TJS PARTNERS, INC.
KEY BISCAYNE, FLORIDA

TJS Partners, Inc. is a value-oriented research boutique seeking special situations in publicly traded securities. The focus is principally on equities, but there are few limitations if the right situation presents itself. Broadly, we seek securities that are available for purchase at a substantial discount (typically 35-50%) to their intrinsic value or worth, suggesting that a patient and disciplined investor buy and hold those securities for a defined period of time, and sell as the securities approach full value, thereby earning a satisfactory and likely material excess return. Intelligent investors will recognize this approach as both proven and time tested. Under-valued securities frequently and recurrently exist in the marketplace, but over the long-term securities prices tend to accurately reflect the underlying performance of the business or underlying value of their assets. We believe in the "Efficient Market" over the long term, just not over the short term and all the time.