Kase Fund, Kase Qualified Fund, and the Tilson Offshore Fund

are value-oriented investment funds
managed by Whitney Tilson

The Funds are managed very similiarly
and seek to achieve long-term capital
appreciation primarily by investing with
a long term perspective in a concen-
trated portfolio of significantly under-
valued stocks.

FUND INFORMATION


The Funds are open to qualified investors,
subject to an investment minimum and man-
agement's discretion. Those who are interested
in investing may wish to begin by reading the following information:


ARTICLES & ESSAYS


The key to investing is
not assessing how much an
industry is going to affect soci-
ety, or how much it will grow,
but rather determining the
competitive advantage of
any given company and, above
all, the durability of that
advantage.
-Warren Buffett

THE INTELLIGENT

INVESTOR by Benjamin Graham
The Intelligent Investor