Investments we have made

ClubCorp Holdings, Inc. (MYCC)

Valuation on the Fairway, Fundamentals in the Rough

Sage Therapeutics, Inc. (SAGE)

Overhyped Lead Drug Headed for Failure

Zafgen, Inc. (ZFGN)

FDA Approval for a Deadly Drug? Fat Chance

Straight Path Communications Inc. (STRP)

The Next Generation of Overblown Spectrum Hype

Allied Minds (ALM LN)

A Venture-Capital Junk Drawer for 3x NAV

Bavarian Nordic (BAVA DC/BVNRY)

Dendreon 2.0? Ineffective Cancer Vaccine Masked by Misleading Data

Globalstar, Inc. (GSAT)

The Biggest Stock Promotion Since Sino-Forest

Cardtronics, Inc. (CATM)

Aggressive Accounting and Secular Decline Drive 40-70% Downside

BofI Holding, Inc. (BOFI)

Higher Rates Will Compress Margins for Bank Priced at 3.5x Book Value

Unilife Corporation (UNIS)

A History of Missed Deadlines, Aggressive Cash Burn, and Vague Supply Agreements Suggest...

Sourcefire, Inc. (FIRE)

Short-Lived Upsell Opportunity has Concealed Decelerating Growth, Slowing Customer Adds,...

EZchip Semiconductor Ltd.

Immediate Competitive Threats, Customer Defections and Unsustainable Valuation