| With a rather robust equity market, increasing merger and aquisition speculation and fewer financial fears, it is not unexpected that some investors might be prone to lower the investment bar to move down the quality spectrum. While the purchase of more speculative securities might be profitable, initially, we believe investors must become quite sensitive to temporary feeding frenzies. In consequence, at some point in the investment cycle one must walk away from the crescendo of greedy speculation and return to the strict disciplines of hardcore fundamental equity analysis.
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