March 2008 Interim Report

Credit Crisis, Record Commodity Prices, Recession, Stagflation, Plunging Dollar

Alarming headlines, designed to scare and sell newspapers. Headlines that make it hard to remain focused on our investment objectives – long-term wealth production and protection. These headlines play on the near term uncertainty, causing fears and anxieties to drive us to “do something” to protect ourselves. The market decline induces an emotion to sell, resulting in divestment as the market bottoms. The stunningly rapid fall of Bear Stearns, a prominent Wall Street firm, only magnifies the desire to seek safety.

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