AQUAMARINE FUND

Aquamarine Fund is an investment partnership inspired by the original 1950's Buffett partnerships, run by a close replication of the original Buffett partnership rules. The managing partner of Aquamarine Fund is Guy Spier who is an ardent disciple of Warren Buffett, and closely follows Buffett's principles on Value Investing and capital allocation. The fund was launched on September 15th, 1997 at $15 million in assets, with the overwhelming majority coming from immediate family members and friends. Since then, the assets have steadily grown – mostly through internally generated returns. Like the original Buffett Partnerships, Aquamarine Fund has evolved to a set of operating principles which are quite different to the standard modus operandi of most mutual funds and hedge funds.