Claughton Capital, LLC was established in 2003 by Mr. Keith M. Ganzer and Mr. Eric Schreiber to take advantage of the opportunities provided by the ARP (auto-reactive positioning) Strategy created by Mr. Ganzer in 1992. Mr. Ganzer traded this strategy with client assets at his wholly-owned firm, Brookville Investments, from 1993 through 2000. Two-thirds (66.67%) of Brookville's trading was done using the ARP Strategy. In 2003, Mr. Ganzer and Mr. Schreiber analyzed Brookville's seven year live record and made two important observations. First, the ARP Strategy generated the bulk of Brookville's trading profits. Second, the ARP Strategy worked best when trading the most active (a.k.a. liquid) markets. Therefore, Claughton Capital, LLC invests its client assets using the same ARP Strategy that was used by Brookville with great success, but does so only in liquid markets. Market selection is performed using a liquidity filter to screen out less liquid markets.