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Fourth Quarter Letter 2008
There is no doubt that 2008 will go down in history as the worst financial meltdown since the 1930’s. The irresponsible lending and massive leveraging by intertwined global financial institutions
Third Quater Letter 2008
What a difference a few months make. In July, the SEC implemented temporary rules against short-selling shares of leading financial companies for fear that declining stock prices would
Second Quater Letter 2008
After a brief rebound in April, world stock markets continued to decline on the back of recession fears and the continuing massive write-downs at global banks, brokers and insurance companies.
First Quarter Letter 2008
The first quarter of 2008 proved to be another very challenging one for investors worldwide. Regardless of which benchmark is used to measure relative performance, the results were