Four Decades of Experience Why I believe I will outperform the hedge fund industry. 1980’s • 99 percenle GMAT’s 12 credit 4.0 @ Tulane Business School before joining Smith Barney in 1985 • sold 13% Georgia Power municipal bonds as a rookie @ Smith Barney (it was easy) • 1987 stock market crash (early lesson on Wall Street priories) • 1989 placed Nikkei put warrants with the Phoenix Hedge Fund helping it to be one of the best funds in the 1990 down market (money poured in) • finished second out of 5,000 in naonal trading contest sponsored by the Financial News Network, trading favored posions using 60 minute RSI’s. 1990’s • during First Gulf War and Savings and Loan financial crisis purchased Value Line call opons making over 1,000% profit. My research concluded markets historically explode higher when the outcome of wars become obvious; expected Fed to cut rates aggressively, jump starng new economic cycle. • July 1991 started Hawkeye Long-Short Hedge Fund which was up 71% in the second half of ‘91 and 63% in ‘92. I was trading consumer cyclicals and financials from long side using 60 minute RSI’s. • 1994 returned 45% in a flat market focused on long energy stocks, which were coming out of 6 year bear market and short the first Biotech Bubble. (money poured in; $350MM at the peak). • 1997 went 100% direconally short the market. My analysis was the S&P 500 traded below a 3% dividend yield; every prior me in history a bear market began shortly thereaﬅer. Learned how to idenfy short sales from balance sheet analysis. Worldcom was my largest short posion, every stock in the porolio eventually went to 0. Despite every effort to trade around losing posions and correct security analysis, Hawkeye experienced a 80% draw down from peak to trough. 2000’s • Studied the history of credit cycles; came to the conclusion that credit cycles were now driving markets. Believed the Fed would keep real rates low for a long period of me and decided to go long Gold unl the Fed normalized rates. Turned a $50,000 investment in the futures markets into a $5,000,000 profit. • 2006 interviewed with SAC capital and laid out the impending financial crisis and how to profit from it. • 2007-2008 had spectacular gains long gold short housing, mortgage lenders and brokers. Countrywide Credit was my largest short posion. • Covered all shorts and unl recently have been uninterested in shorng any securies or commodies. 2010’s • Starng in late 2008 believed the Fed would move down the path of extraordinary monetary policy and focused on long commodies. • August 2011 during the S&P downgrade of the U.S. Treasury advised all brokerage friends to buy stocks for their clients because the Fed was about to print massively. Considered starng a hedge fund but decided to stay 100% long Gold; something I swore I would never do again with other peoples money. • 2013 believed all assets would connue to rise in price because of QE; leveraged posions in Gold experienced significant draw down, cut exposure immediately (80% of my posion was in cash accounts and acquired when Gold was between $300 & $800). Unl recently I have not advised anyone to pay over $1,000 for Gold. • 2014-2015 Gold equity posions have outperformed the Gold Indexes by 15% in 2014 and 20% in 2015; the indexes do not know what they own. I have focused on producing, low cost mines with lile debt and posive cash flows, which are significantly outperforming the indexes. • In the next equity bear market passive index funds holding over leveraged companies will run into significant trouble. Experienced managers of credit cycles and security analysis should easily outperform the passive indexes. Smaller nimbler hedge funds should outperform larger less flexible funds.

4 Decades of financial market experience

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Page 1: 4 Decades of financial market experience

Four Decades of Experience Why I believe I will outperform the hedge fund industry.

1980’s• 99 percentile GMAT’s 12 credit 4.0 @ Tulane Business School before joining Smith Barney in 1985• sold 13% Georgia Power municipal bonds as a rookie @ Smith Barney (it was easy)• 1987 stock market crash (early lesson on Wall Street priorities)• 1989 placed Nikkei put warrants with the Phoenix Hedge Fund helping it to be one of the best funds in the

1990 down market (money poured in)• finished second out of 5,000 in national trading contest sponsored by the Financial News Network, trading

favored positions using 60 minute RSI’s.1990’s

• during First Gulf War and Savings and Loan financial crisis purchased Value Line call options making over 1,000% profit. My research concluded markets historically explode higher when the outcome of wars become obvious; expected Fed to cut rates aggressively, jump starting new economic cycle.

• July 1991 started Hawkeye Long-Short Hedge Fund which was up 71% in the second half of ‘91 and 63% in ‘92. I was trading consumer cyclicals and financials from long side using 60 minute RSI’s.

• 1994 returned 45% in a flat market focused on long energy stocks, which were coming out of 6 year bear market and short the first Biotech Bubble. (money poured in; $350MM at the peak).

• 1997 went 100% directionally short the market. My analysis was the S&P 500 traded below a 3% dividend yield; every prior time in history a bear market began shortly thereafter. Learned how to identify short sales from balance sheet analysis. Worldcom was my largest short position, every stock in the portfolio eventually went to 0. Despite every effort to trade around losing positions and correct security analysis, Hawkeye experienced a 80% draw down from peak to trough.

2000’s• Studied the history of credit cycles; came to the conclusion that credit cycles were now driving markets.

Believed the Fed would keep real rates low for a long period of time and decided to go long Gold until the Fed normalized rates. Turned a $50,000 investment in the futures markets into a $5,000,000 profit.

• 2006 interviewed with SAC capital and laid out the impending financial crisis and how to profit from it. • 2007-2008 had spectacular gains long gold short housing, mortgage lenders and brokers. Countrywide

Credit was my largest short position.• Covered all shorts and until recently have been uninterested in shorting any securities or commodities.

2010’s• Starting in late 2008 believed the Fed would move down the path of extraordinary monetary policy and

focused on long commodities.• August 2011 during the S&P downgrade of the U.S. Treasury advised all brokerage friends to buy stocks for

their clients because the Fed was about to print massively. Considered starting a hedge fund but decided to stay 100% long Gold; something I swore I would never do again with other peoples money.

• 2013 believed all assets would continue to rise in price because of QE; leveraged positions in Gold experienced significant draw down, cut exposure immediately (80% of my position was in cash accounts and acquired when Gold was between $300 & $800). Until recently I have not advised anyone to pay over $1,000 for Gold.

• 2014-2015 Gold equity positions have outperformed the Gold Indexes by 15% in 2014 and 20% in 2015; the indexes do not know what they own. I have focused on producing, low cost mines with little debt and positive cash flows, which are significantly outperforming the indexes.

• In the next equity bear market passive index funds holding over leveraged companies will run into significant trouble. Experienced managers of credit cycles and security analysis should easily outperform the passive indexes. Smaller nimbler hedge funds should outperform larger less flexible funds.