Timucuan Asset Management

We believe an investment should be considered the purchase of business rather than the purchase of a security.  Timucuan aims to capitalize on the disparity between the quoted price of a security and its intrinsic business value, when such value is unrecognized.  This approach is designed to permit us to take advantage of market inefficiencies, short-term constraints among market participants, or investor misperceptions which result in the undervaluation or overvaluation of public companies.