For Q2 2014
Published 7/12/2014

[email protected]
@CaleintheKeys
(305) 522-1333


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Dear Investors,

This quarter's letter will be uncharacteristically brief.

In its sixth year through the end of June, the Tarpon Folio is up 14.6% net of all fees, compared to 10.5% in the benchmark S&P 500 Index.

In May, we held the 2014 IIM Investor Meeting. In lieu of a formal letter this quarter, I invite you to view the presentation from the meeting at this link.

Lauretta and I covered quite a bit of material at the meeting, and we hope you'll find it worthwhile.

Please let me know if you have any questions. Thank you.

- Cale

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.

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.