Aquamarine Capital Management Diary
Aquamarine Fund
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Updates from Aquamarine - January 2005

4th Quarter 2004 Reports now available for Aquamarine Fund Inc. and Aquamarine Value Fund L.P.
Aquamarine Fund (the offshore Fund for non-US investors) was up 11.5% for the calendar year 2004. Aquamarine's year end reports are available for non-US investors at http://www.aquamarinefund.com/members/quarterly.html.

Aquamarine Value Fund L.P, (the onshore Fund for US investors) was up 15.8% for the calendar year 2004. The most recent quarterly report for Aquamarine Value Fund L.P. is available at
http://www.aquamarinefund.com/members/avalue.html.

Email amanda@aquamarinefund.com if you would like access.

Ori Eyal does an internship at Aquamarine
Ori is a student at Chicago's Graduate School of Business and has proven to be an astute buyer of Israeli and other deeply discounted equities.

His website is here: http://www.tafus.co.il/orion/home.asp

Guy taught an introductory class on accounting to major New York law firm through the Dickie Group

For more about the Dickie group see here: http://www.thedickiegroup.com/aboutus.jsp