Having reached the end of the first quarter of 2006, now is an excellent time to reflect on the first 90 days of this year.
We believe that this portfolio review process should include: the examination of each security and its particular relevance to our current economic and investment outlook, the liquidation of stale and less promising holdings and the potential acquisition of fresh new opportunities. In summation, we believe that this portfolio spring cleaning is a vital investment management task and responsibility.
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