Our February Dashboard Diagnostics discussion featured the
Wolves of Mid-Michigan.

The Wolves are a mixed club, formed in 1993 with an
exemplary track record. The club finished third among the
group entries for Groundhog III and has a +8.8% lifetime
relative rate of return in the Groundhog contests and is
among the Groundhog IV current leaders. More importantly,
when stacked up against the performance and expectations of
several hundred managed portfolios, the Wolves rank in the
top percentile with a 5-year relative return of +6.6%.
(Source: bivio club accounting benchmarking report)

Woof.

The club was launched by a group of teachers in the Genesee
school district in Michigan ... and in fact, when
registering the partnership -- they discovered that "Genesee
Investors" was already taken and settled for a moniker based
on the school mascot ... and the Wolves were born.

Five of the charter partners are still active and their
ranks include teachers, librarians, health care
professionals, financial professionals and more than a few
references to "business owner" among their constituents.

The club follows MANIFEST principles and frankly doesn't
seem to get too obsessive over details. They seek
high-quality companies at good forecasted returns. In their
words, "we use MANIFEST, invest regularly, and stay happy."

The club has (18) stocks and champions a continuous search
for high-potential smaller companies. As a case in point,
the portfolio has recently included Neogen (NEOG) and
Somanetics (SMTS) and probably will again ... if and WHEN it
makes sense to do so.

In the embedded case study, a potential sell decision was
explored on Infosys Tech (INFY) as the "challenge stock"
within the portfolio -- but the top shelf quality and the
fact that INFY's PAR isn't that much lower than the median
projected return for our 2400-stock universe (MIPAR = 9.6%)
precluded a sale at this time.

Instead, we explored accumulating more FTI Consulting (FCN)
... one of those relatively small companies ... and modest
improvements were made to the overall portfolio.

FTI Consulting is among the top 1% of all companies and
featured in the current
(http://www.manifestinvesting.com/dashboard/12218) bivio
dozen.

The presentation is attached for your review at your
convenience.

Woof. To the Wolves, feel free to "howl at will," you've
earned it.

Best wishes and Better Investing,

Mark Robertson