t Mullenweg — Founder, Wordpress. Roger Myerson -- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. Scott Nathan - Partner, Baupost Group. Meghan O'Sullivan -- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W.

eg *1¢% Founder, Wordpress. *Roger Myerson*-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. *Scott Nathan*1i¢% Partner, Baupost Group. *Meghan 07¢%Sullivan*-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George

ullenweg *— Founder, Wordpress. *Roger Myerson*-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. *Scott Nathan*— Partner, Baupost Group. *Meghan O’Sullivan*-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W.

in practice? During periods of extreme market volatility like 2008 / early 2009, we might reduce our gross exposure significantly. Seth Klarman of Baupost Group often credits his returns to only being 50% invested at all times. This may be excessive in lower volatility markets, but we reserve the right to "g

t Mullenweg - Founder, Wordpress. Roger Myerson - Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. Scott Nathan - Partner, Baupost Group. Meghan O'Sullivan -- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W.

t 34.20 5 Winton Capital Management 29.96 6 Och Ziff Capital Management 28.80 7 BlackRock 28.76 8 BlueCrest Capital Management 28.60 9 Baupost Group 25.20 10 AQR Capital Management 23.20 11 Paulson & Co. 22.64 12 Angelo, Gordon & Co. 22.07 ' Approximate figure. as ol September 30. 2012.

in practice? During periods of extreme market volatility like 2008 / early 2009, we might reduce our gross exposure significantly. Seth Klarman of Baupost Group often credits his returns to only being 50% invested at all times. This may be excessive in lower volatility markets, but we reserve the right to "g

lenweg *- Founder, Wordpress. *Roger Myerson*-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. *Scott Nathan*- Partner, Baupost Group. *Meghan O'Sullivan*-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George

lenweg *— Founder, Wordpress. *Roger Myerson*-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. *Scott Nathan*— Partner, Baupost Group. *Meghan O'Sullivan*-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W

lenweg *— Founder, Wordpress. *Roger Myerson*-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. *Scott Nathan*— Partner, Baupost Group. *Meghan O'Sullivan*-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W

llenweg *— Founder, Wordpress. *Roger Myerson'-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. 'Scott Nathan'— Partner, Baupost Group. *Meghan O'Sullivan'-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W

orporate Communications Chairman, KPMG EMA and KPMG Europe LLP Minister of Finance of Ireland Group Chief Executive, Management Consulting The Baupost Group Brevan Howard Investment Products Ltd The Zuellig Group Incorporated HCL Technologies Ltd Mahindra Satyam Mail & Guardian Centene Corporation

llenweg *— Founder, Wordpress. *Roger Myerson'-- Prof of Economics, U of Chicago. 2007 winner of Nobel Prize in Economics. 'Scott Nathan'— Partner, Baupost Group. *Meghan O'Sullivan'-- Professor, Harvard Kennedy School of Govt. Fmr Deputy National Security Advisor for Iraq and Afghanistan, President George W