| The present state of the Canadian stock market can be
summed up in one word and that is Nortel. With this Canadian investment
icon having collapsed from a year 2000 high of $124 1/2 to today's $30, the TSE
300 has fallen over 3000 points to just over 8000. With this precipitous
decline in Nortel and the TSE 300 index, we believe investors are shell-shocked
and distressed. Overall, we sense that investors may be "throwing out
the baby with the bath water" as they scurry to raise portfolio cash levels
by liquidating holdings. In consequence, we believe that this current
stressful period is providing an excellent opportunity to cherry-pick for
selective, fundamentally undervalued securities. |
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