Standpoint Research is currently ranked risk-adjusted at # 7 versus 190 funds and research firms according to Motley Fool, Briefing.com & Yahoo! Finance through September 15, 2011. They have a formula in place that factors in performance (two-thirds weight) and accuracy (one-third weight), where accuracy is defined as the percentage of recommendations beating the S&P-500 by at least 500 basis points. They have been tracking us since October 2008 and have the 192 recommendations on file time-stamped that we made since then ... 73 are open, and 119 were closed. We are in the 91st percentile on performance (defined as the average gain per recommendation versus the S&P-500), and 97th percentile on accuracy. With regards to our performance from 2003-2007, see picture on the right (from 2008). That award was for our four-year track record through December 31, 2007. Trailing three years, our (192) recommendations on average beat the S&P-500 by 541 basis points (each) and the average holding period per recommendation was just under seven months, so the annualized gain per recommendation versus the S&P has been more than nine percentage points (900 bps).

Top 15 (out of 191)
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001 - Edward Owens 98.93
002 - Einhorn 98.55
003 - Benchmark 98.32
004 - SMH Capital 98.29
005 - Feltland 98.17
006 - Rich Aster 98.13
007 - Standpoint Research 96.37
008 - Bank of America 96.19
009 - Wunderlich 96.11
010 - KeyBanc 95.75
011 - Eveillard 95.73
012 - Davenport 95.31
013 - Soleil 95.04
014 - Hilliard 95.01
015 - Stifel Nicolaus 94.91
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Notables
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033 - Credit Suisse 92.84
036 - Citigroup 92.64
038 - Bernstein 92.34
041 - George Soros 92.17
049 - Longbow 91.33
065 - Piper Jaffray 88.58
069 - Thomas Weisel 87.96
093 - Needham 81.88
117 - Zacks 71.83
119 - Goldman Sachs 71.13
123 - Collins Stewart 67.48
132 - Merriman 59.54
139 - Brean Murray 51.04
152 - Rich Pzena 36.12
163 - Dahlman Rose 25.73

We have issued more than 400 recommendations since July 1, 2003. We have beaten the S&P-500 for seven years out of eight and are ahead of the S&P benchmark by more than 4000 basis points (since July 1, 2003). We did this with annual turnover of 50%-100%, without taking big sector bets, and with a diversified, relatively low-beta portfolio of mid-cap and large cap stocks. On a risk-adjusted basis, our performance has been extraordinary. Turnover is a function of market volatility and was higher for us in 2008-2011 than it was in 2003-2007.