Over the past month, worldwide equity markets have shown remarkable resilience and price improvement. This recovery is occurring with relatively less volatility, greater stability and more sensible security valuations. Selective opportunities appear to be presenting themselves especially with common stock yields significantly higher and more attractive than virtually zero-yielding treasury bills. Overall, it appears that the North American economies are gradually improving and repairing themselves. This advance should lead to higher common stock valuations over the next 12-18 months.
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