| The continued price volatility of North American common
shares is testing our mettle. There is little impetus to do anything in
the market place. Some investors have decided to simply roll over cash
reserves in low yielding treasury bills while refraining from serious
fundamental equity analysis lest one invest in a plummeting security. We
believe now is the time to undertake a concerted research program and to take
the risk of investing in fundamentally undervalued equities. While this
action might appear to be foolhardy in the present context of murky economic,
currency and corporate earnings fundamentals, we believe that the risk-rewards
are well worth the efforts in a 12 - 18 month time horizon. |
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