a reflection on the choices involved in investing, trading

1. Top Down Investing An Individual Point of View

20. World Market Model US Indices: each of these Exchange Traded Funds is liquid and are traded like stocks on the AMEX, with the important distinction that they can be shorted on a downtick DIA SPY QQQ IJJ MDY IJK IJS IJR IJT Value Blend Growth Large Mid Small

21. World Market Model DIA SPY QQQ IJJ MDY IJK IJS IJR IJT EWJ EPP ILF EFA EZU EKH TLT RWR LQD Regional indices from around the world: each of these ETFs is liquid and are traded like stocks on the AMEX, with the important distinction that they can be shorted on a downtick. These ETFs add important overseas regions as well as a set of miscellaneous sectors that are not correllated to US equities Japan Asia, less Japan Longterm Treasuries Corporate bond index Real estate index a mix of Europe/ Asia European largecaps European index Latin America 40 large caps

22. World Market Model DIA SPY QQQ IJJ MDY IJK IJS IJR IJT EWJ EPP ILF EFA EZU EKH TLT RWR LQD EWG EWK EWL EWN EWD EWO EWP EWQ EWU Country indices from around the world: adds in the next layer of detail with individual countries and additional key stocks (NEM and PD) for commodities. BEARX NEM PD IYM HOV EWH EWM EWS EWT EWA EWY Australia South Korea Hong Kong Malaysia Taiwan Singapore Sweden Germany Belgium Switzerland Netherlands Austria Spain France UK EWC EWW EWZ EEM Canada Brazil Emerging markets Mexico Home builders Gold Basic Mat Metals Bear Fund IFN India

23. World Market Model DIA SPY QQQ IJJ MDY IJK IJS IJR IJT EWJ EPP ILF EFA EZU EKH TLT RWR LQD EWH EWM EWS EWT EWA EWY EWG EWK EWL EWN EWD EWO EWP EWQ EWU BEARX NEM PD IYM HOV IFN EWC EWW EWZ EEM BZF

25. Tortoise World Market Model

26. Details

28. So what? Based on 100K portfolio So far, consistent outperformance 85.60% 20.40% 27.90% 98.10% N/A 1999 % -36.10% -9.80% -6.03% 26.60% N/A 2000 % -31.13% -12.12% -5.62% 9.88% N/A 2001 % -38.41% -23.35% -16.89% -8.62% N/A 2002 % 43.54% 22.19% 21.34% 22.71% N/A 2003 % 7.82% 7.73% 2.50% 10.42% N/A 2004 % $104,810 $103,500 $99,655 $127,728 $109,161 2005 $Value 4.81% 3.50% -0.34% 27.73% 9.16% 2005 YTD% -2.51% -1.87% -1.67% 1.07% -1.22% This Week % NASDAQ (QQQQ) S&P 500 (SPY) DOW (DIA) Tortoise Mutual Funds Annual Passive ETF System Weekly Bench Mark - as of Dec 31, 2005

29. Roadmap Passive Active Fundamental Technical Combination Top Down Bottoms Up Action Management Assessment Markets Assessment Markets Management Assessment