Company History

           Walrus Partners was formed in 1997 as a partnership between Walter Ramsley and Russell Last, who remain the principals of the firm today. Mr. Last had been a long-time subscriber to The FRC Special Situations Letter, which Mr. Ramsley wrote on a monthly basis from 1986 to 1998. The performance of the Letter's recommendations consistently topped the market averages, often by sizable amounts, under a broad range of conditions. Mr. Last theorized that a portion of the Letter's subscribers might prefer to invest in a professionally managed fund that concentrated on such high performing "Special Situation" stocks, rather than rely on their own trading. He approached Mr. Ramsley about joining forces and they agreed to the basics while attending a Red Sox-Twins game early that summer.