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Although we remain optimistic that the current bullish
stock market tone will continue to at least the end of 2004, we remain extremely
cautious.
We expect the considerable price volatility and rising
investor expectations to persist. The risk, however, is that the growing
crescendo of investor greed and bravado, which is being heavily influenced by
the steady rise in stock prices and successful initial public offerings could be
lulling investors toward a false sense of security.
Now is the time, we believe, for investors to remain
extremely disciplined, selective and alert to sudden buy and sell opportunities
which may occur due to the present investment environment. |
