Lab Corp. of America / LH Liberty Global / LBTYA Lowe's / LOW Omnicom / OMC PepsiCo / PEP Quest Diagnostics / DGX salesforce.com / CRM Sigma-Aldrich / SIAL St. Jude Medical / STJ Staples / SPLS Urban Outfitters / URBN Visa / V Walt Disney / DIS Waters / WAT Yum! Brands / YUM










Health Care27%

Technology23%

Services22%

Other28%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Service Corp. / SCI 1,967 7.97 8% 29,551 >100% 12% 1% 14x 13x 9.9x 2 Cemex / CX 8,397 8.41 -13% 133,128 1% 13% 6% n/m 49x .5x 3 Texas Industries / TXI 833 29.98 1% 4,550 23% 16% <1% n/m >99x 1.1x 4 Martin Marietta / MLM 3,540 77.76 -8% 2,629 new 6% 1% 36x 23x 4.8x 5 Level 3 Comms / LVLT 1,781 1.07 -2% 484,232 5% 29% 3% n/m n/m n/m 6 Chesapeake Energy / CHK 13,335 20.38 -3% 80,813 1% 12% 8% 7x 7x 1.1x 7 tw telecom / TWTC 2,663 17.57 5% 28,281 13% 19% 2% 10x 34x 4.9x 8 Dell / DELL 23,636 12.07 0% 142,216 2% 7% 9% 10x 8x >9.9x 9 Fair Isaac / FICO 941 22.55 3% 9,390 0% 23% 1% 15x 14x n/m 10 DineEquity / DIN 574 32.03 15% 3,218 0% 18% <1% 9x 8x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 DIRECTV / DTV 33,811 38.05 12% 64,017 -16% 7% 12% 16x 12x n/m 2 Yum! Brands / YUM 19,764 42.32 8% 48,758 -4% 10% 10% 17x 15x >9.9x 3 Dell / DELL 23,636 12.07 0% 142,216 2% 7% 9% 10x 8x >9.9x 4 Chesapeake Energy / CHK 13,335 20.38 -3% 80,813 1% 12% 8% 7x 7x 1.1x 5 Walt Disney / DIS 63,212 33.05 5% 47,232 -14% 2% 8% 16x 14x >9.9x 6 Pioneer Natural / PXD 6,722 57.95 -3% 20,322 -6% 18% 6% 30x 20x 1.8x 7 Cemex / CX 8,397 8.41 -13% 133,128 1% 13% 6% n/m 49x .5x 8 Aon Corp. / AON 9,955 36.91 -1% 21,834 23% 8% 4% 11x 11x n/m 9 Bank of NY Mellon / BK 29,926 24.65 0% 29,369 89% 2% 4% 11x 9x 3.6x 10 Liberty Interactive / LINTA 6,280 10.50 0% 57,414 -16% 10% 3% 12x 15x n/m

New Positions Sold Out Positions Campbell Soup / CPB Lowe's / LOW Martin Marietta / MLM Shanda Games / GAME

Shanda Interactive / SNDA Verizon / VZ Vodafone / VOD

Discovery Comms / DISCA Ingersoll-Rand / IR Marriott / MAR










Services48%

Energy14%

Financial13%

Other25%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Alcon / ACL 48,322 160.95 9% 700 new <1% 12% 21x 19x >9.9x 2 Xerium Technologies / XRM 164 10.97 -22% 1,295 new 9% 1% n/a n/a n/m 3 BioFuel Energy / BIOF 42 1.29 -3% 5,579 0% 17% <1% n/a n/a .6x 4 CIT Group / CIT 7,618 38.04 12% 2,447 4% 1% 10% 16x 15x .9x 5 Health Net / HNT 2,348 24.10 -1% 3,000 0% 3% 7% 9x 9x 2.3x 6 TransDigm / TDG 2,830 57.35 12% 1,800 0% 4% 11% 18x 16x n/m 7 DepoMed / DEPO 196 3.73 33% 6,790 0% 13% 3% n/m 13x >9.9x 8 Macy's / M 8,854 20.97 17% 2,600 >100% <1% 6% 11x 10x >9.9x 9 ViewPoint Financial / VPFG 325 9.31 -6% 775 new 2% <1% 26x 25x 1.5x 10 Liberty Interactive / LINTA 6,280 10.50 0% 5,000 4% <1% 5% 12x 15x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Alcon / ACL 48,322 160.95 9% 700 new <1% 12% 21x 19x >9.9x 2 TransDigm / TDG 2,830 57.35 12% 1,800 0% 4% 11% 18x 16x n/m 3 CIT Group / CIT 7,618 38.04 12% 2,447 4% 1% 10% 16x 15x .9x 4 PHH / PHH 1,085 19.56 3% 4,170 -7% 8% 8% n/m 7x 9.6x 5 Health Net / HNT 2,348 24.10 -1% 3,000 0% 3% 7% 9x 9x 2.3x 6 Airgas / ARG 5,543 66.25 7% 1,080 17% 1% 7% 20x 18x >9.9x 7 Coca-Cola Enterprise / CCE 14,585 29.02 12% 2,002 0% <1% 6% 16x 16x n/m 8 Macy's / M 8,854 20.97 17% 2,600 >100% <1% 6% 11x 10x >9.9x 9 Mead Johnson / MJN 10,925 53.41 7% 1,000 0% <1% 5% 22x 20x n/m 10 Liberty Interactive / LINTA 6,280 10.50 0% 5,000 4% <1% 5% 12x 15x n/m

New Positions Sold Out Positions Alcon / ACL Plains Exploration / PXP ViewPoint Financial / VPFG Xerium Technologies / XRM

Alkermes / ALKS Brocade Comms / BRCD Dana Holding / DAN DIRECTV / DTV Kraft Foods / KFT Lear / LEA Pall Corp. / PLL Phillips-Van Heusen / PVH

Phoenix Companies / PNX Popular / BPOP Strategic Hotels / BEE Toyota / TM VIVUS / VVUS Walgreen / WAG Washington Post / WPO WellPoint / WLP










Financial26%

Services19%

Health Care17%

Other39%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Apple / AAPL 228,062 249.64 -1% 1,041 76% <1% 7% 17x 14x 5.4x 2 Live Nation / LYV 1,527 8.80 -16% 10,581 >100% 6% 2% n/m 73x n/m 3 priceline.com / PCLN 14,630 302.36 71% 893 56% 2% 7% 25x 20x >9.9x 4 MercadoLibre / MELI 3,074 69.66 33% 4,193 0% 10% 8% 61x 45x >9.9x 5 Liberty Capital / LCAPA 3,969 45.37 8% 3,808 79% 4% 5% n/m n/m 2.3x 6 Liberty Global / LBTYA 6,918 28.39 9% 6,384 36% 3% 5% n/m n/m n/m 7 Lockheed Martin / LMT 26,535 73.20 -2% 2,136 2% <1% 4% 10x 9x n/m 8 Longtop Fin. Tech / LFT 2,065 36.59 13% 3,911 26% 7% 4% 22x 18x 5.8x 9 Viacom / VIA.B 19,266 31.68 1% 1,148 new <1% <1% 11x 10x n/m 10 Shanda Games / GAME 2,022 7.02 -17% 2,834 58% <1% <1% 10x 9x 7.8x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Apollo Group / APOL 6,007 40.72 -4% 9,918 -11% 7% 11% 8x 7x 7.9x 2 MercadoLibre / MELI 3,074 69.66 33% 4,193 0% 10% 8% 61x 45x >9.9x 3 DIRECTV / DTV 33,811 38.05 12% 7,484 -36% <1% 8% 16x 12x n/m 4 priceline.com / PCLN 14,630 302.36 71% 893 56% 2% 7% 25x 20x >9.9x 5 Apple / AAPL 228,062 249.64 -1% 1,041 76% <1% 7% 17x 14x 5.4x 6 PepsiCo / PEP 103,093 64.80 6% 3,887 -13% <1% 7% 16x 14x n/m 7 Electronic Arts / ERTS 5,215 15.79 10% 14,100 -7% 4% 6% 24x 18x 3.5x 8 Liberty Global / LBTYA 6,918 28.39 9% 6,384 36% 3% 5% n/m n/m n/m 9 Liberty Capital / LCAPA 3,969 45.37 8% 3,808 79% 4% 5% n/m n/m 2.3x 10 Lockheed Martin / LMT 26,535 73.20 -2% 2,136 2% <1% 4% 10x 9x n/m

New Positions Sold Out Positions Compania Cervecerias / CCU Domino's Pizza / DPZ Viacom / VIA.B Xerox / XRX

Amazon.com / AMZN Berkshire Hathaway / BRK.A E*Trade Financial / ETFC Google / GOOG Hewlett-Packard / HPQ Kraft Foods / KFT Lincare / LNCR

Madison Sq. Garden / MSG Monsanto / MON Symetra Financial / SYA Visa / V Western Union / WU Yahoo! / YHOO










Services44%

Technology35%

Capital Goods8%

Other13%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 American Tower / AMT 19,026 47.43 7% 11,798 new 3% 6% 55x 43x n/m 2 Oracle / ORCL 115,704 23.02 7% 21,237 >100% <1% 5% 12x 11x >9.9x 3 News Corp. / NWSA 33,368 12.73 6% 32,736 65% 1% 5% 12x 10x >9.9x 4 Invesco / IVZ 8,717 18.50 10% 36,556 15% 8% 8% n/a n/a >9.9x 5 Adobe Systems / ADBE 14,664 27.92 6% 11,409 new 2% 4% 15x 13x >9.9x 6 Tyco International / TYC 19,261 38.70 10% 10,754 3% 2% 5% 15x 12x >9.9x 7 Mednax / MD 2,296 48.20 -13% 2,652 >100% 6% 1% 12x 11x n/m 8 PNC Financial / PNC 27,704 52.73 -7% 4,623 >100% <1% 3% 10x 9x 1.7x 9 Corinthian Colleges / COCO 396 4.49 -54% 3,159 new 4% <1% 3x 2x 5.8x 10 Comcast / CMCSA 49,985 17.81 3% 23,142 >100% <1% 5% 14x 12x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Invesco / IVZ 8,717 18.50 10% 36,556 15% 8% 8% n/a n/a >9.9x 2 American Tower / AMT 19,026 47.43 7% 11,798 new 3% 6% 55x 43x n/m 3 Oracle / ORCL 115,704 23.02 7% 21,237 >100% <1% 5% 12x 11x >9.9x 4 News Corp. / NWSA 33,368 12.73 6% 32,736 65% 1% 5% 12x 10x >9.9x 5 Tyco International / TYC 19,261 38.70 10% 10,754 3% 2% 5% 15x 12x >9.9x 6 Comcast / CMCSA 49,985 17.81 3% 23,142 >100% <1% 5% 14x 12x n/m 7 Goodrich Corp. / GR 9,052 72.25 9% 4,935 39% 4% 4% 16x 14x >9.9x 8 Sherwin-Williams / SHW 7,435 68.34 -1% 5,117 69% 5% 4% 15x 13x >9.9x

New Positions Sold Out Positions Adobe Systems / ADBE American Express / AXP American Tower / AMT BRE Properties / BRE C.H. Robinson / CHRW Charles Schwab / SCHW Corinthian Colleges / COCO EMC / EMC Equity Residential / EQR Estee Lauder / EL Human Genome Science / HGSI KB Home / KBH

KeyCorp / KEY Lab Corp. of America / LH Medco Health / MHS Morgan Stanley / MS Precision Castparts / PCP Prudential Financial / PRU Stanley Black Decker / SWK Time Warner / TWX Time Warner Cable / TWC Valeant Pharma / VRX Xerox / XRX

Banco Santander / STD Bank of America / BAC Beckman Coulter / BEC Capital One / COF CME Group / CME Family Dollar Stores / FDO Google / GOOG Hewlett-Packard / HPQ Ingersoll-Rand / IR InterMune / ITMN Lennar / LEN

McKesson / MCK NVR / NVR Pall Corp. / PLL Pfizer / PFE Psychiatric Solution / PSYS Qwest Comms / Q Rockwell Collins / COL Visa / V Walt Disney / DIS WellPoint / WLP










Services27%

Financial23%Technology

15%

Other35%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Microsoft / MSFT 209,676 24.23 5% 3,611 45% <1% 5% 10x 9x 6.4x 2 Intelligent Systems / INS 10 1.06 -15% 2,270 0% 25% <1% n/a n/a 1.8x 3 Liberty Interactive / LINTA 6,280 10.50 0% 8,652 5% 1% 5% 12x 15x n/m 4 The Knot / KNOT 244 7.16 -8% 2,205 >100% 6% <1% >99x 65x 1.6x 5 Accenture / ACN 27,121 38.42 -1% 1,711 >100% <1% 4% 15x 13x >9.9x 6 Omnicare / OCR 2,344 19.84 -16% 3,626 41% 3% 4% 10x 9x n/m 7 ConocoPhillips / COP 82,285 53.89 10% 1,301 52% <1% 4% 9x 8x 1.4x 8 Apollo Group / APOL 6,007 40.72 -4% 726 >100% <1% 2% 8x 7x 7.9x 9 Tyco International / TYC 19,261 38.70 10% 1,604 18% <1% 4% 15x 12x >9.9x 10 Google / GOOG 147,249 462.02 4% 99 >100% <1% 3% 17x 15x 4.3x

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 1 -38% <1% 7% 19x 18x 2.1x 2 Liberty Global / LBTYA 6,918 28.39 9% 3,659 -3% 2% 6% n/m n/m n/m 3 Redwood Trust / RWT 1,118 14.34 -2% 6,836 -1% 9% 6% 9x 9x 1.1x 4 Liberty Interactive / LINTA 6,280 10.50 0% 8,652 5% 1% 5% 12x 15x n/m 5 Microsoft / MSFT 209,676 24.23 5% 3,611 45% <1% 5% 10x 9x 6.4x 6 Omnicare / OCR 2,344 19.84 -16% 3,626 41% 3% 4% 10x 9x n/m 7 ConocoPhillips / COP 82,285 53.89 10% 1,301 52% <1% 4% 9x 8x 1.4x 8 Dell / DELL 23,636 12.07 0% 5,793 -3% <1% 4% 10x 8x >9.9x 9 Accenture / ACN 27,121 38.42 -1% 1,711 >100% <1% 4% 15x 13x >9.9x 10 Tyco International / TYC 19,261 38.70 10% 1,604 18% <1% 4% 15x 12x >9.9x

New Positions Sold Out Positions Hewitt Associates / HEW Target / TGT

Buckle / BKE Corporate Executive / EXBD Daily Journal / DJCO DIRECTV / DTV News Corp. / NWSA










Services48%

Technology18%

Financial11%

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Automatic Data / ADP 19,818 39.40 -2% 206 new <1% 8% 16x 15x 3.6x 2 Broadridge Financial / BR 2,555 20.16 6% 414 new <1% 8% 13x 11x >9.9x 3 American Defense / EAG 13 0.26 13% 5,084 0% 10% 1% n/a n/a n/m 4 Angiotech Pharma / ANPI 39 0.46 -39% 59 0% <1% <1% n/a n/a n/m 5 Live Nation / LYV 1,527 8.80 -16% 506 -17% <1% 5% n/m 73x 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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Johnson & Johnson / JNJ 161,796 58.74 -1% 225 -24% <1% 13% 12x 12x 7.4x 2 Clorox / CLX 9,073 64.42 4% 200 -20% <1% 13% 14x 13x n/m 3 Kimberly-Clark / KMB 26,487 64.71 7% 197 -17% <1% 13% 13x 12x >9.9x 4 Molson Coors / TAP 8,538 45.92 8% 273 -17% <1% 13% 13x 12x 6.5x 5 McCormick / MKC 5,450 40.90 8% 267 -21% <1% 11% 16x 15x n/m 6 Broadridge Financial / BR 2,555 20.16 6% 414 new <1% 8% 13x 11x >9.9x 7 Automatic Data / ADP 19,818 39.40 -2% 206 new <1% 8% 16x 15x 3.6x 8 Kraft Foods / KFT 50,752 29.10 4% 171 -58% <1% 5% 14x 13x n/m 9 Sonde Resources / SNG 181 2.90 -5% 1,657 -79% 3% 5% n/a n/a .8x 10 Live Nation / LYV 1,527 8.80 -16% 506 -17% <1% 5% n/m 73x n/m

New Positions Sold Out Positions Automatic Data / ADP Broadridge Financial / BR

None











42%

Services21%

Health Care13%

Other23%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Canadian Natural / CNQ 35,078 32.20 -3% 1,358 >100% <1% 10% 13x 10x 1.7x 2 Consolidated-Tomoka / CTO 153 26.65 -6% 1,481 0% 26% 9% >99x 58x 1.3x 3 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 1 0% <1% 23% 19x 18x 2.1x 4 Franklin Resources / BEN 22,266 98.92 15% 501 0% <1% 11% 16x 14x 4.1x 5 SPDR Gold Trust / GLD 50,567 119.97 -1% 131 0% <1% 4% n/a n/a 1.3x 6 Fomento Economico / FMX 89,326 49.93 16% 48 new <1% <1% 18x 14x >9.9x 7 Reynolds American / RAI 16,512 56.64 9% 660 0% <1% 8% 11x 11x n/m 8 Coca-Cola / KO 127,713 55.30 10% 373 0% <1% 5% 16x 15x 9.5x 9 Leucadia National / LUK 4,956 20.37 4% 382 0% <1% 2% n/a n/a 1.3x 10 Mead Johnson / MJN 10,925 53.41 7% 67 0% <1% <1% 22x 20x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Berkshire Hathaway / BRK.A 192,655 116,700 -3% 1 0% <1% 23% 19x 18x 2.1x 2 Franklin Resources / BEN 22,266 98.92 15% 501 0% <1% 11% 16x 14x 4.1x 3 Canadian Natural / CNQ 35,078 32.20 -3% 1,358 >100% <1% 10% 13x 10x 1.7x 4 Consolidated-Tomoka / CTO 153 26.65 -6% 1,481 0% 26% 9% >99x 58x 1.3x 5 Philip Morris / PM 95,273 51.98 13% 721 -26% <1% 8% 14x 12x n/m 6 Reynolds American / RAI 16,512 56.64 9% 660 0% <1% 8% 11x 11x n/m 7 General Dynamics / GD 22,910 60.23 3% 474 -20% <1% 6% 9x 8x n/m 8 Goldman Sachs / GS 76,435 148.24 13% 142 -50% <1% 5% 10x 8x 1.3x 9 Coca-Cola / KO 127,713 55.30 10% 373 0% <1% 5% 16x 15x 9.5x 10 SPDR Gold Trust / GLD 50,567 119.97 -1% 131 0% <1% 4% n/a n/a 1.3x

New Positions Sold Out Positions Fomento Economico / FMX Chesapeake Energy / CHK Portfolio Metrics * Sector Weightings *









Financial43%


25%

Capital Goods15%

Other17%



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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Jo-Ann Stores / JAS 1,039 38.03 1% 172 77% <1% 1% 12x 10x 1.8x 2 Cooper Tire & Rubber / CTB 1,118 18.19 -7% 389 42% <1% 2% 8x 8x 2.8x 3 Key Energy Services / KEG 1,063 8.46 -8% 234 new <1% <1% >99x 14x 3.3x 4 Innophos / IPHS 591 27.60 6% 71 new <1% <1% 10x 9x 2.6x 5 Assured Guaranty / AGO 3,124 17.00 28% 16,016 0% 9% 60% 6x 4x .8x 6 International Coal / ICO 1,009 4.95 29% 24,537 0% 12% 27% 20x 8x 1.4x 7 Lear / LEA 3,847 77.76 17% 67 97% <1% 1% 14x 10x 2.6x 8 Cyclacel Pharma / CYCC 57 1.55 -10% 814 0% 2% <1% n/m n/m 4.0x 9 Callidus Software / CALD 108 3.44 6% 1,701 0% 5% 1% n/m 25x 8.7x 10 MetroPCS / PCS 3,178 8.98 10% 3,225 -1% <1% 6% 14x 10x n/m

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 ($mn) ($) Jun. 30 ('000) Mar. 31 Co. Fund* FY FY Book 1 Assured Guaranty / AGO 3,124 17.00 28% 16,016 0% 9% 60% 6x 4x .8x 2 International Coal / ICO 1,009 4.95 29% 24,537 0% 12% 27% 20x 8x 1.4x 3 MetroPCS / PCS 3,178 8.98 10% 3,225 -1% <1% 6% 14x 10x n/m 4 Cooper Tire & Rubber / CTB 1,118 18.19 -7% 389 42% <1% 2% 8x 8x 2.8x 5 Jo-Ann Stores / JAS 1,039 38.03 1% 172 77% <1% 1% 12x 10x 1.8x 6 Callidus Software / CALD 108 3.44 6% 1,701 0% 5% 1% n/m 25x 8.7x 7 Lear / LEA 3,847 77.76 17% 67 97% <1% 1% 14x 10x 2.6x 8 Key Energy Services / KEG 1,063 8.46 -8% 234 new <1% <1% >99x 14x 3.3x 9 Innophos / IPHS 591 27.60 6% 71 new <1% <1% 10x 9x 2.6x 10 Cyclacel Pharma / CYCC 57 1.55 -10% 814 0% 2% <1% n/m n/m 4.0x

New Positions Sold Out Positions Innophos / IPHS Key Energy Services / KEG

None










Financial60%

Energy27%

Services8%

Other5%



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