The Nearco Value Fund operates as a long/short fund. Our strategy is to employ a disciplined, value-oriented investment process, utilizing both qualitative and quantitative techniques, to build a focused portfolio of high-quality companies. The partnership will have adequate, though not excessive, diversification (20-30 positions) so that the General Partner's best ideas are able to have a meaningful impact on performance. The partnership's investment horizon is long term. The partnership will only invest in high-quality businesses, and only when we can purchase them at attractive prices. This will help ensure that we build in a margin of safety in every investment we make. The partnership will also require a company's expected growth in underlying value to at least equal that of the market (3%-5% over the long term). This requirement will help us to avoid structurally disadvantaged companies that need some sort of catalyst to recognize the underlying value of the firm's assets in a timely manner. The partnership will sell a position when 1) the stock reaches 90% of its intrinsic value, 2) the business fundamentals deteriorate, or 3) a superior investment opportunity presents itself. There is no management fee for this fund.