Pinyon Pine Capital (PPC) is a registered investment advisory firm that began managing client accounts in March of 2011. The primary focus and goal of the firm is to deliver for its clients, over the long term, superior returns versus the S&P 500 and Russell 2000 using a concentrated, long only strategy, which seeks to be highly tax efficient. PPC has a unique and compelling 100% performance-based fee structure that includes no fees associated with the first 6% of annual return. It is a fundamental, research organization whose approach to stock selection involves looking for companies that have high free cash flow yields and also possess real ability to grow their cash flow consistently over time and to reinvest that cash flow and get appropriate returns on invested capital. At PPC, clients’ money will not be aggregated and will be run as separate accounts allowing investors to maintain control of their funds and have visibility into their portfolio. Jason Williams is the founder and managing member of PPC. For a more complete introduction to PPC as well as details about Jason’s investment management career, please see the following documents: