Geo E. Andresen

Alter Asset Management (AAM) is a value manager that specializes in constructing portfolios of equity securities. They build a margin of safety within their capital allocation programs. AAM's objective is to maximize long-term after-tax return on capital with sensitivity to risk management. AAM screens public companies representing over 99% of the market capitalization of the New York Stock Exchange, American Stock Exchange and NASDAQ. They examine a number of characteristics including (1) debt in relationship to overall capital structures (2) free cash flow and stability of growth (3) return on equity (4) price to earnings/price to book value and (5) high long-term returns on equity. The firm uses quantitative screens to identify those businesses that are appropriate for detailed business analysis. They eliminate those businesses that are unable to sustain long-term competitive advantages in their markets, have a history of poor business and ethical practices under the current management, and those that Alter believes are too difficult to assign a proper evaluation. They consider a number of factors that may affect long-term value including, but not limited to capital allocation practices of management team, R&D productivity, pricing and cost trends, competitive intensity of marketplace, growth of the market for the company's products and the company's current share of the marketplace relative to its long-term potential. AAM's analysis of intrinsic value includes an assessment of free cash flow, independent asset evaluation, recent transactions involving similar businesses and fair value determination.

Provides financial instruments, securities brokerage and investment advisory services

Provides stock brokerage and asset management services

Roundview seeks to obtain superior risk adjusted after-tax-returns for its clients on a long-term basis. The firm manages client capital utilizing a research-driven, disciplined, and multifactored investment process that has been refined over time. Roundview utilizes a value-oriented, fundamental research approach to analyzing investment opportunities. They rigorously analyze the entire capital structure of individual businesses to identify the most attractive risk-reward propositions among publicly traded securities.