Polestar

Fund, L.P.

Fund Investment Objectives

The Polestar Fund, L.P. (collectively, the "Fund") attempts to capitalize on inefficiencies in the market brought about by artificial structures placed upon it by other investors. These inefficiencies include an overemphasis on short term results. We believe that one can capture potentially significant expected return opportunities by extending one's investment horizon beyond the threshold of the typical investor. Associated with this strategy are predictably long holding periods for individual positions and consequently low portfolio turnover. We practice margin-of-safety investing and invest solely on the basis of our own internal research.