These commentaries were my attempt to communicate my thoughts to clients at the time they were written. They began when the stress levels in the financial markets were extremely intense. I recognized that it would be impossible to have a one-on-one conversation with every client and I deeply felt the need to do that. Fortunately, the internet made the communications listed below possible. I believe they served my clients well during the worst market decline since the 1930’s. Analyses, using rolling ten year periods produced similar results.
| Periodic Commentary - sent 06/17/2009 | ||||||||||||||||||||||||||||||||||||||
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Hello Everyone, RE: Once-in-a-Lifetime Events In just seventeen months, the S&P 500 declined by 57% (October 9, 2007 to March 9, 2009). By June 2, 2009 the index had gained 40% from its Market Low on March 9, 2009. For the S&P 500 to return to the October 2007 Market High would require an additional 66% gain.
Attached are updates to my “What If’s” table for March 9 and 31, 2009. The “Required Future Returns (What If’s)” columns implied that a rebound was long overdue on March 9, 2009. Although some disciplined investors added to positions near these lows, no one is smart enough, or lucky enough, to buy only at once-in-a-lifetime lows. If history is our guide, we can expect values to reach, and surpass, the 2007 Bull Market High. It is simply a matter of time. How soon is the only real question. Below is a table showing the returns for a number of scenarios.
Behavioral economists tell us that expectations are heavily influenced by recent events. Therefore, current consensus expectations are likely to underestimate future returns. Scarcity creates value. On March 9, 2009, optimism and courage were in short supply. Those who saw value, and acted, in the midst of panic, have been handsomely rewarded. What would a knowledgeable investor do at this point? Great wisdom and great luck are not required to achieve strong returns. Opportunities remain. Today’s environment requires far less courage than was needed on March 9, 2009. Bumps on the road to new highs have always been looked back upon as buying opportunities. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 11/03/2008 | |
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Dear Friends & Clients RE: Birth of a Bull Market? During the last nine recessions the stock markets bottomed 3-8 months prior to the economic recovery, gaining 36% in the six months following the market bottom (see attached). On October 27th this year the Dow and the S&P500 were down 41.32% and 44.37% respectively. At the Bear Market bottom in 2002, the Dow had lost 37.85% and the S&P500 was down 49.15%. Fear and panic are normal at market bottoms. Optimism and a long-term perspective characterize successful investors. The path out is not yet clear. Difficult challenges remain: 20% of U.S. homeowner’s mortgages exceed the value of their homes and investor confidence in financial institutions remains low. However, positive signs are beginning to appear: lenders are starting to restructure home loans; oil has dropped over 50% since July; massive de-leveraging has taken place; and further government stimulus is on the way. That we will get out of this recession is certain, the only real question is when. Panic selling eventually runs its course and even panicked investors eventually refuse to accept panic prices. When the path back to growth is evident, prices will be far above the Bear Market Lows and early gains of the new Bull Market will be history. Will this time come soon, or has it already arrived? On October 8, the world’s major central banks lowered their benchmark interest rates in a coordinated manner to make clear their resolve to combat the economic malaise. World leaders are scrambling to stimulate their economies and end the worldwide panic. On October 28th the S&P500 rallied by 10.79% despite the announcement that U.S. consumer sentiment had fallen to a record low and U.S. housing prices were continuing to drop sharply. Recently, legendary investors have committed billions to equities. Purveyors of panic point out that Warren Buffett bought before the market bottomed during the 1973-74 Bear Market, implying that it would be foolish to buy at today’s prices. If the richest man in the world got to where he did without buying at the very bottom, long-term investors who buy at even lower prices stand to profit greatly. The current environment is what all historic buying opportunities feel like! October 2008 was truly historic! The S&P500 experienced its worst month in 21 years (losing 16.83%) and the best week in 34 years (gaining 10.49% in the last five days). October 27th was the low point for the month, down 27.12% from the September 30th close. The gain in the last four days, October 28-31, was 14.12%! Will the October 27th low prove to be the beginning of a new bull market? Many months will pass before this will be known. New leaders will be elected tomorrow. Actions taken by new leaders could contribute to the rebuilding of confidence, a restoration of rationality, and materially change the mood of the market. In the long-term, any economy’s future is determined by innovation, productivity, and the desire of people to work hard to have a better life. These basics are not changed by market prices! When markets decline significantly, opportunities are created—tax loss harvesting and other strategies. Profits from these actions can materially improve after-tax returns. If you’d like to discuss the specifics of your situation, give me a call. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent -09/22/2008 | |
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Dear Clients & Friends, RE: Unprecedented Events & Today’s Difficult Environment Last week (September 15-19, 2008) was a wild ride. The Dow Jones Industrial Average:
In response to U.S. actions, European markets rallied by 5.3% to 9.3% on Friday. The United States is going through nerve-racking changes. The price of oil, housing price declines, losses in mortgage-related securities and troubled financial institutions have stressed the markets and have everyone on edge. Today’s challenges are truly historic and could require further dramatic governmental intervention. Stock prices have been going down because of lower home values and the anticipated failure of more financial institutions. Fortunately, the government is committed to stabilizing the situation and getting the economy back on track. History shows that since 1926 there were ten five-year periods when stocks lost value. Eight of these periods ended more than five years ago. These eight periods were followed by an average gain of 14.74% in the following five years. The loss periods averaged a decline of 5.25% per year. That would result in $1000.00 falling to $763.65. An average gain of 14.74% for the next five years would grow the $763.65 to $1518.69. This comes to an 8.72% return for the ten-year period. Few people are unfortunate enough to invest at the exact beginning of a five-year decline but based on history, even they would have earned a reasonable return, provided they stayed the course. When a decline becomes a Bear Market—a decline of 20% from the prior high—it is generally too late to act. The 2007-08 Bear Market became official in late June/early July for the Dow Jones Industrial Average, the S&P500, the NASDAQ and the Russell 2000. Between 1950 and 2000, the U.S. experienced eight recessions. During these recessions, the S&P500 began rising 3-8 months prior to the economy turning upward and posting gains, averaging 18.1% by the time the economy bottomed out. Certainly, further significant declines are possible, but the probability of people who are presently in cash capturing the early gains is remote. Early gains are normally a very large portion of the total Bull Market return. To cash out at these levels and get back in at the bottom is unlikely. What stops a falling market? Markets bottom out when security owners refuse to sell at the prices prospective buyers offer (market prices). Value is tied to earnings. Price/Earnings Ratios (P/E’s) are the most common way to track this relationship. The P/E of the S&P500 today is about 13x forecast earnings. The average P/E for 1926-2007 was 15.7x. In 1999, the P/E of the S&P500 topped out at 35.5x. [Earnings yields (Earnings/Price) are another way to quantify value. It is simply the inverse of the P/E ratio. Earnings yields are expressed as a percentage. This facilitates comparison to the yield of competing investments. A market with a P/E of 13x has an earnings yield of 7.7%.] Low interest rates strengthen stock prices and can be an important stabilizing force. Interest rates are unlikely to increase significantly in the near future. If the situation moves from Crisis to Panic, it is wise to remember that the irrationally low Panic prices are usually the best buying opportunities for those with confidence in the future and a long-term perspective. The time for meaningful “CHANGE” is overdue. The current problems seem certain to precipitate change. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 03/03/2008 | |
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Hello Fellow Investors, RE: 2007 Mutual Fund Distributions 2007 was a volatile year! As sectors rotated out of favor, fund managers repositioned holdings to protect clients and improve returns. Market turbulence creates opportunities and enterprising fund managers take advantage of those opportunities. Fund manager actions in response to market turbulence contributed to significantly higher taxable distributions in 2007. Following the painful 2000 Bear Market, most mutual funds accumulated tax loss carryovers that allowed them to reduce their capital gain distributions for a number of years. In some cases funds more than doubled in value without significant taxable distributions. Included below are characteristics of mutual funds that are entirely normal but often forgotten:
Other factors that influenced the 2007 gains were:
Higher capital gains distributions in 2007 will result in higher taxes for investors. Qualifying dividends and long-term gains enjoy a very significant tax advantage—15% tax instead of regular income tax rates. The variability of reported gains results in both pleasant and unpleasant surprises in tax liability from year-to-year. In times of higher than expected taxes, it is helpful to remember the small taxes paid on the strong gains since 2002 and the tax advantages that the current law provides. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 02/12/2008 | |
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Hello Everyone, RE: Yo-yos and Markets Watching the short-term movements of the stock market is like watching someone playing with a yo-yo on a rising escalator—the slow change of the escalator is hard to distinguish. The recent sell-off in equities has coincided with high levels of pessimism. In 2007 two rapid sell-offs were followed by new highs. Successful investors focus on fundamentals, ignoring the yo-yos. The excesses that led to the painful 2000-2002 Bear Market have not recurred. Ben Bernanke is a leading scholar of the role that government can play in controlling business activity. The current slowdown could continue and become a recession. Stimulative fiscal legislation was signed last week. Accommodative monetary policy is in place. This combination always accelerates economic activity. High levels of insider buying and corporate buy-backs are signs that management recognizes the strong values that today’s prices represent. Stock market bottoms often coincide with these conditions. Between 1950 and 2000, there were eight recessions in the United States; the S&P 500 began rising 3-8 months before the economy turned up and gains averaged 18.1% by the time the economy bottomed out. Will today’s investors be rewarded? History suggests they will! Attached is an updated "What If's" chart for December 31, 2007. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 10/01/07 | |
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Hello Everyone, RE: Crazy Markets -- What to Do? Three quarters of the year is behind us. Attached is my “What If’s” Chart for September 30, 2007. So far the ride has been bumpy and returns have been reasonable, to above average. Volatility has awakened and it can be expected to continue to prowl markets worldwide, frightening the weak and providing opportunities for those who have confidence in the future. Many are wondering what they should do. The wall of worry which the stock market is said to climb is clearly in tact. Many think we have gained as much as we will this year. “The actual returns of the S&P 500 over the last 50 years (i.e., 50 separate 1-year returns produced from 1957-2006) has fallen outside of a range defined as ‘plus or minus 10%’ from the index’s average annual return 62% of the time” (source: “By the Numbers” referencing BTN Research). Values in the equity markets remain strong in spite of year-to-date gains. Historically, the end of the year has generated above average gains. The returns for this decade are significantly below the long term averages (see the “What If’s” Chart). Low interest rates and lower taxes on investment earnings are strong positives for the U.S. market. Bernanke has shown the flexibility to act decisively. Markets have reacted. Strong earnings growth since 2001 has not yet been fully reflected in equity prices. The memory of the 2000 Bear Market will take years to fade from the memory of investors. This will keep prices from overshooting values for years. On August 16th intraday declines from the July highs were 11.79% on the Dow and 11.75% for the S&P 500. This reminds me of the intense volatility of August 1982 that marked the beginning of great the Bull Market of the 1980’s. I expect technicians to adjust their rules a bit in order to view August 16th as the long awaited 10% correction which will allow new highs to be achieved without their warning about the need for a 10% correction. In short: summer is over; the Fed has acted; the re-pricing of risk in the credit markets is a manageable problem; we are approaching the strongest months for equities. Higher short-term volatility of returns is the price of the higher returns for equities. History has repeatedly confirmed that optimism is the winning strategy. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 02/28/07 | |
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Hello Everyone, RE: Scary Days & Returns on Stocks Yesterday, February 27, 2007, world stock markets fell significantly following a major sell-off in the Chinese market. In harmony, the US markets experienced the largest one-day decline since September, 2001. Remaining calm at such times is difficult. Looking at the bigger picture can help. Investors demand higher returns to compensate for the intrinsic volatility of stocks. That stocks provide higher returns has been shown to be true for as long as records have been kept in every country for which records exist. Stocks are expected to outperform alternative investments. Shortly, the fear that China could experience significant problems is likely to pass. Less rapid growth in China would lower stress on the world’s resources, diminish pollution problems and slow the pace of problematic climate changes. China’s slowing could easily result in lower interest rates and more orderly and sustainable economic activity worldwide. Sustainable growth and lower interest rates make for strong stock market performance over long periods. Headlines focus on problems. Investors exploit the opportunities that headlines ignore or conceal. Panic selling can drive stocks to bargain levels. Most economists view US markets as reasonably priced. At last, investors may be given a long-awaited buying opportunity. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 10/17/06 | |
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Hello Everyone, RE: Four Years Later – History Lessons Confirmed Attached is an update to my “What If’s” chart and my “S&P 500 Index: Annual Returns for 1-74 Years as of September 30, 2002.” On October 1, 2002, I sent the “What If’s” chart on the performance of the U.S. equity markets. Back then, I strongly felt that the equity markets were poised for a rebound (see: Periodic Commentary >> October 01, 2002). This has taken place. The initial rebound was dramatic; later gains have been far less dramatic. During the last four plus years, profits have been in double digits for 17 consecutive quarters. The quarter ending September 30, 2006 is expected to be the 18th. Geo-political stress and the rapidly rising commodity prices have kept everyone uncomfortable. The memory of the once-in-a-lifetime decline in equity prices and the terrorist attacks on U.S. soil are deeply imbedded in the psyche of investors. The rise of equity markets has been materially below the improved profitability of U.S. companies. One can not expect this to change rapidly, but history suggests that it will change. What does this mean for investors? Market valuations are below fair value as calculated by many professionals. Historically, equity prices highly correlate with corporate earnings. If the historical norms are to remain a valid guide in the future, equity returns will move with expected earnings. Over the next few years, it seems reasonable to expect equity investments to benefit from a reduction in the level of event-related stress and in a higher level of confidence for the future. This is clearly implied by the “What If’s” charts. Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 07/19/06 | |
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RE: Thoughts on Real Estate Here are some articles which, I think, you’ll find Real Estate The reason that I’m sending the earlier articles is As I’ve frequently said, “If you keep saying As compared to the financial markets, changes in Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 06/21/05 | |
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Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 12/15/04 | |
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Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 08/27/04 | |
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Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 06/23/04 | |
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Hello Everyone,
RE: Months of Drifting: Are we lost at sea? Is the wind shifting? For months, U.S. Equity Markets have drifted aimlessly. Some feel this is The current situation may be an optimal reaction to a change in the wind of The pleasant, warm, breeze of record low interest rates has calmed the Since inception of the S&P 500 Index in the 1920's, there have been seven The recovery from the Bear Market Lows of October 2002 was very strong for Economic equilibrium is more of an intellectual concept than a normal Months of unrelentingly discouraging news from Iraq, expectations of a Are these uncertainties providing investors an opportunity? Time will Attached are updates to my Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 01/23/04 | |||||||||||||||||||||||||||
| Hello Everyone,
RE: 2003 -- How Did We Do & What Can We Expect for Strong performance for the U.S. Markets in 2003 pleased most U.S.
Will the economy continue to strengthen? Like physical objects once in
Geopolitical issues and the elections are likely to result in above Attached is an updated To open these attachments requires a free downloadable program from For your reference, the hot link to my web site is: Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 11/05/03 | ||||||||||||||||
| Hello Everyone,
RE: Bull Market -- 13 Months & Counting On October 31, 2002, I quoted Charles Schultze's optimistic outlook for the U.S. economy. Much has happened since then; gains in excess of 30% have been posted by the broad-based market averages. Normally, Bull Markets lead the recovery by 3-8 months. In 2002, the market bottomed eleven months after 2001's March-November Recession. The psychological scars of the 2001 Recession and the 2000-2002 Bear Market remain foremost in the mind of the typical investor. The Geopolitical stress, which delayed the start of the bull market, promises to keep investors uncomfortable through the 2004 Presidential Election year. No one knows what will take place in the short run. Many express opinions. Markets and Trains have a lot in common:
Many problems which could derail the recovery are routinely reported by the media. Respected market watchers advise that the market has advanced too quickly, that a "correction" is overdue. Some heed this advice and delay participation, others sell in fear. "Irrational exuberance" is no longer a risk. "Irrational pessimism" could be a problem. Pessimism creates opportunities. The long-term is ignored; positive economic changes, such as higher productivity, are viewed negatively due to their short-term effect. Obviously, the best and safest time to invest is at the market bottom. Failing that, the second best time is as quickly as possible after it becomes clear that the market has bottomed. First year gains experienced since 2002's bottom are in line with those experienced in other recent periods. Below is the history of recent Recovery Gains.
What is the life expectancy of this Bull Market? No one knows for or sure. Since 1950, there have been nine periods of expansion in the U.S. economy. The average expansion period lasted over 59 months. Since 1982, expansions have averaged 106 months. During periods of economic growth, the stock market generally rises until future economic problems are foreseen. For your reference, the hot link to my web site is: http://www.moneyjungle.com/ . Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 09/03/03 | |
| Hello Everyone,
RE: Mid-Year Thoughts -- Question & Answer Many have asked if the annual loss of 10.1% for the five years 1977-1981 was a "typo." The answer is no! Adjusted for inflation, Long Term Government Bonds experienced losses averaging 10.1% a year for those five years. These losses made possible the 20+ years of rising bond prices since 1981. By the end of July 2003, the ten-year Treasury Note lost 10.86% from it's June 13th high, as yields rose to 4.47% from low of 3.10%. These losses came as a surprise to many who had grown comfortable with bonds. One might postulate that whatever looks and feels the safest has the most risk, and vice versa. Further evidence of this could be the unchallenged confidence investors had in equities at the peak of the stock market in late 1999 and early 2000. At the top, voices of caution have been silenced or are ignored. At the bottom, pessimists and doomsayers are believed. Prudence suggested a longer term perspective. Best, On 15 July 2003 "James O. Davis 415/752-6222 The Financial Advisory Group" wrote:
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| Periodic Commentary - sent 07/15/03 | |
| Hello Everyone,
RE: Mid-Year Thoughts A year ago I created my "What If" table to attempt to provide some perspective at a very difficult time. In 2002 markets declined to levels which made the Bear Market of 2000 second only to the ten years following the Crash of 1929. The Federal Reserve has driven interest rates to 45-year lows. Since the October 2002 bottom, recovering markets have done little to comfort the man on the street. In fact, the public has turned to the bond market which has provided strong returns as a consequence of the declining rates. For bonds to yield returns higher than inflation from this point forward will be increasingly difficult. Following the 1973-74 Recession, for the five years from 1976 to 1982, Long Term Government Bonds experienced losses averaging 10.1% a year when adjusted for inflation. Memories fade. Those who have sought refuge in bonds may be in danger of repeating this experience. For the last fifty years, the average first-year Bull Market gain was 31.54%. As of June 30, 2003 the gains from the 2002 lows for the widely followed averages are as follows: Dow Jones Industrials 23.32% Attached is an updated "What If's" Chart based upon June 30, 2003 levels plus my "Bear Market History" and "After the Bear" Charts. To open these attachments requires a free downloadable program from Adobe. Their hot link is: For your reference, the hot link to my web site is: http://www.moneyjungle.com/ Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 05/19/03 | |
| Hello Everyone,
RE: If we're getting better, why does it feel so bad? We are now six months beyond the October 2002 Bear Market low. If we're The difference between the joy of gains and pain of losses explains why Taking advantage of bargain prices is not easy. Investment success Historically, gains in the first year of recovery have been significant. On March 24, 2003, Dr. David Kelly tied together many of the key issues
To open the attachment "After the Bear" For your reference, the hot link to my web site is: Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 01/09/03 | |
| Hello Everyone,
RE: It's as bad as it gets; it doesn't get any better than this! A very successful investor told me that, some years ago, he purchased near the bottom of the market on the theory that: "If it's as bad as it gets; it doesn't get any better than this!" It is easy, in retrospect, to see that this counter-intuitive reaction to pricing is very prudent. The tough thing is to avoid panic and act prudently during difficult times. We've all heard of "The Panic of ......." We all understand that this was a time when many people lost great sums. Historians call them panics because, in retrospect, people acted imprudently. Every "Panic" has been followed by a period of calming and a recovery with markets going to new highs. We may have seen the worst of the Bear Market which began in 2000. Or, we may not have seen the bottom yet. But, even the most pessimistic forecasters are acknowledging that we are nearing the end of the Bear Market. Are we just bouncing along the bottom? It may not yet be "as bad as it gets." Determining the absolute bottom is only possible in retrospect. Since we can't invest in retrospect, possibly "it doesn't get any better than this." Attached are updated charts which I've been sending during this difficult period. To open these attachments requires a free downloadable program from Adobe. Their hot link is: http://www.adobe.com/products/acrobat/ . For your reference, the hot link to my web site is: http://www.moneyjungle.com/ . Regards, Jim James O. Davis, Founder The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |
| Periodic Commentary - sent 10/31/02 | |
| Hello Everyone,
RE: October is History: Now What? On October 9, 2002, the major indexes touched or slipped below the July Standard & Poor's has announced: "We think the October 9 low of 776.76 "During the boom of the 1990s, business investment Attached are updated charts showing the returns on the To open these attachments requires a free downloadable program from For your reference, the hot link to my web site is: Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 10/1/02 | |
| Hello Everyone,
RE: Bear Killer Months By now, it's old news that the equity markets in third quarter of 2002 At some point, hopefully soon, the geo-political / economic outlook will The S & P 500 Index has not broken below it's July 23, 2002 close of To open these attachments requires a free downloadable program from For your reference,: the hot link to my web site is: Regards, James O. Davis, Founder The preceding |
| Periodic Commentary - sent 08/09/02 | |
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Hello Everyone, RE: Bear Market History & What If's for the Decade 2000-2010 Attached are two pages of information which I've created in an attempt to put current market conditions into perspective. I hope you'll find them interesting and helpful. They say, "If it doesn't kill you, it will make you stronger." Let's hope this experience makes us all stronger. No one enjoys difficult markets. Fortunately, when the right circumstances are present, there are a number of very effective strategies that take advantage of lower prices. Regards, Jim James O. Davis, Founder PS: My web site is now "live." Here's a hot link to it: http://www.moneyjungle.com/ The preceding market commentary contains opinions of the author. Statistics cited were obtained from sources believed to be reliable. Past performance is no guarantee of future results. Investments in stocks involve risks including possible loss of principal. |