| The present military activity in Iraq has created significant domestic and international political, economic and financial turmoil. As a result, this uncertainty has spawned inordinate price volatility. As contrarians, we believe that this very fluid financial environment is creating excellent buying and selling opportunities caused by many securities under and overshooting their intrinsic valuations. We believe investors should not become mesmerized by this present macro confusion, but instead, focus on the merits of individual common stocks. Overall, we foresee many developing opportunities for those investors who abide by their financial disciplines.
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