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The equity market seems to have settled into a more
speculative phase. Junior shares and unseasoned new issues have suddenly
caught retail investors' attention and these securities have significantly
appreciated.
It is our sense that under the present circumstances the
securities market is fraught with considerably more risk than 6 or 12 months
ago. As a result, we must remain ever more disciplined and focussed.
Due to the current investment exuberance, the price strength could become
overdone and lead to a substantial market correction. While any price
declines should be viewed as excellent buying opportunities, patience, will be
key. |
