Metropolitan Capital

Advisors Select Fund L.P.

Fund Investment Objectives

Metropolitan Capital Advisors believes value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, provides a road map to navigate successfully not only through good times but also through downturns. Buying at a discount can create a margin of safety for the investor, room for imprecision, error, bad luck or the vicissitudes of volatile markets and economies. However, following a value approach is not easy for everyone, especially in today's environment, characterized by a very illiquid credit, economic recession, and short-term oriented, extremely volatile equity markets. Value investing requires deep reservoirs of patience and discipline. As a value investor, MCA looks to the market not as a guide for what to do but as a creator of opportunity. The excessive exuberance and panic of others can generate mispricings that can be capitalized upon. Metropolitan Capital Advisors strives to maximize investor returns as compared to rates of larger capitalization indices with less risk over a full market cycle using a value-oriented, event-driven, multi-strategy approach to capitalize on inefficiencies that arise from events in the corporate life cycle. Such events include: Regulatory developments, Industry cycle structural changes, Litigation, Restructuring, Merger arbitrages, Activist, Management changes, and Distressed securities/bankruptcies. MCA examines long/short opportunities on a global basis, but primarily focuses on situations in North America (Canada and USA), the United Kingdom, rest of developed Europe, Japan and Australia.