Vilas Capital Management,

Vilas Capital Management, LLC is a value manager that seeks to outperform market averages, net of all fees and expenses, by investing in a concentrated portfolio of undervalued securities. When available, the firm may also sell short extremely expensive securities that we believe have very little chance of living up to market euphoria. The firm evaluates investments utilizing quantitative measures such as price-to-book value, price-to-earnings, and returns on capital over a market cycle as well as qualitative factors based on our more than 20 years of investment management experience. The firm also uses "time frame arbitrage" by looking at investments with 5-10 year horizons instead of the shorter term time frames used by the vast majority of market participants.