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    To Our Investors,

    We've got a new look in this email. I'm considering publishing a quick update like this once a quarter, but would like your thoughts first. Please see the first bullet in the list below to weigh in.

    Since my last letter to investors, our portfolio companies have continued to perform well, though the stock prices of most have remained in a narrow range. Tarpon Folio holding Alcon announced it will be acquired by Novartis, a somewhat inevitable event I first mentioned last July.  I suspect the price we will ultimately receive for our Alcon shares will increase a bit further still.

    Despite the broader market's current valuation, there continues to be a considerable amount of value in both the Tarpon and Gecko Folios. See my annual meeting speech below for more.

    As usual, please contact me anytime with questions.  Thank you.

    - Cale Smith



    Recommended Reading

    Warren Buffett's Newest Letter to Shareholders.  A great intro to Berkshire Hathaway for Tarpon Folio investors. 

    A Parable About How One Nation Came to Financial Ruin. By Warren Buffett's partner, Charlie Munger.

    The Hidden Costs of Mutual Funds. Why it costs you much more than you probably realize to own mutual funds. From The Wall Street Journal.

    About Islamorada Investment Management

    Cale SmithWe are a value investing firm located in the village of Islamorada in the Florida Keys. In 2008, we launched a new alternative to mutual funds and hedge funds called a spoke fund, which we think is a better model for investors.

    Because we invest all of our own money in the two funds we manage, we study our companies carefully. We manage focused portfolios of 12 to 15 meaningful positions in the common stocks of good businesses run by managers we admire. We are solely concerned with getting a good price on the shares of a few great businesses - independent of economic forecasts, Wall Street consensus and noise in the financial media.

    Islamorada Investment Management (IIM) is an independent Registered Investment Adviser. We provide portfolio management services to individual investors and families through the Tarpon Folio,Gecko Folio and private accounts. As a fee-only firm, IIM does not accept any referral fees or compensation that is contingent upon the purchase or sale of a financial product.

    For more info, visit our website.  View our privacy policyForm ADV and Fiduciary Oath.

    Here is our founder's blog, his tweets and our Facebook fan page, too.

    Get to Know Your Company

    See our performance disclaimer for more. This newsletter is for educational and informational purposes only. Nothing contained here should be construed by anyone as an invitation or solicitation to buy or sell any security. This site does not contain personalized legal, tax, investment, or financial advice. Users of this site should consult with a qualified adviser to obtain advice suited to their personal circumstances. Any links provided here to other web sites are for informational purposes only.

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