We are a skilled and successful team of value investors led by Dick Mayo, a prior founder of both Grantham Mayo Van Otterloo and Batterymarch Financial. Our edge combines fundamental stock picking with 30 years of experience in managing risk and exercising price disciplines and skepticism. We aim to deliver to clients 15% long-term annual returns, with low risk of capital destruction. Expect net exposure from 0-50%, 40-60% long positions, 15-30% short positions; leverage between 125-150%. We are not market neutral. We will make disciplined stock and sector bets and assume risk where we have conviction. Payout is 100% at the end of the Quarter with a 30 day notice. Firm no longer reporting AUM as at March 2009.