Kase Capital March 2014 Investor Presentation

Lumber Liquidators LL Tesla Whitney Tilson K12 Questcor Pharmaceuticals QCORWhitney Tilson

Whitney Tilson‘s Kase Capital March Investor presentation

OBJECTIVE              Produce superior long-term absolute and relative returns over multiple market

cycles. Long-term target: Net returns of 15%+ per annum. Short-term target:

Exceed S&P 500 by 5-10 percentage points per annum.


STRATEGY               We have a disciplined, long-term-oriented opportunistic value approach. We do

rigorous fundamental research and analysis to identify securities that we believe

are trading far from their intrinsic value and that, in most cases, have a catalyst to

realize that value.


PORTFOLIO              We are long-biased, market-cap agnostic and run a concentrated portfolio. We

typically have 12-15 meaningful positions on the long side and a larger number of

significantly smaller positions on the short side.


TRACK RECORD  In 15+ years since inception on 1/1/99, the Kase Fund has appreciated by

162.1% (net to investors) vs. 100.2% for the S&P 500.


ASSETS UNDER   $77 million.



INVESTMENT           Kase Fund, commenced 1/1/99; Tilson Offshore Fund,

VEHICLES                  commenced 12/1/02; Kase Qualified Fund, commenced 7/1/04.


PRINCIPAL                Whitney Tilson, Managing Partner and Portfolio Manager.


ALIGNMENT OF   The Principal has invested significant portions of his personal wealth,

INTERESTS               and that of his friends and family, in the firm and its investment funds and


CIRCLE OF • Do we understand this company and its indus COMPETENCE • Can we make reasonable projections about th


  • We try to keep it simple. Our best investme explained in a short paragraph.


  • We rarely invest in tech/biotech, emerging momentum stocks, etc.



COMPANY &          •  Company  evaluation:  Is  this  a  good  business


INDUSTRY                      sustainable competitive advantages? High returns on capital? Solid, steady growth? Healthy balance sheet? Strong free cash flow?

  • Often  involves  company  visit,  management  an


  • Industry  evaluation:  Is  this  a  good  industr


What are the competitive dynamics?


  • We seek an informational edge, often via pr scuttlebutt research.



MANAGEMENT  •  Are  they  good  operators?

  • Are  they  good  capital  allocators?


  • Are  they  trustworthy  and  shareholder  friend


VALUATION            •  Is  the  stock  really,  really  cheap?  Why?

•  What  is  our  variant  perception?

Full presentation below


t 2 Investor Presentation

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