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VALUE CHECK - NOVEMBER 30, 2009

With five weeks to go to the end of 2009, stock market activity should become increasingly thin and volatile. Moreover, with the Dubai World debt problems overhanging global equity markets, share prices are vulnerable to downward pressure. After seven months of unbroken capital appreciation, this price downdraft should be looked upon as an excellent buying opportunity. We believe that selective stock purchases during the balance of 2009 will be well-rewarded over the next 12-18 months.


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