Letters, Page 7

This was the kind of quarter we dread….What is going on? Lots of bad news from Europe, the still ugly housing market …

Although a normal recovery from this recession is very difficult to discern, it does seem that we have at least stopped sinking. …

Not since the 1930’s have stocks had a losing decade. Many investors have suffered setbacks to their retirement plans and have seen …

The best three months for stocks in over ten years. And, this was accomplished in the face of rising unemployment, weak retail …

I said in my last letter, “we couldn’t be happier.” I was wrong. This was the best quarter in a long time. …

The March rally has offset our difficult January and February. The indexes are still badly in the hole, but, that’s not you. …

Our economy and most of the world is in the midst of a severe recession. Values of homes and stock portfolios have …

Mr. Baruch profited mightily from the Great Depression. He bought stocks that were cheap and out of favor. To follow his example, …

Apocalypse Now? Probably not. But we will be paying for past excesses in our economy for several years. Tom and I do …

So far, that puts us well among the winners. With the stock market indices averaging a nasty drop of 13% since January …