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Islamorada Investment Management
Tarpon Folio
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In This Issue

bullet Cale's Notes: The Contrarian's Burden: Part Four
bullet About the Tarpon Folio: More on our flagship Spoke Fund

November 2015
Part Four of Four

csmith@islainvest.com
@CaleintheKeys
(305) 522-1333


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Cale's Notes
Dear Investors,

This is my fourth and final email to you this week. It contains Part Four of my recent update on Tarpon, as well as a consolidated PDF containing all four sections in a single document.


Part Four: The Opportunity

This section is all about the global decline curve, and ties together the important concepts from my previous updates.

Please Download Part Four of My Letter Here.


Consolidated Letter

I've also created a single consolidated PDF containing all four parts of my letter.

You Can Download My Entire Letter As One File Here.


Please let me know if you have any questions.

Thank you for your patience and Happy Thanksgiving!

- Cale

About Tarpon

The Tarpon Folio is an innovative, investor-friendly alternative to the traditional actively managed mutual fund. It's built on a model we call a Spoke Fund.

Spoke Fund is a group of separate investor accounts linked to a portfolio containing a significant portion of the net worth of the portfolio manager. Cale Smith at IIM is the creator and owner of this trademarked and proprietary approach to better transparency and integrity in investing other people's money.

Fees for Tarpon are 1.25% of assets annually, assessed on a monthly basis. Turnover, taxes and trading are minimized in the fund, which uses a long-term value investing strategy.

For more information, visit our website.

Here is our privacy policy, our Form ADV and our Fiduciary Oath.

Disclaimer

Historical performance data above represents performance results as reported by the portfolio identified. Performance results are for illustration purposes only. Historical results are not indicative of future performance. Positive returns are not guaranteed.

Individual results will vary depending on market conditions and timing of initial investment. Investing may cause capital loss. The S&P 500, used for comparison purposes, is significantly less volatile than the holdings of the funds listed. The performance data is net of all fees reflecting the deduction of advisory fees, brokerage commissions and any other client-paid expenses. The performance data includes the reinvestment of capital gains and dividends.

The publication of this performance data is in no way a solicitation or offer to sell securities or investment advisory services.

© 2019 Islamorada Investment Management. All rights reserved.

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