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Lazurus - V6.5 8.23.16

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Transcript of Lazurus - V6.5 8.23.16

“Losing feels worse than
winning feels good.”
- Vin Scully

LOSE: $1000
LOSE: $1,000
WIN: $2,000
HEADS VS TAILS
S&P 500 ANNUAL RETURN %
annual return %
88 Year Average=
+11.4%
Impact of Missing the Best Days in the Stock Market (1974-2015)
Outcome of $10,000 Initially Invested
$800,000
$93,000
$18,000
$6,000
11.0% Annual Return
5.5% Annual Return
2.1% Annual Return
-1.2% Annual Return
0 Days
Source: Fama & French daily market returns
retrieved from www.crsp.com
Present
10 Years
20 Years
30 Years
$60,000,000
$1,000,000
$10,000,000
$50,000,000
$5,000,000
$20,000,000
$30,000,000
$40,000,000
4%
6%
14%
The Power of Compounding
Lazarus Team
Row Capital (International Markets)
Bard Capital (VC & Private Equity)
Harvard University (A.B.)

Terms of Investment
Management Fee

Incentive Fee

High Water Mark

Lock-Up & Liquidity

Minimum Investment

Fund Administrator

Custodian

Auditor

Fund Counsel
Standard Terms
0%

0% below 10% annual hurdle, 50% on additional returns

Yes

No lock-up, liquidity up to 60 days notice

$1 million (Institutions), $500,000 (individuals)

M.G. Stover & Co.

Interactive Brokers; Citibank, N.A.

Spicer Jeffries

Bryan Cave LLP


Banana
Experiment
Rick Barry
Hold on to Losers
Sell Winners
Behavioral Finance Fund
Laurie Santos: “A Monkey Economy As Irrational As Ours.” TEDGlobal 2010, July 2010.
“The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence.” Hersh Shefrin and Meir Statman. Journal of Finance, Vol XL, NO 3, July 1985.
The Power of Compounding: This graph illustrates the value of $1 million after 10, 20, and 30 year periods at various rates of annualized growth. It is not a representation of past or future performance of any investment or a representation that any investor or portfolio will or is likely to achieve profits or losses similar to those show.
Lazarus Founder
Bear, Stearns & Co. (Private Equity & Investment Banking)
Williams College (B.A.)
Justin B. Borus
Manager & CIO
Chris Jennings

Controller
Adam Eisenberg
Managing Director
Brian T. Abrams
President
Ari Rubin

Analyst
Eliot Penn
Managing Director
Adam Averbach
General Counsel & Chief Compliance Officer
Linda Houlihan
Business Manager & Investor Relations
These materials are not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of the Fund managed by Lazarus are offered to selected investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). Any decision to invest must be based solely upon the information set forth in the Offering Documents, regardless of any information investors may have been otherwise furnished, including these materials.

The description herein of Lazarus’ approach and the targeted characteristics of the Fund’s strategies and investments is based on current expectations and should not be considered definitive or a guarantee that the approaches, strategies, and investment portfolio will, in fact, possess these characteristics. The opinions expressed herein are solely those of Lazarus and have not been verified, confirmed, or otherwise attested to by any third party.

The parent company of Lazarus holds a material ownership interest in the parent company of AthenaInvest Advisors and Messrs. Borus and Abrams serve on such company’s Board of Directors. Lazarus holds an exclusive license to AthenaInvest Advisors’ strategies for use in private investment funds.
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Full transcript