Happy New Year
We have made no changes in the portfolio since the last listing in mid-December. Our comments of December 23rd still are a good reflection of the bigger picture. Bad data will still keep coming but the market is looking forward. As always it will go to far and that will be the time to go to cash and gold.
A lot of the markets comments that we seen the past few weeks, comments directed to 2009 planning, seem to want to point out the things that didn’t work in 2008 and how to avoid them. That seems like a bass-akwards decision process. Keep in mind that most mutual fund managers can only make money in a bull market and we are in a long-term bear market. That should tell you that you need a totally different approach.
2009 will be an exciting outside-the box year.
8:49 AM CST
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