| The presently weak and volatile markets are testing everyone's patience. With the recent, new 2002 stock market lows many investors are "throwing in the towel". Some are frozen to inactivity. Other investors are liquidating holdings swearing to never return to common stocks. On the contrary, we see the present market difficulties as providing many opportunities to purchase already undervalued stocks at significant discounts. Patience, though, will be needed, however, we believe properly researched securities, today, will provide excellent returns over the next 12-18 months.
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