Newsletter | 1st Qtr, 2007

“The most immediate and overt risk to the US economy is the [significantly overvalued] real estate market” *At that time most U.S. real estate markets were at or near their peak values

Newsletter | March 9, 2009

“The pessimism is palpable, which is generally a good sign for investing in stocks… I am once again seeing many exceptional opportunities in the market” (released by email on 3.10.09) *March 9, 2009 was the day the Dow Jones Industrial Average hit bottom at 6,547. On 3.10.09 it closed at 6,926.

Newsletter | June, 2012*

“‘Safe’, fixed income investments [bonds] appear overvalued… favor stocks and hard assets, instead.” *Our bond investments have dramatically increased in value (pushing yields down). To date we have suffered ZERO defaults.