North Fork Investors' blog (http://www.northforkinvestors.com/) tracks the value-oriented investments, both long and short, of two friends and investment partners. We will manage a model $100K portfolio beginning in February 2009. Detailed analysis is provided for each pick. We seek to invest in "good" companies trading at cheap (or at least reasonable) prices for a long period of time. "Good" to us means the ability to earn a high return on invested capital while maintaining a protected market position. Our long investments should have a sustainable, easy to understand business model, and should be conservatively capitalized (with limited exceptions if we believe reward greatly outweighs risk). Growth is desired, but not necessary. In this sense we are "value" investors in the tradition of Graham, Dodd, Buffett, Munger, Klarman, and others. We will maintain a concentrated portfolio of longs which we believe have the capacity to substantially outperform the general market over a multi-year time horizon.On the short side an inflated price is necessary but not sufficient. We prefer shorts that involve troubled business models, excess leverage, with potential near-term catalysts.