| With the remarkable price volatility since early spring,
we have encountered periodic excellent investment opportunities. For the
investor who is patient, disciplined and extremely focused, now is an excellent
time to hunt for cheap stocks in the marketplace. We sense that many
anxious investors, in their haste to increase their liquidity, to window dress
their portfolios and to cover rising mutual fund redemptions are "throwing
the baby out with the bathwater". Although the present period is
extremely challenging and stressful to investment managers, analysts and the
general public, we believe selective purchases, today, will be quite rewarding
in the context of a 12-18 month investment horizon. |
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