| With the end of spring and the onset of summer quickly approaching, some investors hold to the view of "sell in May and go away". While this spring cleaning may have worked in the past, we believe that investors who have taken profits earlier in 2004 and have built up significant cash reserves should be opportunistic. It is our view that investors must have the courage of their convictions and be on the alert to aggressively buy undervalued common stocks in this extremely choppy market. Although we expect the inordinate share price volatility to continue for the balance of 2004, we believe, that attractive profitable opportunities will present themselves over the summer and early fall period.
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