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Casey's Gold & Resource Summit 
China
–
The Mother of All
Grey 
Swans
 
October 3, 2010
Vitaliy N. Katsenelson, CFA
Chief Investment Officer
Investment Management Associates, Inc.
Japan
–
Past the Point of No Return
 
November 2010
 
Active Value Investing Performance
$1,000,000 Invested on 12/31/05Net of Fees
Active ValueInvesting$ 1,142,5458/31/10S&P 500$928,3058/31/10$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10
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