| With spring quickly approaching, we sense many investment opportunities will present themselves over the next several months. Just as "April showers bring May flowers" we believe that the present seasonality and short-term share price volatility will ultimately lead to excellent longer-term performance for those who are patient. Investors who have the discipline, stamina and conviction during this present period will be tested, however, we foresee considerable future success in the context of a 12-18 month holding period.
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