SMP has been an investment adviser since 2002. Lawrence J. Goldstein is the sole member of the
Company.
SMP serves as the general partner of Santa Monica Partners, L.P. (the “Fund”), a private
investment limited partnership, and has responsibility for all investment advisory decisions for the
Fund.
SMP makes all investment decisions for the Fund and executes discretionary trades for the Fund’s
account. The primary objective of the Fund is capital appreciation. The Fund seeks to invest in
corporations whose securities are believed by the Company to represent unusual opportunity for
appreciation and which the Company believes has been overlooked and/or ignored by otherwise
intelligent investors. In ascertaining and selecting securities for investment by the Fund, SMP
applies accepted methods and standards of fundamental research. There are no restrictions
regarding
the type or number of securities or any other investments which the Fund can make.
Before making any investment, SMP strives to perform an exhaustive fundamental analysis and
appraise the value of each company component, evaluating a company’s industry, financial
position, competition, suppliers, customers, management, and opportunities. SMP regularly speaks
with management and directors and speaks frequently with customers, suppliers, distributors,
competitors, and employees. SMP seeks to understand the wants, needs, aims, goals, desires, and
ethical standards of the company’s leader, in whose image the company is usually created. This
understanding enables SMP to be comfortable holding investments during turbulent times and
setbacks without questioning its beliefs.
As of December 31, 2023, SMP managed $159,448,088 on a discretionary basis on behalf of the
Fund.