Epstein Secrets

oliPeny Awe 403111C • yaio Nceby • ArocOc y10.1 10110 601131011• marson ramp, WSAv Ns* con otpanwer Orar0Y1 WSW Mier e "OlIC OS 132% Maine 13.1% SW:12a% Con< » ea 3 IT II•sysfe NM. Comps inseam. yjtlaten Alt.. NUS Illultime lihatlais INS* MM.-. SIDS. I 2101 110 1% 981 1

4x earnings, people are questioning its terminal value. : That brings up maybe an interesting point. Many investors who have studied Buffett and Munger have developed an appreciation for quality which means these companies tend to trade at (Continued on page 22) EFTA00300985 Page 22 Alex Maga

on vacation and know that not going to have someone blow me up. Incidentally, the name "Scoggin" comes from a camp that Curtis and I went to in Maine. I met him there and we reunited at Penn. We started Scoggin together with these 30 accounts. Curtis's money, and my money. It was about $3 mill

r influences on you and developing your style of investing? JG: Definitely my boss Greg Shrock. He gave me all of the Berkshire letters and the Munger speeches and that kind of stuff. Also, Bruce Greenwald's Economics of Strategic Behavior class. It really helped me understand competitive advan

period. Nextel Direct Connect® Usage State NUM. Rate Non Mc In La SOW Lon Other Metes Used keno San Stan Role Tow Usage Llefenel nee Maine. SOO Rook an Poe 454 I IS (silt 111,11 45,14 TOTAL 00.00 Network M 159111 Usage Charges Nextel Direct Conned® Nextel Group Connect(SM) 0

bor 10. 2004 C (561) 662.6688 continued... Telecommunications Services Call Detail (561) 662-6688 so. Long Mame Total Nem I Date Tens CSI To Munger 904311101* lean Usage 0111W Chomps 1723 Oct “ 01.15 AM 1G PAU4 AN .14.. 565.44.7221 PP 240 0.40 0.00 1724 Oct OS 0100 AM 3.3.44.2 291.7

ITED //WINO MN 211 212 213 214 201040M 2/31 0405P 23106559 2C1 05:57P WPAUABEACH FL MIN UNMATED 11/WILND MIN MIN 009 ANTIME MUTES IN 009 MAINE MINUTES MIN 009 MC ALRTIME MNUTESG 0.09 054 0.18 272 01/01 01:45P MIN 273 01/01 01:46P 274 01•01 02:169 275 01/01 02:46P WINLAMEACH FL ENT

TA01335889 Account Name Date or Invoice September 12. 2004 Account Number DETAIL OF CURRENT ACTIVITY - CONTINUED VOICE USAGE FOR - Continued Munger Only Charge Ran Date Time Calls To Used Rate 0o4crIptIon Charge 293012$ 12:50A WPM/ABACI. FL 3 kW unumi LO NWKIt.0 MN TOTAL VOICE USAGE F

ustodian) Date Scrod HOLD lor once Aperor Nam*: Sigmas. a/ Mastro Officer X Name Vroflealon (Primed by Mason) 3 0 Demberous 0 Rental Arrest Maine Or mvarg Officer (PCB 1.0.1 (PRINT) I 0 Suicidal 0 OPer. PAGE VS. DeplY 10. 1 Pouch Tramp3400 Or LO. I Agency Worms here ii easea 57140 wi

0 Dom :1111"' . Fe lony Lerpe 4. lifsgmeari 5 Annie or w — Name (URI (First) (model ggirCumockan Resigns paws p I ) Nags (Steel API Munger) (OW (Slate) (ZIP) Business Phone I I TOT JAC Dale In The above amens was Ironed by IL 0agneent nu orC) Onnotame pains The chid emit'a pare