Portfolio Manager's Review - The Superinvestor Issue

PORTFOLIO MANAGER’S REVIEW
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 THE SUPERINVESTOR REPORT

goals of our members by giving
them a discernible edge over
other market participants, we ► Snapshot of 100 companies owned by superinvestors
have succeeded.” ► Latest holdings of 50+ top investors, including
Top Five Ideas In This Report MOI’s proprietary Signal Value™ idea ranking
► 20 companies profiled by MOI research team
African Barrick Gold
(UK: ABG) ……………………… p. 66 ► Proprietary selection of Top 5 candidates for investment
Chesapeake Energy ► Plus: Favorite stock screens for value investors
(NYSE: CHK) ………………….. p. 78
Ensco
► Plus: Exclusive interview with Ken Shubin Stein
(NYSE: ESV) ………………….. p. 82
NCR
(NYSE: NCR) ………………… p. 102
Vodafone Superinvestor companies mentioned in this issue include
(UK: VOD, Nasdaq: VOD) ….. p. 118 African Barrick Gold, American Capital, American International Group,
Also Inside Aon Corp., Apollo Group, Apple, Arris Group, Automatic Data Processing,
Bally Technologies, Bank of America, Bank of NY Mellon, Baxter, BP,
Editor’s Commentary …………….. p. 5 Broadridge Financial, Canadian Natural Resources, CF Industries,
Interview: Ken Shubin Stein ……. p. 9 Chesapeake Energy, Citigroup, Coca-Cola, Coca-Cola Enterprises,
Portfolios with Signal Value™ … p. 14 Cooper Tire & Rubber, Corning, Covidien, DaVita, Dell, DIRECTV,
New/Increased Holdings ………. p. 66 Discovery Communications, Dollar Tree, eBay, Ensco, Enstar Group,
Unchanged/Offsetting Holdings p. 126 Estee Lauder, Fiserv, Franklin Resources, GameStop, General Electric,
100 Superinvestor Stocks …….. p. 146 Goldman Sachs, Google, H&R Block, Hess, Innophos, Intel,
Favorite Value Screens ……….. p. 162 Ituran Location, Jo-Ann Stores, Johnson & Johnson, JPMorgan Chase,
Top 10 Online Resources ……… p. 172 Key Energy Services, Kraft Foods, Leap Wireless, Liberty Media Interactive,
Life Technologies, Lincare, Live Nation, Lowe's, Macquarie Infrastructure,
About Portfolio Manager’s Review
Macy's, MasterCard, MBIA, McClatchy, McDonald's, Merck, Microsoft,
Our goal is to bring you investment Nalco Holding, NCR Corp., News Corp., Novartis, Ocwen Financial, Oracle,
ideas that are compelling on the Pfizer, Philip Morris, Pinnacle Airlines, Potash, Pride International,
basis of value versus price. In our
quest for value, we analyze the top Redwood Trust, Republic Airways, Reynolds American, Sears Holdings,
holdings of top fund managers. We Service Corp. International, Smurfit-Stone, Sprint Nextel, SuperMedia,
also use a proprietary methodology Symantec, Target, Tennessee Commerce Banc, Teva Pharmaceuticals,
to identify stocks that are not widely
followed by institutional investors. Time Warner, Transocean, TravelCenters, Tree.com, Tyco International,
Our research team has extensive U.S. Bancorp, Union Pacific, Viacom, ViaSat, Visa, Vodafone, Wal-Mart,
experience in industry and security Walt Disney, Washington Post, Wells Fargo, Xerium Technologies, Xerox,
analysis, equity valuation, and
Yum! Brands, and more.
investment management. We bring a
“buy side” mindset to the idea
generation process, cutting across
industries and market capitalization
(profiled companies are underlined)
ranges in our search for compelling
equity investment opportunities.
Copyright Warning: It is a violation of federal copyright law to reproduce all or part of this publication for any purpose without the prior written consent of
BeyondProxy LLC. Email support@manualofideas.com if you wish to have multiple copies sent to you. © 2008-2010 by BeyondProxy LLC. All rights reserved.
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 (W ARREN 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 W ATSA) ........................................................................................................ 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 W INTERS) ........................................................................................... 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 W ARRIOR , 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
Editor’s Commentary
What a summer it’s been! With Mr. Market wholly lacking in generosity of
spirit, we hope you’ve at least found some time to relax and enjoy the company of
family and friends.
We are pleased to be back with another Superinvestor Issue, surveying the top
ideas of some of the most successful investors in the business. Starting with this
report, we are more than doubling our coverage of superinvestor buys and sells.
Inside, you’ll find us analyzing the portfolios of 50+ investment managers. New
additions include John Griffin’s Blue Ridge, Boone Pickens’s BP Capital, Boykin
Curry’s Eagle Capital, Bob Rodriguez’s First Pacific Advisors, Larry Robbins’s
Glenview, Phil Falcone’s Harbinger, and Lee Ainsle’s Maverick, to name a few. For
each of the 50+ investment firms, we show not only their latest top holdings by
quoted value but also based on our proprietary Signal Rank™ methodology. The
latter aims to answer the question, What are this investor’s best ideas right now?
Of all the superinvestor holdings we came across while researching this report,
the following five companies struck as particularly interesting, timely opportunities:
African Barrick Gold (UK: ABG; $9 per ADS; MV $4 billion) is a carve-out
of the Tanzanian assets of Barrick Gold (ABX), which sold a quarter of ABG in an
IPO this past March. The new public company appears to have been overlooked by
investors and represents one of the cheapest ways to invest in a gold miner with a
large base of exploration assets. ABG’s enterprise value implies a purchase price of
roughly $200 per ounce of proved and probable gold reserves. The company’s cash
cost is roughly $500-550 per ounce, leaving a handsome “profit spread” for those
investing in ABG at recent prices. Another positive feature of ABG is the company’s
net cash position of more than $300 million, which should enable management to
increase production without raising additional equity capital. Finally, management
incentives are better aligned with those of shareholders now that ABG is a stand-
alone public company. A reason investors may have overlooked the company is
ABG’s high proportion of probable relative to proved reserves. This makes the
shares appear less attractively priced when viewed solely from the standpoint of
proved gold resources. However, ABG resource base is well-defined and offers
opportunities for multi-year production growth. David Einhorn’s Greenlight Capital
purchased a stake in ABG during the second quarter.
Chesapeake Energy (CHK; $20 per share; MV $13 billion) has for some time
been synonymous with the vast untapped opportunity in U.S. onshore natural gas
shale plays. As gas prices have remained depressed relative to oil prices longer than
most expected, it appears many investors have slowly but surely given up on the
company. While the near-term outlook for natural gas remains unfavorable, the
underlying value of Chesapeake’s assets and the lagging stock price have once again
attracted considerable superinvestor interest. Famed oil and gas investor Boone
Pickens more than doubled his fund’s stake in Chesapeake during the second quarter.
Carl Icahn’s firm boosted its position from two million to nearly 13 million shares,
while Mason Hawkins’s Southeastern Asset Management slightly added to its stake,
which amounts to a considerable 12% of Chesapeake. Only David Winters’s mutual
fund went against the grain, selling out of a relatively small position. Our analysis of
Chesapeake suggests that the value of proved reserves alone may be sufficient to
justify the recent stock price, based on NYMEX strip pricing. When one considers
Vodafone (VOD; $23; MV $124 billion), the mobile communications services
provider with a global presence, continues to sell roughly 30% below our fair value
estimate, implying roughly 50% share price upside for a stable company with a 6%
dividend yield. The dividend payout is supported by the company’s free cash flow
generation even excluding any contribution from Vodafone’s 45% ownership of
Verizon Wireless. This stake in the number one U.S. mobile operator may be
Vodafone’s single most valuable asset, and we believe the market’s continued
ignorance of its value provides an interesting investment opportunity (the financials
of Verizon Wireless are not consolidated on Vodafone’s financial statements, as
Verizon exercises control over the jointly owned company). An upward re-rating of
Vodafone shares could come following a resumption of cash distributions from
Verizon Wireless beyond the recent level of tax pass-throughs. Regardless of how
Verizon Wireless and other unconsolidated assets are monetized, Vodafone’s sum-
of-the-parts valuation implies that the consolidated business trades at 4-5x trailing
EBITDA. This appears too low given Vodafone’s strong European market share,
growth prospects in emerging markets, and margin improvement potential. Vodafone
attracted significant superinvestor interest during the second quarter, with Francis
Chou, Mason Hawkins and John Kleinheinz initiating new positions in the company,
and Zeke Ashton, Boykin Curry and Bob Rodriguez increasing existing positions.
David Einhorn appears to have maintained Greenlight’s stake in Vodafone.
For those of you looking for a superinvestor-owned gem in the micro-cap space,
we point to Tree.com (TREE; $7 per share; MV $80 million), a technology-driven
provider of online services to U.S. real estate industry participants. The company
owns the popular LendingTree and RealEstate.com websites, yet trades roughly in
line with net liquid assets. Founder and CEO Doug Lebda owns 14% of Tree.com,
having purchased a substantial chunk of shares last year. Lebda appears both capable
and focused on growing shareholder value, a combination that could produce long-
term rewards for investors.
Finally, we are pleased to bring you an exclusive interview with Ken Shubin
Stein, founder of Spencer Capital. Ken is a highly regarded deep value investor who
an adjunct professor at Columbia Business School. In the interview, Ken provides
valuable insight into various aspects of his investment philosophy and shares his
latest view on Sears Holdings (SHLD).
Sincerely,
John Mihaljevic, CFA

and The Manual of Ideas research team
The Manual of Ideas research team is gratified to have won high praise for our
investment idea generation process and analytical work.
“An invaluable tool for the serious investor.”

—TIM DAVIS, MANAGING DIRECTOR, BLUESTEM ASSET MANAGEMENT
“We do similar work ourselves.”

—GLENN GREENBERG, MANAGING DIRECTOR, BRAVE WARRIOR CAPITAL
“The Manual of Ideas is a tremendous effort and very well put together.”
—MOHNISH PABRAI, MANAGING PARTNER, PABRAI INVESTMENT FUNDS
“Outstanding.”
—JONATHAN HELLER, CFA, EDITOR, CHEAP STOCKS
“Your reports provide serious investors with a plethora of bargain stocks.”

—MIGUEL BARBOSA, EDITOR, SIMOLEON SENSE
“Very impressive.”
—SHAI DARDASHTI, MANAGING PARTNER, DARDASHTI CAPITAL MANAGEMENT
“It’s little surprise MOI is a winner. When you start with superior stock screening and
combine it with good judgment, you put yourself in a great position to outperform.”
—MARKO VUCEMILOVIC, FOUNDER AND MANAGING DIRECTOR, ALKAR GLOBAL
“This is the best institutional-quality equity research to come along in a long time.”
—PAVEL SAVOR, ASSISTANT PROFESSOR OF FINANCE, THE WHARTON SCHOOL
“I am (as always) impressed with your work.”

—MARK SPROULE, SCOPIA CAPITAL
“Wonderful.”
—TOM GAYNER, CHIEF INVESTMENT OFFICER, MARKEL CORP.
“Keep up the great work, you are quickly becoming one of my must-read sources.”
—CORY JANSSEN, FOUNDER, INVESTOPEDIA.COM
FIND OUT WHAT THE BUZZ IS ABOUT.

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Exclusive Interview with Ken Shubin Stein
This month we bring you our interview with Dr. Kenneth Shubin Stein, CFA,
founder of Spencer Capital Management. Shubin Stein is an adjunct professor at
Columbia Business School and a frequent speaker on value investing topics.
In 2000, Shubin Stein founded Kenshu, the predecessor to the Spencer Capital
Opportunity Fund, which was formed in 2003. Prior to founding Compo, Shubin
Stein was a medical technology analyst for The Abernathy Group. Shubin Stein
is a graduate of the Albert Einstein College of Medicine where he completed a
five-year medical and research program with a focus on molecular genetics. He
graduated with a B.A. degree from Columbia College in 1991. Shubin Stein
serves on the board of HelpUSA and is the leader of HelpNYC.
The Manual of Ideas: You are a somewhat rare breed of value-invested

generalist with advanced degree in the scientific field, namely medicine. How
did you become interested in Buffet-style investing and at what point did you
choose investment management, although over an alternative career in the
medical field?
Ken Shubin Stein: I became interested in Buffett-style investing at a pretty
early age because I was fortunate enough to learn about Berkshire Hathaway
while I was still in junior high school. After learning about Buffett’s success, I
started studying Berkshire and trying to reverse engineer the company and how
it had become so successful and had such a long track record of good investing
decisions. As I continued my education and went through high school, college,
and medical school, and part of residency, I always stayed very involved with
investing. Since the end of junior high school, I’ve been managing my parents’
retirement accounts and other money for people in my family, so I’ve had a dual
education and sort of career path of investing and medicine and science.
“…medical school and Although I love both and have a passion for the medical field as well as for
science are great places to investing, I ultimately had to choose and obviously picked investing. Right
learn about critical thinking, around the time I was 30 or 31, I made the final switch. There was some overlap
how to frame research in my 20s because, like I said, I had a passion for both. The benefit that having
questions and to look for medical training has given me is medical school and science are great places to
flaws in research learn about critical thinking, how to frame research questions and to look for
methodologies.” flaws in research methodologies. All this is very helpful and plays into learning
how to research a situation, understand what questions may not be being asked
that are important, and learn how to frame the situation correctly and seek out
data that can be helpful in coming to a conclusion.
MOI: How do you describe your own brand of value investing?
Shubin Stein: At Spencer we focus on concentrated value investing and,
specifically, we look at special situations. For us, special situations run the
gamut from companies that are in distress, in bankruptcy, are in turnaround
situations, companies that are doing spin offs or debt recapitalization or large
So the question is, while recognizing that more experience is generally
better than less, what aspects of innocence should aspiring investment managers
seek to preserve? I think it’s helpful for all of us who are professional managers
to periodically think about our true goals in the business, and what we are doing
in order to achieve those goals. Are we constantly learning? Are we improving
or are we being pushed by experience and fear into behavior that will put us in
the middle of the pack versus are we continually trying to push the needle and
be excellent and continue to learn, even if that has some near-term costs?
I’m reminded of the many value investors in the late 1990s during the tech
bubble. When that was occurring, a lot of us felt this tremendous pressure
because we were investing in solid, profitable companies at extremely good
prices, but the market was valuing tech companies with no earnings at far higher
prices. Lots of managers were faced with a choice: start buying things that broke
the discipline of value investing because that was what investors clamored for
— or lose your investors. Some managers changed their style, bought tech
companies during the bubble and ended up maintaining their investors and
losing capital. Some did the reverse —we didn’t buy tech companies, and we
ended up losing some our clients, and I think that’s a choice that many of us are
faced with during our careers.
MOI: What books have you read in recent years that have stood out as valuable
“…while recognizing that additions to your investment library?
more experience is generally Shubin Stein: There are a couple of extremely good books I’ve read recently,
better than less, what aspects and I’ll list the authors because some of them have multiple books.
of innocence should aspiring
investment managers seek to Whitney Tilson and Glen Tongue’s book about the stock market crash and
preserve? Are we improving how to profit from it was excellent, both because it gave superb ideas and it
or are we being pushed by highlighted that even after something starts to unfold, there’s the opportunity to
do work, develop a variant perception, and profit from it.
experience and fear into
behavior that will put us in Mohnish Pabrai books are excellent investment books for both amateurs
the middle of the pack…?” and professionals.
James Montier’s books are superb for anybody interested in behavioral
finance, which, in my opinion, should be all of us in this business.
The Big Short by Michael Lewis and Fooling Some of the People All of the
Time by David Einhorn are must reads for everybody, both because they
highlight a lot about what is important in investing and they give us an insight
into how the capital markets and the government in the United States work.
MOI: Ken, thank you very much.
50+ Portfolios With Signal Value™ Top investors included in this section:
Revealing the Top Ideas of Top Investors • Bill Ackman, Pershing Square
• Lee Ainsle, Maverick
• Chuck Akre, Akre Capital
“Signal value” as opposed to “noise.” We present the • Zeke Ashton, Centaur Capital
holdings of some of the world’s top investors. We look for • Brian Bares, Bares Capital
• Bruce Berkowitz, Fairholme
investors who have amassed impressive track records over
• Richard Breeden, Breeden Capital
long periods of time. We choose these investors carefully • Tom Brown, Second Curve
to avoid the noise inherent in most 13F-HR filings. • Warren Buffett, Berkshire Hathaway
• Francis Chou, Chou Associates
MOI Signal Rank answers the question, “What are • Chase Coleman, Tiger Global
• James Crichton, Scout
this investor’s top ten ideas right now?” Rather than
• Ian Cumming and Joe Steinberg, Leucadia
simply presenting each investor’s largest holdings as of the • Boykin Curry, Eagle
recently filed quarter end, the MOI’s proprietary • David Einhorn, Greenlight
• Phil Falcone, Harbinger
methodology ranks the companies in each investor’s • Alan Fournier, Pennant
portfolio based on the investor’s current level of conviction • Glenn Fuhrman and John Phelan, MSD Capital
• Jeffrey Gates, Gates Capital
in each holding, as judged by the MOI. • Tom Gayner, Markel Gayner
• Kian Ghazi, Hawkshaw
Our proprietary methodology takes into account a
• Ed Gilhuly and Scott Stuart, Sageview
number of variables, including the size of a position in an • Glenn Greenberg, Brave Warrior
investor’s portfolio, the size of a position relative to the • John Griffin, Blue Ridge
• Howard Guberman, Gruss
market value of the corresponding company, the most recent • Andreas Halvorsen, Viking Global
quarterly change in the number of shares owned, and the • Mason Hawkins, Southeastern
• Lance Helfert and Paul Orfalea, West Coast
change in the stock price of a position since the most recent • Chris Hohn, Children’s Investment Fund
quarterly filing date. • Carl Icahn, Icahn
• Rehan Jaffer, H Partners
For example, an investor might have the most • Seth Klarman, Baupost
conviction in a position that is only the tenth-largest • John Kleinheinz, Kleinheinz Capital
• Eddie Lampert, ESL Investments
position in such investor’s portfolio. This might be the • Dan Loeb, Third Point
case if an investor invests in a small company, resulting in • Steve Mandel, Lone Pine
• Sandy Nairn, Edinburgh Partners
a holding that is simply too small to rank highly based on
• Mohnish Pabrai, Pabrai Funds
size alone. On the other hand, such a holding might • John Paulson, Paulson & Co.
represent 19.9% of the shares outstanding of the subject • Boone Pickens, BP Capital
• Mark Rachesky, MHR
company, suggesting a high level of conviction. Our • Lisa Rapuano, Lane Five
estimate of the conviction level would rise further if the • Larry Robbins, Glenview
• Bob Rodriguez and Steven Romick, First Pacific
subject company has a 20% poison-pill threshold, thereby • Wilbur Ross, WL Ross
suggesting that the investor has bought as much of the • Chris Shumway, Shumway Capital
• David Tepper, Appaloosa
subject company as is practically feasible.
• 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

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 Fox Chase Bancorp / FXCB CarMax / KMX
Ensco / ESV Greenlight Re / GLRE Entertainment Prop. / EPR
First Fin. Holdings / FFCH W.R. Berkley / WRB
* *
Portfolio Metrics Sector Weightings
Portfolio size $351 million Technology Other

4% 2%
Top 10 as % of portfolio 75%
Median market value $3.8 billion
Average market value $20 billion
Median P/E (this FY) 17x Financial Services
41% 53%
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.
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

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

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

Colfax / CFX None
* *
Portfolio size $253 million Other

18%
Financial
37%
Median P/E (this FY) 17x Services
20%
*
Technology
Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes 25%
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

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

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

Fiserv / FISV None
* *, **
Portfolio size $48 billion
Other
Top 10 as % of portfolio 88% 12%
Median market value $29 billion Services Consumer
Average market value $58 billion 10% Non-Cyclical
40%
Median P/E (this FY) 14x
*
Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes Financial
portfolio cash, leverage, certain non-U.S. holdings, and non-equity securities. 38%
**
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.
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

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

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

Apache / APA Murphy Oil / MUR Transocean / RIG
Chevron / CVX Oceaneering / OII
Devon Energy / DVN Plains Exploration / PXP
EnCana / ECA Quicksilver Resource / KWK
Fluor / FLR Southwestern Energy / SWN
Massey Energy / MEE
* *, **
Portfolio size $291 million
Capital Goods
2%
Median market value $11 billion
Financial
33%
Median P / tangible book 1.9x Energy
66%
*
**
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.
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

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

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

EMCOR Group / EME SAIC / SAI Hill-Rom Holdings / HRC
Fidelity National / FNF ValueClick / VCLK Pharma Product / PPDI
NASDAQ OMX / NDAQ
* *
Portfolio size $1.1 billion

Top 10 as % of portfolio 92% Other
32% Services
Median market value $3.1 billion 35%
Average market value $3.9 billion
Median P / tangible book 3.5x Health Care
*
14% Financial
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

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

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

Walt Disney / DIS MasterCard / MA
Time Warner / TWX
* *

Other Services
Top 10 as % of portfolio 100% 31% 28%
Median P / tangible book 8.0x Transportation Financial
20% 21%
*
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

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

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

None Axis Capital / AXS Iconix Brand Group / ICON
Exxon Mobil / XOM Trico Marine / TRMA
* *, **
Portfolio size $9 million Other
Median market value $3.7 billion Services Technology

Average market value $54 billion 20% 37%
*
Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes Financial
**
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.
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

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

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

None Home Depot / HD
* *
Portfolio size $2.5 billion Technology

Top 10 as % of portfolio 81% Other 29%
34%
Services
Median P / tangible book 2.6x Energy 19%
17%
*
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

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

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
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

1st Century Banc / FCTY PG&E / PCG General Electric / GE
Citigroup / C PPL Corp. / PPL Leucadia National / LUK
Consolidated Edison / ED Public Service / PEG
Dominion Resources / D Sempra Energy / SRE
Duke Energy / DUK SLM Corp. / SLM
Everest Re / RE Southern Company / SO
Intel / INTC Sybase / SY
MBIA / MBI Xcel Energy / XEL
Patterson-UTI Energy / PTEN
* *, **
Top 10 as % of portfolio 92% Financial
24%
Other
Average market value $33 billion 41%
Technology
Median P / tangible book 1.6x 19%
*
Based on equity holdings disclosed in 13F-HR filings with the SEC. Excludes Health Care
**
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.
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

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

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

Anheuser-Busch / BUD SM Energy / SM None
Baker Hughes / BHI Tidewater / TDW
Devon Energy / DVN Transocean / RIG
Johnson & Johnson / JNJ Travelers / TRV
* *

Top 10 as % of portfolio 36% Other Energy
33% 35%
Technology
Median P / tangible book 1.9x Services
13%
*
19%
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

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

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

Air Products & Chem / APD Quest Diagnostics / DGX Amdocs / DOX Kroger / KR
Broadridge Financial / BR RadioShack / RSH American Water Works / AWK Merck / MRK
Discover Financial / DFS Synovus Financial / SNV DIRECTV / DTV Morgan Stanley / MS
Gilead Sciences / GILD Talecris Bio / TLCR eBay / EBAY R.R. Donnelley / RRD
Goodrich Corp. / GR Waters / WAT
Google / GOOG Wyndham / WYN
Lab Corp. of America / LH Xerox / XRX
McAfee / MFE
* *
Portfolio size $4.9 billion Other

Services
26%

Median P/E (next FY) 11x Health Care
19%
Median P / tangible book 2.6x Technology
28%
*
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

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

1 Alcon / ACL 48,322 160.95 9% 1,000 -16% <1% 32% 21x 19x >9.9x
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

Abraxis Bioscience / ABII Novell / NOVL Baker Hughes / BHI
Caseys General / CASY Psychiatric Solution / PSYS Sauer-Danfoss / SHS
Dollar Thrifty Auto / DTG Talecris Bio / TLCR Synovus Financial / SNV
Gerdau Ameristeel / GNA Wells Fargo / WFC Telefonos de Mexico / TMX
Novartis / NVS
* *
Other
Portfolio size $507 million Services 8%
Top 10 as % o portfolio 96% 8%

Median P/E (this FY) 15x Financial Health Care
25% 59%
*
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

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

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

Cameron / CAM Ashland / ASH Mercer International / MERC
Crosstex Energy / XTXI Bunge / BG Mirant / MIR
Lloyds Banking / LYG Clearwire / CLWR NRG Energy / NRG
Spectrum Brands / SPB Cliffs Natural / CLF Owens Corning / OC
Walter Energy / WLT Complete Production / CPX Pioneer Drilling / PDC
CONSOL Energy / CNX Seagate Technology / STX
Constellation Energy / CEG SPDR Gold Trust / GLD
Freeport-McMoRan / FCX Strategic Hotels / BEE
Harry Winston / HWD Trina Solar / TSL
iStar Financial / SFI US Airways / LCC
Media General / MEG
* *, **
Other
Average market value $10.0 billion Services Technology
Median P/E (this FY) 11x 13% 47%
* Energy
23%
**
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.
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

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

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

Anadarko Petroleum / APC Mentor Graphics / MENT CIT Group / CIT
Ensco / ESV MICROS Systems / MCRS
Hain Celestial / HAIN NRG Energy / NRG
Lawson Software / LWSN Smith & Wesson / SWHC
* *, **
Top 10 as % of portfolio 91% Energy 8%
9%
Average market value $6.1 billion Health Care
Median P/E (this FY) 17x 45%

*
38%
**
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.
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

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

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

Centerstate Banks / CSFL Smurfit-Stone / SSCC American Tower / AMT Interval Leisure / IILG
DIRECTV / DTV Visa / V Crown Castle / CCI Legg Mason / LM
Iberiabank / IBKC drugstore.com / DSCM Potash / POT
* *
Other
Portfolio size $132 million Health Care 5%
Median mar et value $2.9 billion

Average market value $14 billion Services
47%
Median P/E (next FY) 14x Financial
40%
*
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

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
Top Holdings of Lone Pine – By Dollar Value

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
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

7 Days Group / SVN Lincare / LNCR Apollo Group / APOL Walter Energy / WLT
Autodesk / ADSK Owens Corning / OC Bank of America / BAC Wells Fargo / WFC
Career Education / CECO priceline.com / PCLN Baxter International / BAX
China Lodging / HTHT QuinStreet / QNST Coca-Cola / KO
Crown Castle / CCI Regal Entertainment / RGC CVS Caremark / CVS
DeVry / DV Suntech Power / STP Dr Pepper Snapple / DPS
Dollar General / DG TD Ameritrade / AMTD Mindray Medical / MR
Equinix / EQIX VanceInfo / VIT Monsanto / MON
Family Dollar Stores / FDO VistaPrint / VPRT PNC Financial / PNC
Google / GOOG Staples / SPLS
* *
Portfolio size $11 billion Other

16%
Services
Median market value $8.7 billion 34%
Average market value $27 billion Financial
16%
* Technology
33%
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

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

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

Adobe Systems / ADBE Skyworks Solutions / SWKS Abercrombie & Fitch / ANF Hewlett-Packard / HPQ
Bank of NY Mellon / BK Teva Pharma / TEVA AthenaHealth / ATHN Mead Johnson / MJN
Children's Place / PLCE Toyota / TM Bank of America / BAC Men's Wearhouse / MW
Citigroup / C UnitedHealth / UNH Berkshire Hathaway / BRK.A NewStar Financial / NEWS
Citrix Systems / CTXS Whiting Petroleum / WLL Carnival Corp. / CCL Northwest Bancorp / NWBI
Comcast / CMCSA Cypress Bioscience / CYPB Office Depot / ODP
DeVry / DV Dell / DELL Oracle / ORCL
Education Management / EDMC Discovery Comms / DISCA PNC Financial / PNC
Invesco / IVZ DISH Network / DISH Raytheon / RTN
Kohl's / KSS FedEx / FDX Visa / V
Medidata Solutions / MDSO Health Net / HNT
* *

Technology
36%
Financial
Median P/E (this FY) 14x 14%
* Services
30%
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

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

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

Macquarie Infrastr. / MIC Dollar Thrifty Auto / DTG
* *
Other
Portfolio size $578 million 14%
Median market value $874 million Energy
Average market value $1.1 billion 16% Services
50%
19%
*
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.

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

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

Airgas / ARG Mariner Energy / ME First Midwest Banc / FMBI
Alcon / ACL McClatchy / MNI
American Capital / ACAS PMI Group / PMI
Caseys General / CASY Popular / BPOP
Exxon Mobil / XOM Strategic Hotels / BEE
General Growth / GGP Sybase / SY
Goldman Sachs / GS Talecris Bio / TLCR
inVentiv Health / VTIV
* *
Other
Portfolio size $23 billion 16%
Median market value $5.7 billion Services
Median P/E (this FY) 14x Financial

58%
Median P/E (next FY) 14x Basic Materials
13%
*
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

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

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
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

Automatic Data / ADP None
Citigroup / C
* *
Portfolio size $3.6 billion Financial

15%
Consumer Services
Median P/E (this FY) 15x Non-Cyclical 58%
Median P/E (next FY) 15x 27%
*
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

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
Top Holdings of Scout Capital – By Dollar Value

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

American Express / AXP Research In Motion / RIMM Amazon.com / AMZN Home Depot / HD
Apollo Group / APOL SPDR Gold Trust / GLD Bank of America / BAC Netflix / NFLX
Citigroup / C TransDigm / TDG C.H. Robinson / CHRW Popular / BPOP
Goldman Sachs / GS Visa / V CarMax / KMX Wells Fargo / WFC
MasterCard / MA Comcast / CMCSA
* *

19%
Services
Median market value $20 billion 33%
Consumer
Median P/E (next FY) 13x Non-Cyclical
23%
*
Financial
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

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

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

American Eagle / AEO Amazon.com / AMZN JPMorgan Chase / JPM
Ameriprise Financial / AMP Annaly Capital / NLY Juniper Networks / JNPR
Baxter International / BAX Bank of America / BAC Lab Corp. of America / LH
Cephalon / CEPH C.R. Bard / BCR Liberty Global / LBTYA
D.R. Horton / DHI Cablevision / CVC Lowe's / LOW
El Paso Corp. / EP CME Group / CME Omnicom / OMC
Freeport-McMoRan / FCX Comcast / CMCSA PepsiCo / PEP
Hansen Natural / HANS Community Health / CYH Quest Diagnostics / DGX
KB Home / KBH Credit Suisse / CS salesforce.com / CRM
Lennar / LEN Ctrip.com / CTRP Sigma-Aldrich / SIAL
Live Nation / LYV Discovery Comms / DISCA St. Jude Medical / STJ
MercadoLibre / MELI Gap / GPS Staples / SPLS
Netflix / NFLX Goldman Sachs / GS Urban Outfitters / URBN
Pulte Homes / PHM Hartford Financial / HIG Visa / V
RadioShack / RSH Illinois Tool Works / ITW Walt Disney / DIS
Sirius XM Radio / SIRI Ingersoll-Rand / IR Waters / WAT
Johnson & Johnson / JNJ Yum! Brands / YUM
* *

Other Health Care
28%
Median P / tangible book 3.1x Services Technology
* 22% 23%
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

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

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

Alcon / ACL Alkermes / ALKS Phoenix Companies / PNX
Plains Exploration / PXP Brocade Comms / BRCD Popular / BPOP
ViewPoint Financial / VPFG Dana Holding / DAN Strategic Hotels / BEE
Xerium Technologies / XRM DIRECTV / DTV Toyota / TM
Kraft Foods / KFT VIVUS / VVUS
Lear / LEA Walgreen / WAG
Pall Corp. / PLL Washington Post / WPO
Phillips-Van Heusen / PVH WellPoint / WLP
* *

Financial
Median market value $2.7 billion Other
39%
Services
Median P / tangible book 2.1x 19%
* Health Care
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

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

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

Adobe Systems / ADBE KeyCorp / KEY Banco Santander / STD McKesson / MCK
American Express / AXP Lab Corp. of America / LH Bank of America / BAC NVR / NVR
American Tower / AMT Medco Health / MHS Beckman Coulter / BEC Pall Corp. / PLL
BRE Properties / BRE Morgan Stanley / MS Capital One / COF Pfizer / PFE
C.H. Robinson / CHRW Precision Castparts / PCP CME Group / CME Psychiatric Solution / PSYS
Charles Schwab / SCHW Prudential Financial / PRU Family Dollar Stores / FDO Qwest Comms / Q
Corinthian Colleges / COCO Stanley Black Decker / SWK Google / GOOG Rockwell Collins / COL
EMC / EMC Time Warner / TWX Hewlett-Packard / HPQ Visa / V
Equity Residential / EQR Time Warner Cable / TWC Ingersoll-Rand / IR Walt Disney / DIS
Estee Lauder / EL Valeant Pharma / VRX InterMune / ITMN WellPoint / WLP
Human Genome Science / HGSI Xerox / XRX Lennar / LEN
KB Home / KBH
* *

Services
Other 27%
Median market value $12 billion 35%
Median P / tangible book 2.7x Financial
Technology 23%
*
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
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

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

Automatic Data / ADP None
Broadridge Financial / BR
* *

Other
Median market value $5.4 billion Consumer
Non-Cyclical
Health Care
* Services
21%
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.

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
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

1 Assured Guaranty / AGO 3,124 17.00 28% 16,016 0% 9% 60% 6x 4x .8x
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

Innophos / IPHS None
Key Energy Services / KEG
* *
Other
Portfolio size $453 million Services 5%
8%
Average market value $1.5 billion
Energy
Median P/E (this FY) 12x 27% Financial
*
Aon Corp. (AON) – Breeden , FPA , Southeastern , Weitz 
Financial: Insurance (Miscellaneous), Member of S&P 500 Chicago, IL, 312-381-1000 www.aon.com
Trading Data Consensus EPS Estimates Valuation
Price: $36.91 (as of 8/20/10) Month # of P/E FYE 12/31/09 17x
52-week range: $35.10 - $44.34 Latest Ago Ests P/E FYE 12/31/10 11x
Market value: $10.0 billion This quarter $0.69 $0.68 13 P/E FYE 12/31/11 11x
Enterprise value: $11.2 billion Next quarter 0.94 0.94 13 P/E FYE 12/30/12 9x
Shares out: 269.7 million FYE 12/31/10 3.28 3.22 16 EV/ LTM revenue 1.5x
Ownership Data FYE 12/31/11 3.51 3.54 16 EV/ LTM EBIT 11x
Insider ownership: 1% FYE 12/30/12 3.98 4.03 9 P / tangible book n/m
Insider buys (last six months): 0 LT growth 10.0% 9.3% 4 Greenblatt Criteria
Insider sales (last six months): 16 EPS Surprise Actual Estimate LTM EBIT yield n/m
Institutional ownership: 81% 7/30/10 $0.81 $0.75 LTM pre-tax ROC n/m
Operating Performance and Financial Position

($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 6/30/10 6/30/09 6/30/10
Revenue 9,464 8,607 6,651 6,770 7,234 7,528 7,595 7,669 1,882 1,898
Gross profit n/m n/m n/m n/m n/m n/m n/m n/m n/m n/m
Operating income 1,074 733 577 830 1,003 940 1,021 976 220 268
Net income 625 540 733 720 864 1,462 747 649 149 153
Diluted EPS 1.94 1.45 1.23 1.45 2.03 2.04 2.18 2.16 0.50 0.63
Shares out (avg) 318 320 322 317 305 293 283 282 285 278
Cash from operations 1,312 1,184 884 968 1,263 959 375 1,150 (456) 408
Capex 241 80 126 152 170 103 140 158 32 38
Free cash flow 1,071 1,104 758 816 1,093 856 235 992 (488) 370
Cash & investments 4,355 5,018 4,347 4,616 4,826 1,266 639 734 1,117 734
Total current assets 13,108 13,428 16,752 17,613 18,068 14,526 13,989 15,497 15,881 15,497
Intangible assets 4,685 4,744 4,253 4,666 5,119 6,416 6,869 6,463 6,659 6,463
Total assets 27,027 28,329 27,832 24,384 24,929 22,940 22,958 23,956 24,438 23,956
Short-term debt 53 2 7 42 252 105 10 370 681 370
Total current liabilities 19,050 19,533 18,913 14,356 14,577 12,803 12,640 14,138 14,859 14,138
Long-term debt 3,429 2,115 2,105 2,243 1,893 1,872 1,998 1,601 1,249 1,601
Total liabilities 22,479 23,176 22,515 19,166 18,708 17,630 17,579 18,528 18,572 18,528
Preferred stock 50 50 0 0 0 0 0 0 0 0
Common equity 4,498 5,103 5,317 5,218 6,221 5,310 5,379 5,428 5,866 5,428
Ten-Year Stock Price Performance and Trading Volume Dynamics
$60
$50
$40
$30
$20
$10
$0
Jul 01 Jul 02 Jul 03 Jul 04 Jul 05 Jul 06 Jul 07 Jul 08 Jul 09 Jul 10
BUSINESS OVERVIEW SELECTED OPERATING DATA1
Aon provides insurance and reinsurance brokerage services, FYE December 31 2007 2008 2009 1H10
risk management, and consulting services worldwide. ∆ revenue 7% 4% 1% 2%
∆ organic revenue – risk/insurance n/a 2% -1% -2%
In July, Aon announced it is to merge with Hewitt Associates ∆ organic revenue – consulting n/a 3% -2% 0%
(HEW) in a half cash/half shares deal valuing Hewitt’s Revenue ($bn) 7.2 7.5 7.6 3.8
equity at $4.9 billion based on Aon’s closing price on July 9. % of revenue by segment:
Aon expects the transaction to close by mid-November. Risk/Insurance brokerage 82% 82% 83% 83%
Consulting 19% 18% 17% 17%
Revenue growth by segment:
INVESTMENT HIGHLIGHTS Risk/Insurance brokerage 7% 5% 2% 2%
• #2 insurance broker worldwide, based on revenue, Consulting 5% 1% -7% 5%
EBIT margin by segment:2
behind Marsh & McLennan and ahead of Willis,
Risk/Insurance brokerage 16% 14% 20% 21%
according to 2008 Business Insurance rankings. Consulting 13% 15% 17% 16%
• Hewitt merger expands consulting business. The Corporate -2% -2% -2% -2%
merged Aon-Hewitt consulting/outsourcing Total EBIT margin 14% 12% 17% 18%
% of revenue by geography:3
operations had pro-forma revenue of $4.3 billion in U.S. 37% 35% 37% 36%
2009 (~50% outsourcing). The combined business Other Americas 11% 11% 12% 12%
is #1 in benefits and human resources outsourcing. U.K. 18% 17% 17% 15%
• Aon shares may be worth twice the recent price Europe/Mideast/Africa 26% 28% 26% 28%
Asia Pacific 8% 9% 9% 9%
by 2013, assuming a 12x multiple of pro-forma Revenue growth by major geography:
2009 EBITDA-capex, adjusted for the realization of U.S. 0% -1% 5% 2%
targeted synergies of $355 million by 2013. Other Americas 6% 11% 6% 7%
• Post-deal leverage to remain manageable with net U.K. 13% -3% 1% -6%
Europe/Mideast/Africa 14% 13% -6% 1%
debt of ~$3.6 billion representing 1.6x pro-forma Selected items as % of revenue:
2009 EBITDA. While Aon has $1.2 billion of net Net income 9% 8% 8% 9%
debt and is assuming another $2.5 billion in the D&A 3% 3% 3% 3%
deal, Hewitt had $111 million of net cash at 6/30. Capex 2% 1% 2% 2%
∆ shares out (avg) -4% -4% -3% -3%
• ~60% of post-deal EBITDA from insurance 1
Based on continuing operations. In 2008 and 2009, Aon sold all of its
brokerage, based on 2009 pro-forma EBITDA. insurance underwriting operations. Figures include the contribution from the
• Does not assume underwriting risk. As an acquisition of reinsurance intermediary Benfield effective November 2008.
2
2007 and 2008 EBIT is as reported. 2009 and YTD figures exclude
insurance broker, Aon solely negotiates and places restructuring charges, pension-related charges and other special items.
3
risks on behalf of clients. It derives revenue mainly Based on the location of the resources producing the revenues.
from commissions paid by insurance companies.

COMPARABLE PUBLIC COMPANY ANALYSIS
Market Price to This Next
INVESTMENT RISKS & CONCERNS Price
Value Tangible FY FY
FY End
• Will Hewitt deal create value? While Aon is ($)
($mn) Book P/E P/E
Date
paying what appears to be a reasonable 10x multiple MMC 23.10 12,550 n/m 14x 12x Dec-31
of Hewitt’s 2009 EBITDA-capex, this is above WSH 29.90 5,100 n/m 11x 10x Dec-31
Aon’s multiple of less than 9x. As Aon is issuing 64 BRO 2,770 2,730 2.9x n/m 18x 17x
million shares in the deal, value creation will AJG 24.80 2,610 n/m 18x 16x Dec-31
depend on realization of targeted synergies. AON 36.90 9,955 n/m 11x 11x Dec-31
• M&A hype is masking weak underlying trends in
Aon’s business. YTD organic revenue fell 2% in RATINGS
risk/brokerage operations, while consulting was flat. VALUE Intrinsic value materially higher than market value? 
• Shareholders may not be best served with Aon DOWNSIDE PROTECTION Low risk of permanent loss? 
having insurance brokerage and consulting under MANAGEMENT Capable and properly incentivized? 
one roof. Synergies are not readily apparent. FINANCIAL STRENGTH Solid balance sheet? 
MOAT Able to sustain high returns on invested capital? 
MAJOR HOLDERS EARNINGS MOMENTUM Fundamentals improving? 
Insiders 1% | Cap World 9% | Southeastern 8% | T. Rowe 7% MACRO Poised to benefit from economic and secular trends? 
State Street 5% | NWQ 4% | Vanguard 3% | BlackRock 3%
THE BOTTOM LINE
Insurance broker Aon has made a transformative bid for Hewitt in July. The $4.9 billion deal adds scale to Aon’s small
consulting/outsourcing practice, catapulting it to the largest provider of benefits and human resources outsourcing. Aon
shares appear undervalued if management can fully achieve targeted deal synergies. However, the risk-reward is not
compelling given execution risk around integrating a “people business,” and weak organic growth in Aon’s core operations.
Based on the latter, management may have opted for an easier, but not necessarily value-creating, route to accelerate growth.
…additional insight into Aon:
OUR ESTIMATE OF THE EQUITY FAIR VALUE RANGE – EXCLUDES MERGER WITH HEWITT ASSOCIATES
($ in millions) Conservative Base Case Aggressive

8x 2009 adjusted EBITDA 10x 2009 adjusted EBITDA 12x 2009 adjusted EBITDA
Valuation Methodology
minus normalized capex minus normalized capex minus normalized capex
2009 adjusted EBITDA1 $1,619 $1,619 $1,619
Estimated normalized capex 100 100 100
2009 estimated EBITDA-capex $1,519 $1,519 $1,519
Fair value multiple 8.0x 10.0x 12.0x
Estimated Enterprise Value $12,152 $15,190 $18,228
Less: Net debt as of 6/30/2010 (1,237) (1,237) (1,237)
Less: Net post-retirement liability as of 6/30/2010 (1,716) (1,716) (1,716)
$9.2 Billion $12.2 Billion $15.3 Billion
Estimated fair value of the equity of Aon2
$34 per share $45 per share $57 per share
1
As reported by Aon in the Aon/Hewitt merger presentation from July 12, 2010 (page 20). Adjusted EBITDA excludes restructuring charges, pension curtailment,
Benfield integration costs and costs of anti-bribery and compliance initiatives. The implied margin is 21.3% of 2009 revenue.
2
Based on 270 million shares outstanding.
Source: Company filings, Manual of Ideas analysis, assumptions and estimates.
OUR ESTIMATE OF THE EQUITY FAIR VALUE RANGE – INCLUDES MERGER WITH HEWITT ASSOCIATES

10x 2009 pro-forma, 12x 2009 pro-forma,
8x 2009 pro-forma, post-
post-synergy EBITDA post-synergy EBITDA
synergy EBITDA minus
minus normalized capex minus normalized capex
Valuation Methodology normalized capex
(assumes 50% of (assumes 100% of
(assumes 0% of targeted
targeted synergies targeted synergies
synergies achieved)
achieved) achieved)
2009 pro-forma EBITDA1 $2,209 $2,209 $2,209
Estimated normalized capex2 225 225 225
2009 pro-forma EBITDA-capex, PRE-SYNERGIES $1,984 $1,984 $1,984
Targeted deal synergies3 355 355 355
Assumed synergies realization factor 0% 50% 100%
Assumed realized synergies 0 178 355
2009 pro-forma EBITDA-capex, POST-SYNERGIES $1,984 $2,162 $2,339
Estimated Enterprise Value $15,872 $21,615 $28,068
Less: Pro-forma net debt as of 6/30/20104 (1,126) (1,126) (1,126)
Less: Transaction debt assumed (cash portion of deal
(2,450) (2,450) (2,450)
price)
Less: Restructuring and deal costs5 (300) (300) (300)
Less: Pro-forma net post-retirement liability (1,716) (1,716) (1,716)
$10.3 Billion $16.0 Billion $22.5 Billion
Estimated fair value of the equity of Aon/Hewitt6
1
Adds Hewitt's 2009 adjusted EBITDA of $590 million (19.6% margin on 2009 revenue) to Aon's 2009 adjusted EBITDA of $1,619 million (21.3% margin on 2009
revenue).
2
Assumes Hewitt's normalized capex is proportionately higher relative to Aon due to Hewitt's focus on more capital-intensive outsourcing.
3
As reported by Aon in the Aon/Hewitt merger presentation from July 12, 2010 (page 10). The full $355 million of synergies are expected to be achieved by 2013
(not reflected in our valuation for simplicity purposes). Synergies represent 10% of Aon Hewitt’s FY2009 operating expense base.
4
Adds Hewitt's net cash of $111 million as of June 30, 2010 to Aon's net debt of $1,237 million. Combined pro-forma net debt (including transaction debt of $2.45
billion) to 2009 pro-forma EBITDA is 1.6x.
5
Based on restructuring costs of $249 million as disclosed in the Aon/Hewitt merger presentation from July 12, 2010 (page 10). The remainder is assumed to be
transaction costs.
6
Based on 334 million pro-forma shares outstanding, including 64.0 million newly issued shares to pay for the share-based part of the Hewitt deal consideration).
…additional insight into Aon:
SLIDES FROM PRESENTATION ON HEWITT MERGER, JULY 2010
Chesapeake Energy (CHK) – BP Capital , Icahn , Southeastern 
Energy: Oil & Gas Operations, Member of S&P 500 Oklahoma City, OK, 405-848-8000 www.chk.com
Price: $20.38 (as of 8/20/10) Month # of P/E FYE 12/31/09 n/m
Insider ownership: <1% FYE 12/30/12 3.22 3.24 9 P / tangible book 1.1x
Insider buys (last six months): 0 LT growth 8.0% 7.5% 4 Greenblatt Criteria
Insider sales (last six months): 0 EPS Surprise Actual Estimate LTM EBIT yield 5%
Institutional ownership: 72% 8/3/10 $0.75 $0.69 LTM pre-tax ROC 5%

per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 6/30/10 6/30/09 6/30/10
Revenue 1,717 2,709 4,665 7,326 7,800 11,629 7,702 8,844 1,673 2,012
Gross profit 1,092 1,645 2,782 5,070 4,881 6,808 4,221 7,656 1,390 1,709
Operating income 655 968 1,703 3,413 2,650 1,273 (9,147) 1,235 412 378
Net income 291 439 880 1,904 1,233 504 (5,853) 623 237 235
Diluted EPS 1.20 1.53 2.51 4.35 2.63 0.92 (9.56) 0.97 0.39 0.37
Shares out (avg) 211 253 322 398 456 536 612 617 603 631
Cash from operations 939 1,432 2,407 4,843 4,974 5,357 4,356 5,336 737 1,795
Capex 800 1,426 2,856 4,766 6,744 9,177 5,226 5,164 1,058 1,711
Free cash flow 139 6 (449) 77 (1,770) (3,820) (870) 172 (321) 84
Cash & investments 41 7 60 3 1 1,749 307 601 554 601
Total current assets 342 568 1,183 1,154 1,396 4,292 2,446 3,018 2,948 3,018
Intangible assets 0 0 0 0 0 0 0 0 0 0
Total assets 4,572 8,245 16,119 24,417 30,734 38,593 29,914 32,169 30,469 32,169
Short-term debt 0 0 0 0 0 0 0 0 0 0
Total current liabilities 513 964 1,964 1,890 2,761 3,621 2,688 3,655 2,974 3,655
Long-term debt 2,058 3,075 5,490 7,376 10,950 13,175 12,295 10,501 13,568 10,501
Preferred stock 552 491 1,577 1,958 960 505 466 3,065 466 3,065
Common equity 1,180 2,672 4,598 9,293 11,170 16,512 10,978 11,750 11,536 11,750
EBIT/capital employed 17% 18% 17% 20% 11% 4% -31% 5% n/m n/m
$80
$70
$60
$50
$40
$30
$20
$10
$0
Chesapeake is an onshore U.S. natural gas producer. YTD
FYE December 31 2006 2007 2008 2009 6/30/10
∆ revenue 57% 6% 49% -34% 31%
INVESTMENT HIGHLIGHTS ∆ production 23% 24% 18% 7% 12%
• Second-largest producer of U.S. natural gas with ∆ proved reserves 19% 21% 11% 18% 23%
2Q10 production of 2.5 bcf per day. Chesapeake has Selected information on proved reserves (period-end):2
~16 years of reserve life based on proved reserves Reserves (tcfe) 9.0 10.9 12.1 14.3 15.5
% developed 62% 64% 67% 58% 54%
of ~16 tcfe (54% developed; 90%+ natural gas). After-tax NPV ($bn) 10.0 15.0 11.8 8.2 12.9
• $27 billion after-tax “PV-10” as of June 30, based Selected production data:
on NYMEX strip prices (average of $6.30/mcf and Natural gas (bcf) 526 655 775 835 437
$84/bbl). Deducting $10 billion of net debt yields a Oil (mmbbl) 9 10 11 12 8
Total (bcfe) 578 714 843 906 487
fair value of $22/share – in-line with recent prices.
Average sales prices ($ per ...):3
• Recent market valuation implies zero value for Natural gas (…mcf) 8.76 8.14 8.09 5.93 5.97
unproved reserves and other assets. Chesapeake Oil (…barrel) 59.14 67.50 70.48 58.38 64.35
has ~226 tcfe of unrisked, unproved resources, Total (…mcfe) 8.86 8.40 8.38 6.22 6.46
excl. all derivatives 6.69 6.71 8.39 3.63 4.46
which it estimates is worth $28 billion on a risked Selected expenses ($ per mcfe):4
PV-10 basis at a gas price of $4/mcf. Midstream and Lease operations5 1.16 1.20 1.39 1.09 1.04
other assets could be worth another $7 billion. G&A 0.24 0.34 0.45 0.38 0.44
• “Able to add 2.5-3.0 tcfe per year of new proved DD&A 2.53 2.78 2.55 1.78 1.54
Total 3.93 4.32 4.39 3.25 3.02
reserves at <$1.00/mcfe for years to come,” even Revenue ($bn) 7.3 7.8 11.6 7.7 4.8
after replacing production. The company aims to % of revenue by segment:
have 24 tcfe of proved reserves by yearend 2012, Exploration/production 77% 72% 68% 66% 64%
with less debt and no material share count growth. Midstream6 22% 26% 31% 32% 34%
Other7 2% 2% 1% 2% 2%
• Targeting asset monetizations of $3.0-3.5 billion Pre-tax income margin by segment:8
in 2H10 and $2.5-3.0 billion in 2011. Exploration/production 57% 41% 48% 36% 52%
• Low-cost producing assets. Total lease operating, Midstream 3% 2% 2% 2% 3%
G&A and DD&A costs totaled $3.02/mcfe YTD. Other/eliminations 17% 10% -3% -21% -18%
Total pre-tax margin 44% 30% 33% 24% 34%
Selected items as % of revenue:
INVESTMENT RISKS & CONCERNS EBIT8 47% 34% 37% 28% 34%
• Value of unproved reserves may be far less than Net income9 26% 16% 4% -76% 20%
estimated by Chesapeake, especially if natural gas DD&A 20% 25% 18% 21% 16%
Capex excl. acquisitions 60% 86% 79% 68% 63%
prices decline from recent levels. Additional risks Acquisitions, net 54% 39% 22% 10% 30%
include dry holes and higher than anticipated capex. Return on tang. equity10 24% 12% 4% -43% 8%
• High capex carries reinvestment risk. Trailing Tang. equity / assets10 38% 37% 40% 40% 37%
capex is $5.1 billion with another $1.7 billion spent ∆ shares out (avg) 24% 15% 18% 14% 5%
1
tcf(e) = trillions of cubic feet (equivalents); b/(mm)= b/(m)illion; m=thousand.
on purchases of gas/oil properties, net of sales. 2
Based on SEC pricing method, i.e. based on trailing 12-month average prices
• $9.9 billion of net debt and $3.1 billion of at each period-end (at 6/30/10: gas price of $4.10/mcf; oil price of $75.78/bbl).
3
Excludes unrealized gains/losses on derivatives only.
preferred stock (at liquidation value) as of June 30. 4 5
Excludes interest expense. Includes production taxes.
6
Markets, gathers, compresses gas/oil mainly from company-operated wells.
7
Includes rig/trucking operations mainly used on company-operated wells.
8
Excludes impairments of $11.1 billion in 2009 and $2.8 billion in 2008.
P/ This Next 9
Stated after preferred stock dividends ($23 million in 2009).
MV EV EV / Tang. FY FY 10
Based on equity/net income after subtracting preferred stock/dividends.
($mn) ($mn) Rev. Book P/E P/E
DVN 27,030 30,480 3.1x 2.5x 10x 10x RATINGS
APC 24,100 33,080 2.9x 1.6x 25x 20x VALUE Intrinsic value materially higher than market value? 
PXD 6,720 9,050 3.8x 1.8x 30x 20x DOWNSIDE PROTECTION Low risk of permanent loss? 
CHK 13,340 26,310 3.0x 1.1x 7x 7x MANAGEMENT Capable and properly incentivized? 
FINANCIAL STRENGTH Solid balance sheet? 
MAJOR HOLDERS MOAT Able to sustain high returns on invested capital? 
Insiders <1% | Southeastern 12% | FMR 6% | BlackRock 4% EARNINGS MOMENTUM Fundamentals improving? 
State Street 4% | Vanguard 3% | Mackenzie 2% MACRO Poised to benefit from economic and secular trends? 
THE BOTTOM LINE
With natural gas prices remaining depressed, especially relative to oil, investors may be reluctant to consider an investment in
Chesapeake. Risk-reward, however, is attractive as proved reserves alone justify the recent share price, based on NYMEX
strip pricing. The vast unproved reserves (~15x proved reserves), midstream and other assets represent additional sources of
value, which may exceed recent market capitalization. Given the relative predictability of monetizing the onshore asset base,
and the unpredictability of natural gas prices, shares offer good downside protection while retaining meaningful upside.
…additional insight into Chesapeake Energy:
OUR ESTIMATE OF THE EQUITY FAIR VALUE RANGE
($ in billions) Conservative Base Case Aggressive

1
Valuation Methodology:
After-tax PV-10 based on NYMEX After-tax PV-10 based on NYMEX After-tax PV-10 based on NYMEX
strip pricing (assumes average strip pricing (assumes average strip pricing (assumes average
Proved reserves
natural gas price of $6.30/mcf and natural gas price of $6.30/mcf and natural gas price of $6.30/mcf and
oil price of $84/bbl) oil price of $84/bbl) oil price of $84/bbl)
50% of PV-10 value of risked 100% of PV-10 value of risked
Unproved reserves2 Assumes zero value unproved reserves @ gas price of unproved reserves @ gas price of
$4/mcf and oil price of $79/bbl $4/mcf and oil price of $79/bbl
Values per company estimate @ Values per company estimate @
Other assets3 Assumes zero value
gas price of $6/mcf gas price of $6/mcf
Estimated Value of …
Proved reserves $26.8 $26.8 $26.8
Unproved reserves – 13.8 27.5
Other assets – 7.1 7.1
Less: Net debt (9.9) (9.9) (9.9)
Estimated fair value of the $16.9 billion $37.8 billion $51.5 billion
equity of Chesapeake4 $22 per share $50 per share $68 per share
1
Based on June 30, 2010 data.
2
As disclosed by Chesapeake in August 2010 investor presentation (slides 28/29).
3
Includes value of hedges, midstream assets (including CMD and CHKM), the present value of future drilling receivables and net working capital. Values are
based on Chesapeake estimates per August 2010 investor presentation (slide 29). To access the presentation, visit http://bit.ly/9lbAGB
4
Based on 758 million diluted shares, per investor presentation dated August 2010 (slide 29). All preferred stock is assumed converted to common shares.
CHESAPEAKE MANAGEMENT’S ESTIMATE OF THE EQUITY FAIR VALUE RANGE
1
Pro forma for $2 billion Senior Note offering and related redemption of $1.5 billion Senior Notes, revolver reduction and fees
2
NYMEX gas price changes and NYMEX oil price held constant at $79.19 per bbl
3
95.4 tcfe of unproved resources, see page 28 for valuation approach
4
Per Outlook issued on 8/3/10
5
CMD assets based on net book value and CHKM assets based on a price of $23.00 per unit
6
Building, drilling rigs, other assets at net book value and investments at market value
7
Excludes existing carries included in proved reserve report above
8
Based on common stock price of $22.00 per share
Source: Chesapeake investor presentation, August 2010, http://bit.ly/9lbAGB
MANAGEMENT’S 2010 FINANCIAL PROJECTIONS AT VARIOUS NATURAL GAS PRICES
1
Before effects of unrealized hedging gain or loss
2
Includes the non-cash effect of lifted hedges
3
Includes charges related to stock based compensation
4
Before changes in assets and liabilities
5
Net Debt = long-term debt less cash
6
Fixed charges ($754 mm) = interest expense of $639 million plus deferred dividends of $115 million
7
MEV (Market Equity Value) = $16.7 billion ($22.00/share x 758 mm fully diluted shares as of 6/30/10)
8
EV (Enterprise Value) = $29.5 billion (Market Equity Value, plus $10.6 billion in net long-term debt plus $2.2 billion working capital deficit)
9
Pro forma debt redemptions $2.1 billion; debt offering of 2.0 billion
10
Assuming a common stock price of $22.00/share
MANAGEMENT’S 2011 FINANCIAL PROJECTIONS AT VARIOUS NATURAL GAS PRICES
1
Before effects of unrealized hedging gain or loss
2
Includes the non-cash effect of lifted hedges
3
Includes charges related to stock based compensation
4
Before changes in assets and liabilities
5
Net Debt = long-term debt less cash
6
Fixed charges ($765 mm) = interest expense of $595 million plus deferred dividends of $172 million
7
MEV (Market Equity Value) = $16.7 billion ($22.00/share x 758 mm fully diluted shares as of 6/30/10)
8
EV (Enterprise Value) = $29.5 billion (Market Equity Value, plus $10.6 billion in net long-term debt plus $2.2 billion working capital deficit)
9
Pro forma debt redemptions of $2.1 billion; debt offering of $2.0 billion
10
Assuming a common stock price of $22.00/share
NCR Corp. (NCR) – Greenlight 
Technology: Electronic Instruments & Controls, Member of S&P MidCap 400 Duluth, GA, 937-445-1936 www.ncr.com
Price: $12.61 (as of 8/20/10) Month # of P/E FYE 12/31/09 n/m
Insider ownership: 2% FYE 12/30/12 1.58 n/a 1 P / tangible book 3.5x
Insider buys (last six months): 0 LT growth n/a n/a n/a Greenblatt Criteria
Insider sales (last six months): 0 EPS Surprise Actual Estimate LTM EBIT yield 5%
Institutional ownership: 76% 7/22/10 $0.35 $0.27 LTM pre-tax ROC 9%

per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 6/30/10 6/30/09 6/30/10
Revenue 5,598 5,984 4,561 4,582 4,970 5,315 4,612 4,686 1,124 1,177
Gross profit 1,534 1,616 936 927 1,040 1,183 883 902 229 241
Operating income 130 233 120 152 219 322 73 81 39 31
Net income 58 290 529 382 274 229 (33) (29) 23 31
Diluted EPS 0.30 1.51 1.67 0.83 0.94 1.38 (0.21) (0.25) 0.13 0.12
Shares out (avg) 190 188 185 180 180 165 159 159 159 160
Cash from operations 441 347 514 482 374 396 223 267 27 95
Capex 229 165 92 144 112 138 182 229 36 56
Free cash flow 212 182 422 338 262 258 41 38 (9) 39
Cash & investments 689 750 810 947 952 711 451 447 407 447
Total current assets 2,422 2,633 2,927 3,332 3,088 2,557 2,299 2,349 2,239 2,349
Intangible assets 105 124 129 91 84 99 122 99 100 99
Total assets 5,197 5,554 5,287 5,227 4,780 4,255 4,094 4,125 3,819 4,125
Short-term debt 3 2 2 1 1 301 4 0 0 0
Total current liabilities 1,579 1,724 1,645 1,770 1,530 1,693 1,382 1,370 1,312 1,370
Long-term debt 307 307 305 306 307 7 11 10 7 10
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 1,875 2,086 2,035 1,881 1,757 440 564 678 451 678
EBIT/capital employed 15% 27% 14% 17% 24% 38% 9% 9% n/m n/m
$35
$30
$25
$20
$15
$10
$5
$0
NCR manufactures, sells and services ATMs, retail point-of- FYE December 31 2005 2006 2007 2008 2009 1H10
sale and checkout terminals, and other self-service kiosks. Revenue ($bn) 4.6 4.6 5.0 5.3 4.6 2.2
∆ revenue -2% 0% 8% 7% -13% 3%
% of revenue by type:
INVESTMENT HIGHLIGHTS Products 53% 53% 54% 54% 48% 48%
• #1 global ATM service provider. NCR services Services 47% 47% 46% 46% 52% 52%
350,000+ ATMs in 100+ countries. Sales of ATMs Revenue growth by type:
Products 1%3 0% 11% 6% -22% 6%
and related products have historically accounted for Services 0%3 1% 6% 8% -3% 1%
50%+ of product revenue. The financial services % of revenue by segment:
vertical is a ~$9 billion addressable market globally. Americas 48% 46% 43% 43% 44% 44%
• Strong presence in retail vertical, a ~$10 billion EMEA 35% 37% 38% 39% 36% 36%
Asia Pacific/Japan 17% 18% 18% 18% 20% 20%
addressable market globally. NCR is #2 in retail Revenue growth by segment:
POS behind IBM and #1 in self-service checkout Americas 4%3 -5% 2% 6% -11% 2%
equipment (~65k units installed at ~150 retailers). EMEA 0%3 5% 14% 8% -20% 2%
Asia Pacific/Japan -6%3 7% 13% 7% -4% 11%
• Expanding into DVD rental kiosks, which NCR
Selected items as % of revenue:
expects will represent 50% of the ~$8 billion DVD Gross profit 21% 20% 21% 22% 19% 20%
rental market by 2013. NCR aims for 10,000 kiosks R&D 3% 3% 3% 3% 3% 4%
installed by yearend 2010 for a cost of $85 million. EBIT (as reported) 3% 3% 4% 6% 2% 1%
EBITDA is expected at $25-35 million in 2011. EBIT (ex. pension costs) 7% 7% 7% 8% 7% 6%
Net income 7% 3% 3% 4% -1% 0%
• Pension accounting and DVD start-up costs mask D&A 2% 2% 2% 2% 3% 3%
profitability of core ATM/retail business. NCR is Capex2 2% 3% 2% 3% 4% 5%
guiding for EBIT of $340-360 million in 2010, Return on tangible equity 17%3 8%3 10% 23% -8% 0%
Tangible equity to assets 36%3 36%3 35% 23% 10% 12%
excluding $215 million of pension expense and $30
∆ shares out (avg) -1% -3% 0% -8% -4% 1%
million of costs related to the DVD roll-out. 1
Financials exclude Teradata (spun-off in 2007), unless noted otherwise. YTD
• Net cash and FCF generation give NCR ability to figures exclude discontinued operations tied to certain environmental liabilities.
2
Includes additions to capitalized software. 3 Includes Teradata business.
deal with pension liability. Net cash was $437
million June 30. Core ATM/retail business should
• Exposed to financials, retailers. That said, NCR
generate ~$200 million of FCF in 2010.
benefits from trend toward self-service checkout.
• Increased share repurchase authorization by
$210 million in July, to $250 million in total.
• “Orders increased 9% year over year” in 2Q10. P/ This Next
NCR could benefit from a recovery in customers’ MV EV EV / Tang. FY FY
capex budgets and upgrades to the installed base. ($mn) ($mn) Rev. Book P/E P/E
• Services revenue (~50% of total) is largely DBD 1,790 1,980 .7x 3.3x 13x 12x
recurring, offsetting volatility in product sales. CSTR 1,540 1,740 1.3x 7.9x 24x 17x
NCR 2,020 1,580 .3x 3.5x 9x 8x
INVESTMENT RISKS & CONCERNS
• $1.5 billion unfunded employee benefit liability at MAJOR HOLDERS
yearend 2009. NCR has a $5.4 billion pension CEO Nuti 2% | Other insiders <1% | Greenlight 5% | FMR
obligation ($1.1 billion funding shortfall at 5.4% 5% | Thornburg 5% | LSV 4% | Vanguard 4% | SAC 2%
discount rate) and is contributing $110 million of
cash in 2010. Post-retirement and post-employment
RATINGS
liabilities total roughly $400 million. VALUE Intrinsic value materially higher than market value? 
DOWNSIDE PROTECTION Low risk of permanent loss? 
• Will expansion into DVD kiosks create value?
MANAGEMENT Capable and properly incentivized? 
NCR aspires to become “the leading global provider
FINANCIAL STRENGTH Solid balance sheet? 1
of self-service entertainment solutions.” It faces
MOAT Able to sustain high returns on invested capital? 
strong competition from incumbent Redbox.
EARNINGS MOMENTUM Fundamentals improving? 
• Competitors include IBM, HP, Fujitsu and MACRO Poised to benefit from economic and secular trends? 
“vertical” rivals (Diebold, Wincor, SITA, Coinstar). *
The large pension deficit more than offsets NCR’s net cash position.
THE BOTTOM LINE

Large accounting losses on pension obligations and start-up losses related to the new DVD kiosk business may lead investors
to miss strong underlying cash generation at NCR. The core ATM and retail-based operations benefit from a large installed
base, which provides recurring service income and potential replacement product revenue. While the outsized pension plan
represents a major risk, the current valuation more than offsets for it: even if pension and related liabilities are taken at their
accounting value of $1.5 billion (likely overstated given current low interest rates and depressed asset values), investors are
“getting” the core ATM/retail business at just 8x 2010 estimated EBIT, with no value attached to the DVD kiosk opportunity.
…additional insight into NCR:
OUR ESTIMATE OF THE EQUITY FAIR VALUE RANGE

12x high-end of 2010
10x mid-point of 2010
8x low-end of 2010 EBIT EBIT guidance for core
EBIT guidance for core
guidance for core business; 10x high-end
business; 8x low-end of
business; zero value for of 2011 EBITDA
2011 EBITDA guidance
Valuation Methodology DVD Kiosks; 100% of guidance for DVD
for DVD Kiosks; 75% of
net retirement benefits Kiosks; 50% of net
net retirement benefits
liability per 12/09 retirement benefits
liability per 12/09
balance sheet liability per 12/09
balance sheet
balance sheet
Value of Core Business (ATM & Retail Terminals):

2010E EBIT $340 $350 $360
Estimated Enterprise Value of Core Business $2,720 $3,500 $4,320
Value of DVD Kiosk Business:

2011E EBITDA $25 $35
Fair value multiple 8.0x 10.0x
Estimated Enterprise Value of DVD Kiosk Business $0 $200 $350
Estimated Enterprise Value of Operating Businesses $2,720 $3,700 $4,670

Plus: Net cash 437 437 437
Less: Estimated retirement benefits liability (1,466) (1,100) (733)
$1,691 million $3,038 million $4,374 million
Estimated fair value of the equity of NCR1
NON-PENSION OPERATING INCOME, 2005-2010E
Source: Company presentation dated August 2010.
…additional insight into NCR:
COMPONENTS OF INTRINSIC VALUE, AS SEEN BY MANAGEMENT
MANAGEMENT’S PLAN TO ADDRESS “VALUATION GAP”
Snapshot of 100 Superinvestor Holdings
In Alphabetical Order
Recent YTD Market Enter.
Price Price Value Value
Company / Ticker Industry Notable Shareholders ($) ∆ ($mn) ($mn) Website
American Capital / ACAS Investment Services Kleinheinz, Paulson 5.01 105% 1,707 nm www.americancapital.com
Aon Corp. / AON Insurance (miscellaneous) Breeden, Southeastern 36.91 -4% 9,955 nm www.aon.com
Apollo Group / APOL Schools Scout, Tiger Global, Weitz 40.72 -33% 6,007 5,278 www.apollogrp.edu
Apple / AAPL Computer Hardware Blue Ridge, Greenlight 249.64 18% 228,062 203,774 www.apple.com
Arris Group / ARRS Comms Equipment Sageview, Shamrock 8.57 -25% 1,073 622 www.arrisi.com
Automatic Data / ADP Business Services Pershing Sq., West Coast 39.40 -8% 19,818 18,186 www.adp.com
Bally Technologies / BYI Casinos & Gaming Breeden, Wanger 33.04 -20% 1,797 1,826 www.ballytech.com
Bank of America / BAC Money Center Banks Chou, Fairholme, Paulson 12.87 -15% 129,136 nm www.bankofamerica.com
Bank of NY Mellon / BK Investment Services Maverick, Southeastern 24.65 -12% 29,926 nm www.bnymellon.com
Baxter International / BAX Medical Equipment Sageview, Shumway 44.57 -24% 26,045 28,559 www.baxter.com
BP / BP Oil & Gas - Integrated Chou, Fairholme 36.40 -37% 113,998 131,135 www.bp.com
Broadridge Financial / BR Business Services Brave Warrior, Centaur 20.16 -11% 2,555 2,466 www.broadridge.com
Canadian Natural / CNQ Oil & Gas Operations Wintergreen 32.20 -11% 35,078 43,997 www.cnrl.com
CF Industries / CF Chemical Manufacturing Appaloosa, H Partners 90.01 -1% 6,398 8,398 www.cfindustries.com
Chesapeake Energy / CHK Oil & Gas Operations BP, Icahn, Southeastern 20.38 -21% 13,335 26,300 www.chk.com
Citigroup / C Money Center Banks ESL, Fairholme, Paulson 3.75 13% 108,651 nm www.citigroup.com
Coca-Cola / KO Beverages (non-alcoholic) BRK, Eagle, Wintergreen 55.30 -3% 127,713 129,256 thecoca-colacompany.com
Coca-Cola Enterprise / CCE Beverages (non-alcoholic) Gates, Scout, Third Point 29.02 37% 14,585 22,047 www.cokecce.com
Cooper Tire & Rubber / CTB Tires WL Ross, Donald Smith 18.19 -9% 1,118 1,227 www.coopertires.com
Corning / GLW Comms Equipment Cap Re, Maverick 16.10 -17% 25,142 22,834 www.corning.com
Covidien / COV Medical Equipment Artisan, FPA, Pennant 38.09 -20% 19,104 19,942 www.covidien.com
DaVita / DVA Healthcare Facilities Gates, Glenview, Pennant 63.82 9% 6,548 9,334 www.davita.com
Dell / DELL Computer Hardware Hawkshaw, Southeastern 12.07 -16% 23,636 16,448 www.dell.com
DIRECTV / DTV Broadcasting & Cable Southeastern, Tiger Global 38.05 14% 33,811 40,520 www.directv.com
Discovery Comms / DISCA Broadcasting & Cable Blue Ridge, Eagle, Weitz 37.82 23% 10,765 13,665 discoverycommunications.com
Dollar Tree / DLTR Retail (dep't & discount) Akre, Blue Ridge 44.62 39% 5,665 5,451 www.dollartree.com
eBay / EBAY Retail (online) Centaur, FPA, Scout 23.37 -1% 30,665 25,767 www.ebay.com
Ensco / ESV Oil Well Services Eagle, Greenlight 41.51 4% 5,936 4,965 enscointernational.com
Enstar Group / ESGR Insurance (miscellaneous) Akre, Flowers, Royce 70.35 -4% 973 nm www.enstargroup.com
Estee Lauder / EL Household Products Lone Pine, Viking 57.39 19% 11,296 11,404 www.elcompanies.com
Fiserv / FISV Computer Services Brave Warrior, BRK 51.26 6% 7,694 10,795 www.fiserv.com
Franklin Resources / BEN Investment Services Edinburgh, Wintergreen 98.92 -6% 22,266 17,973 /www.franklintempleton.com
GameStop / GME Retail (technology) Adage, Centaur, Munder 18.81 -14% 2,828 2,987 www.gamestop.com
General Electric / GE Conglomerates Edinburgh, Markel 15.03 -1% 160,689 576,578 www.ge.com
Goldman Sachs / GS Investment Services Fairholme, Pabrai, Paulson 148.24 -12% 76,435 nm www.goldmansachs.com
Google / GOOG Computer Services Brave Warrior, Weitz 462.02 -25% 147,249 117,190 www.google.com
H&R Block / HRB Personal Services Artisan, Breeden, Davis 13.47 -40% 4,355 3,665 www.handrblock.com
Hess / HES Oil & Gas - Integrated BP, Cap World, Viking 51.24 -15% 16,828 19,791 www.hess.com
Innophos / IPHS Chemical Manufacturing Integrity, WL Ross 27.60 20% 591 714 www.innophos.com
Intel / INTC Semiconductors Fairfax, Markel, Pennant 18.91 -7% 105,291 89,261 www.intel.com
Ituran Location / ITRN Security Solutions Baupost, Sageview 13.65 6% 320 258 www.ituran.com
Jo-Ann Stores / JAS Retail (specialty) SouthernSun, WL Ross 38.03 5% 1,039 984 www.joann.com
Johnson & Johnson / JNJ Major Drugs BRK, Fairfax, West Coast 58.74 -9% 161,796 154,547 www.jnj.com
JPMorgan Chase / JPM Investment Services Lone Pine, Paulson 37.14 -11% 147,266 nm www.jpmorganchase.com
Key Energy Services / KEG Oil Well Services H Partners, MHR, WL Ross 8.46 -4% 1,063 1,539 www.keyenergy.com
Kraft Foods / KFT Food Processing BRK, Pershing Square 29.10 7% 50,752 77,928 kraftfoodscompany.com
Leap Wireless / LEAP Comms Services Citadel, H Partners, MHR 11.13 -37% 872 3,062 www.leapwireless.com
Liberty Interactive / LINTA Broadcasting & Cable Southeastern, Third Point 10.50 -3% 6,280 11,275 www.libertymedia.com
Life Technologies / LIFE Biotechnology & Drugs Glenview, Sageview 44.33 -15% 8,127 10,081 www.lifetechnologies.com
Lincare / LNCR Healthcare Facilities FPA, Glenview, Lone Pine 23.76 -4% 2,331 2,701 www.lincare.com
Recent YTD Market Enter.
Price Price Value Value
Company / Ticker Industry Notable Shareholders ($) ∆ ($mn) ($mn) Website
Live Nation / LYV Casinos & Gaming Lone Pine, Pennant 8.80 3% 1,527 2,265 www.livenation.com
Lowe's / LOW Retail (home improvement) Eagle, Southeastern 20.64 -12% 29,371 32,934 www.lowes.com
Macquarie Infrastr. / MIC Misc. Transportation Axial, MSD, Senator 13.23 8% 605 1,758 www.macquarie.com/mic
Macy's / M Retail (dep't & discount) Appaloosa, Third Point 20.97 25% 8,854 15,748 www.macysinc.com
MasterCard / MA Retail Financial Services Brave Warrior, Scout 206.37 -19% 27,005 23,571 www.mastercard.com
MBIA / MBI Property & Casualty Fairfax, Fairholme 9.06 128% 1,816 nm www.mbia.com
McClatchy / MNI Printing & Publishing Chou, Paulson 2.87 -19% 243 1,997 www.mcclatchy.com
McDonald's / MCD Restaurants Clarium, Blue Ridge, Scout 73.08 17% 77,782 86,743 www.mcdonalds.com
Merck / MRK Major Drugs Appaloosa, Fairfax 34.44 -6% 107,393 116,925 www.merck.com
Microsoft / MSFT Software & Programming Eagle, Greenlight, Weitz 24.23 -21% 209,676 178,827 www.microsoft.com
Nalco Holding / NLC Chemical Manufacturing BRK, Legg, MSD, MS 23.01 -10% 3,182 5,951 www.nalco.com
NCR / NCR Electronic Instruments Greenlight, LSV, Perkins 12.61 13% 2,024 1,587 www.ncr.com
News Corp. / NWSA Broadcasting & Cable Baupost, Viking Global 12.73 -7% 33,368 37,979 www.newscorp.com
Novartis / NVS Major Drugs Dodge & Cox, Gruss 50.75 -7% 116,091 111,736 www.novartis.com
Ocwen Financial / OCN Retail Financial Services Second Curve, Kleinheinz 9.07 -5% 909 nm www.ocwen.com
Oracle / ORCL Software & Programming Children's, Glenview 23.02 -6% 115,704 111,890 www.oracle.com
Pfizer / PFE Major Drugs Appaloosa, Greenlight 15.92 -12% 128,413 156,340 www.pfizer.com
Philip Morris / PM Tobacco Markel, Wintergreen 51.98 8% 95,273 108,920 philipmorrisinternational.com
Pinnacle Airlines / PNCL Airline Apollo, Pabrai, RenTech 4.97 -28% 92 578 www.pncl.com
Potash / POT Non-Metallic Mining Cap World, Pabrai, Weitz 149.67 38% 44,392 47,821 www.potashcorp.com
Pride International / PDE Oil Well Services FPA, MHR, Primecap 23.04 -28% 4,047 4,913 www.prideinternational.com
Redwood Trust / RWT Real Estate Operations NWQ, Perkins, Weitz 14.34 -1% 1,118 5,011 www.redwoodtrust.com
Republic Airways / RJET Airline Greenlight, Kleinheinz 6.69 -9% 232 2,848 republicairways.com
Reynolds American / RAI Tobacco Wintergreen 56.64 7% 16,512 19,310 reynoldsamerican.com
Sears Holdings / SHLD Retail (dep't & discount) Chou, ESL, Fairholme 61.59 -26% 6,815 8,808 www.searsholdings.com
Service Corp. / SCI Personal Services Southeastern 7.97 -3% 1,967 3,677 www.sci-corp.com
Smurfit-Stone / SSCC Paper & Paper Products Lane Fine 18.30 -44% 1,830 2,696 www.smurfit.com
Sprint Nextel / S Comms Services Chou, Harbinger 4.19 14% 12,505 28,529 www.sprint.com
SuperMedia / SPMD Business Services Appaloosa, Paulson 11.94 na 185 2,458 www.supermedia.com
Symantec / SYMC Software & Programming Edinburgh, Hawkshaw 13.80 -23% 10,893 10,051 www.symantec.com
Target / TGT Retail (dep't & discount) Pershing Square, Weitz 52.15 8% 37,684 52,696 www.target.com
Teva Pharma / TEVA Biotechnology & Drugs Maverick, Shumway 50.28 -11% 47,012 49,151 www.tevapharm.com
Time Warner / TWX Broadcasting & Cable Shumway, Viking 30.31 4% 34,075 46,357 www.timewarner.com
TN Commerce Banc / TNCC Regional Banks Second Curve 4.37 0% 25 nm www.tncommercebank.com
Transocean / RIG Oil Well Services FPA, H Partners 51.00 -38% 16,269 24,807 www.deepwater.com.
TravelCenters / TA Retail (specialty) Bares, Leucadia 3.61 -18% 62 8 www.tatravelcenters.com
Tree.com / TREE Retail Financial Services Second Curve, Weitz 7.15 -22% 80 nm www.tree.com
Tyco International / TYC Conglomerates Scout, Viking, Weitz 38.70 8% 19,261 21,606 www.tyco.com
U.S. Bancorp / USB Money Center Banks Brave Warrior, BRK, Fairfax 21.74 -3% 41,679 nm www.usbank.com
Union Pacific / UNP Railroads Children's, Shumway 74.26 16% 36,949 44,997 www.up.com
Viacom / VIA.B Broadcasting & Cable Children's, Tiger Global 31.68 7% 19,266 25,347 www.viacom.com
ViaSat / VSAT Comms Equipment Baupost, Times Square 34.40 8% 1,396 1,648 www.viasat.com
Visa / V Retail Financial Services Brave Warrior, Children's 70.10 -20% 58,890 53,647 www.visa.com
Wal-Mart / WMT Retail (dep't & discount) BRK, Eagle, Markel 50.22 -6% 186,299 225,337 walmartstores.com
Walt Disney / DIS Broadcasting & Cable Markel, Southeastern 33.05 2% 63,212 72,888 disney.go.com
Washington Post / WPO Printing & Publishing Bares, BRK, Weitz 347.68 -21% 3,187 2,547 www.washpostco.com
Wells Fargo / WFC Regional Banks Appaloosa, BRK, Fairfax 24.60 -9% 128,742 nm www.wellsfargo.com
Xerium Technologies / XRM Textiles - Non-Apparel Third Point 10.97 -28% 164 605 www.xerium.com
Xerox / XRX Office Equipment Glenview, Greenlight 8.97 6% 12,406 21,939 www.xerox.com
Yum! Brands / YUM Restaurants Pershing Sq., Southeastern 42.32 21% 19,764 22,469 www.yum.com
Favorite Stock Screens For Value Investors
Market Enterprise Relevant Financial
Company Ticker Price Notable Shareholders Industry
Value Value Data Point
"Magic Formula," based on Trailing Financials Trailing EBIT / EV

1 Synta Pharma SNTA $2.90 $118mn $70mn 132% Caxton (Kovner) Major Drugs
Software &
2 * VirnetX VHC $6.38 $303mn $176mn 60% Dimensional (DFA)
Programming
3 InfoSpace INSP $6.90 $249mn $25mn 58% DFA, RenTech, Royce Computer Services
"Magic Formula," based on This Year's EPS Estimates EPS Yield FY0
Software &
1 * VirnetX VHC $6.38 $303mn $176mn 24% DFA
Programming
2 ITT Educational ESI $52.22 $1,754mn $1,624mn 22% Blum, Wanger Schools
3 Bridgepoint Edu. BPI $13.07 $715mn $509mn 15% Jennison, Parnassus Schools
"Magic Formula," based on Next Year's EPS Estimates EPS Yield FY1
1 ITT Educational ESI $52.22 $1,754mn $1,624mn 24% Blum, Wanger Schools
2 Bridgepoint Edu. BPI $13.07 $715mn $509mn 19% Jennison, Parnassus Schools
3 Jiangbo Pharma JGBO $10.49 $127mn $54mn 29% Pope Biotechnology & Drugs
Contrarian: Biggest YTD Losers (deleveraged & profitable) ∆ Price YTD
1 Broadwind Energy BWEN $1.73 $185mn $178mn -79% Tontine (Gendell) Construction Machinery
2 China Nepstar NPD $2.76 $291mn $123mn -62% GS, MS, Kleinheinz Retail (drugs)
3 Fuqi International FUQI $7.03 $194mn $69mn -61% Lonestar, Sunrise Jewelry & Silverware
Value with Catalyst: Cheap Repurchasers of Stock ∆ Shares Q-Q
1 United Overseas Bank UOVEY $27.50 $20,708mn n/m -20% Citibank, DBS, Raffles Regional Banks
2 * Brasil Telecom SA BTM $18.90 $3,716mn $5,045mn -12% Brandes, RenTech Comms Services
3 * LaBranche LAB $4.31 $181mn n/m -12% Kleinheinz, Passport Investment Services
Profitable Dividend Payors with Decent Balance Sheets Div. Yield
1 Am. Capital Agency AGNC $26.98 $908mn $834mn 21% Vertex One, Calpers Real Estate Operations
2 Mesabi Trust MSB $25.37 $333mn n/m 13% Beddow, ValueWorks Misc. Financial Services
3 Fifth Street Finance FSC $10.06 $549mn n/m 12% Greenlight Misc. Financial Services
Deep Value: Lots of Revenue, Low Enterprise Value EV/Revenue
1 Tech Data TECD $37.97 $1,926mn $1,405mn .06x Tradewinds, Acadian Computer Hardware
2 Ingram Micro IM $15.76 $2,469mn $2,059mn .06x Artisan, GS, Aronson Computer Hardware
3 World Fuel Services INT $25.19 $1,499mn $1,203mn .08x Argyll, Frontier Oil & Gas Operations
Deep Value: Neglected Gross Profiteers EV/GP
1 * WellCare WCG $25.15 $1,069mn $89mn .10x Fairholme, Times Sq. Health Insurance
2 Winn-Dixie Stores WINN $8.24 $454mn $302mn .15x Advisory, Sterling Retail (grocery)
3 Humana HUM $48.51 $8,210mn $1,242mn .19x Fairholme Health Insurance
Activist Targets: Potential Sales, Liquidations or Recaps NCAV / MV *
1 * Qiao Xing Mobile QXM $2.40 $126mn -$183mn 311% Shah, Weiss, Pope Comms Services
2 * Qiao Xing Universal XING $1.47 $135mn -$246mn 209% Shah Comms Services
3 * Fuqi International FUQI $7.03 $194mn $69mn 145% BNY Mellon, Lonestar Jewelry & Silverware
* NCAV = net current asset value = current asset minus total liabilities
“Magic Formula,” based on Trailing Operating Income
Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield
▼ ▼
Move To Trailing EBIT/ Price/
Price 52-Week MV EV EV/ EBIT/ Capital Tax Tangible
Company Ticker ($) Low High ($mn) ($mn) Sales EV Employed Rate Book
1 Synta Pharma SNTA 2.90 -12% 140% 118 70 .5x 132% infinite n/m 3.3x
2 * VirnetX VHC 6.38 -71% 25% 303 176 .9x 60% infinite 32% 4.4x
3 InfoSpace INSP 6.90 -2% 76% 249 25 .1x 58% infinite 9% 1.1x
4 Terra Nova Royalty TTT 7.31 -16% 92% 221 137 .3x 43% infinite 62% 1.1x
5 Bridgepoint Edu. BPI 13.07 -2% 110% 715 509 .9x 36% infinite 42% 3.5x
6 SuperGen SUPG 1.99 -14% 91% 120 17 .4x 44% 894% n/m 1.1x
7 ITT Educational ESI 52.22 -4% 134% 1,754 1,624 1.1x 35% 1674% 39% >9.9x
8 EarthLink ELNK 8.59 -9% 9% 929 604 .9x 32% 1325% n/m 1.4x
9 ePlus PLUS 18.35 -20% 5% 148 116 .2x 29% infinite 39% .9x
10 Unisys UIS 22.71 -25% 78% 968 1,308 .3x 32% 801% 13% n/m
11 InterDigital IDCC 26.61 -31% 13% 1,172 687 1.9x 32% 448% 28% 8.4x
12 Jiangbo Pharma JGBO 10.49 -31% 38% 127 54 .5x 95% 249% 28% 1.4x
13 Apollo Group APOL 40.72 -6% 89% 6,007 5,278 1.1x 25% 802% 42% 7.9x
14 Impax Labs IPXL 16.49 -56% 36% 1,046 718 1.0x 47% 266% 36% 2.8x
15 Metropolitan Health MDF 3.56 -48% 26% 144 112 .3x 29% 337% 38% 3.0x
16 Amedisys AMED 23.58 -3% 173% 680 768 .5x 32% 281% 39% n/m
17 H&R Block HRB 13.47 0% 72% 4,355 3,665 .9x 21% infinite 38% >9.9x
18 Tessera Technologies TSRA 15.92 -5% 102% 800 362 1.4x 27% 296% 44% 1.6x
19 Career Education CECO 17.54 -1% 105% 1,425 1,115 .6x 29% 265% 34% 4.5x
20 United Online UNTD 4.87 -2% 91% 425 607 .6x 20% infinite 39% n/m
21 USA Mobility USMO 14.19 -31% 8% 313 184 .7x 32% 232% 38% 1.9x
22 Oshkosh OSK 26.59 -1% 68% 2,407 3,424 .4x 38% 196% 33% n/m
23 Ambassadors Group EPAX 11.25 -10% 54% 213 106 1.3x 19% infinite 35% 2.5x
24 Amerigroup AGP 37.75 -45% 4% 1,926 1,536 .3x 19% infinite 37% 2.4x
25 Immunomedics IMMU 3.14 -9% 128% 236 211 3.4x 18% infinite n/m 6.0x
26 * DragonWave DRWI 6.06 -27% 133% 223 107 .5x 39% 154% 1% 1.5x
27 Corinthian Colleges COCO 4.49 -2% 352% 396 468 .3x 51% 135% 39% 5.8x
28 Foster Wheeler FWLT 23.19 -12% 54% 2,957 2,167 .5x 19% 334% 22% 4.0x
29 ViroPharma VPHM 12.84 -43% 12% 1,000 736 2.0x 22% 236% 43% 5.9x
30 Medicis Pharma MRX 27.06 -34% 4% 1,628 1,254 1.9x 17% infinite 38% 3.6x
31 * Vonage VG 2.05 -79% 36% 434 518 .6x 17% infinite n/m n/m
32 Sohu.com SOHU 47.74 -16% 51% 1,806 1,207 2.2x 17% 1217% 16% 3.0x
33 Almost Family AFAM 25.59 -8% 72% 237 208 .6x 24% 166% 41% 4.5x
34 * Forest Labs FRX 27.60 -12% 20% 7,881 4,591 1.1x 22% 180% 32% 2.0x
35 Genoptix GXDX 17.28 -10% 126% 304 164 .8x 31% 124% 46% 1.5x
36 AmSurg AMSG 17.11 -2% 38% 529 801 1.2x 28% 130% 17% n/m
37 * MedQuist MEDQ 7.80 -26% 28% 293 271 .8x 17% 442% 6% 6.5x
38 McGraw-Hill MHP 28.18 -16% 31% 8,710 8,764 1.5x 16% 5873% 36% n/m
39 * Argan AGX 7.50 -1% 117% 102 40 .2x 19% 217% 33% 1.5x
40 * Aeropostale ARO 22.68 -16% 42% 2,121 1,808 .8x 22% 159% 40% 4.7x
41 Continucare CNU 3.40 -24% 54% 204 172 .6x 20% 163% 39% 4.0x
42 * Providence Service PRSC 13.87 -31% 34% 180 315 .4x 20% 159% 39% n/m
43 * Kirkland's KIRK 12.15 -7% 109% 241 175 .4x 31% 106% 31% 2.4x
44 * Lihua International LIWA 8.68 -47% 46% 253 168 .7x 24% 120% 29% 2.0x
45 * KBR KBR 23.02 -25% 7% 3,597 2,463 .2x 23% 121% 31% 2.2x
 Company website SEC Y! Price Charts
* New additions are highlighted.
Screening criteria: ► Market value > $100 million ► ADRs and banks excluded
MV = market value. EV = enterprise value.
This Month’s Top 10 Web Links
A Selection of Our Favorite Freely Accessible Internet Resources
Click on the link next to each title, or type the Web address into your Web browser:
 Wilbur Ross Talks to Charlie Rose http://bit.ly/aiiIDz
 Fed’s Quarterly Report on Household Credit http://bit.ly/cdN9k2
 Malcolm Gladwell on Why Some Succeed Where Others Fail http://bit.ly/da6WW0
 Richard Thaler on Overconfidence Problem in Forecasting http://nyti.ms/8ZJoZU
 What “The Oracle of the North” Sees Ahead http://yhoo.it/cHr7Gq
 Bill Gross’s Investment Outlook http://bit.ly/bS2k1D
 Walter Schloss at Richard Ivey School of Business http://bit.ly/dlnwv6
 Profitable Lessons from Michael Price http://bit.ly/cvMGGG
 James Montier: Mean Reversion Is Not Dead http://bit.ly/9umeA3
 Richard Perry’s Q2 2010 Letter http://scr.bi/9rvTwk
undertake any investment strategy. It does not constitute a
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Portfolio Manager&#39;s Review - The Superinvestor Issue

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Portfolio Manager&#39;s Review - The Superinvestor Issue

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PORTFOLIO MANAGER’S REVIEW

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

“If our efforts can further the THE SUPERINVESTOR REPORT

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

UNCHANGED OR OFFSETTING SUPERINVESTOR HOLDINGS .......... 126

SNAPSHOT OF 100 SUPERINVESTOR HOLDINGS ............................... 146

FAVORITE STOCK SCREENS FOR VALUE INVESTORS ...................... 162

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

John Mihaljevic, CFA

“An invaluable tool for the serious investor.”

“We do similar work ourselves.”

“Your reports provide serious investors with a plethora of bargain stocks.”

“I am (as always) impressed with your work.”

FIND OUT WHAT THE BUZZ IS ABOUT.

The Manual of Ideas: You are a somewhat rare breed of value-invested

MOI Signal Rank™ – Top Current Ideas of Akre Capital

Top Holdings of Akre Capital – By Dollar Value

New Positions Sold Out Positions

Portfolio size $351 million Technology Other

MOI Signal Rank™ – Top Current Ideas of Bares Capital Management

Top Holdings of Bares Capital Management – By Dollar Value

New Positions Sold Out Positions

Portfolio size $253 million Other

MOI Signal Rank™ – Top Current Ideas of Berkshire Hathaway

Top Holdings of Berkshire Hathaway – By Dollar Value

New Positions Sold Out Positions

MOI Signal Rank™ – Top Current Ideas of BP Capital

Top Holdings of BP Capital – By Dollar Value

New Positions Sold Out Positions

MOI Signal Rank™ – Top Current Ideas of Breeden Capital

Top Holdings of Breeden Capital – By Dollar Value

New Positions Sold Out Positions

Portfolio size $1.1 billion

MOI Signal Rank™ – Top Current Ideas of Children’s Investment Fund

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

New Positions Sold Out Positions

Portfolio size $4.2 billion

MOI Signal Rank™ – Top Current Ideas of Clarium Capital

Top Holdings of Clarium Capital – By Dollar Value

New Positions Sold Out Positions

Median market value $3.7 billion Services Technology

MOI Signal Rank™ – Top Current Ideas of Edinburgh Partners

Top Holdings of Edinburgh Partners – By Dollar Value

New Positions Sold Out Positions

Portfolio size $2.5 billion Technology

MOI Signal Rank™ – Top Current Ideas of Fairfax

Top Holdings of Fairfax – By Dollar Value

New Positions Sold Out Positions

MOI Signal Rank™ – Top Current Ideas of First Pacific Advisors

Top Holdings of First Pacific Advisors – By Dollar Value

New Positions Sold Out Positions

Portfolio size $4.0 billion

MOI Signal Rank™ – Top Current Ideas of Glenview Capital

Top Holdings of Glenview Capital – By Dollar Value

New Positions Sold Out Positions

Portfolio size $4.9 billion Other

Median market value $7.8 billion

MOI Signal Rank™ – Top Current Ideas of Gruss Asset Management

Top Holdings of Gruss Asset Management – By Dollar Value

New Positions Sold Out Positions

Median market value $3.0 billion

MOI Signal Rank™ – Top Current Ideas of Harbinger Capital

Top Holdings of Harbinger Capital – By Dollar Value

New Positions Sold Out Positions

Portfolio Manager's Review - The Superinvestor Issue

Portfolio Manager's Review - The Superinvestor Issue