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VALUE CHECK - OCTOBER 31, 2005
The month of October has historically been quite hazardous for investment performance. This year has been no different with the TSX having declined more than 6 1/4% since the start of the month. As contrarian investors, as painful as this October has been, we have been selectively adding to our equity holdings. With the arrival of November leading into a seasonably benign period for common stocks we intend to continue our discriminating buying program with the expectation of significantly higher stock prices by late December early January.

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