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Q1 2009 Economic Update

Investment Summary-

The first quarter of 2009 started with the continuation of the scary economic declines from the fourth quarter and ended with the hope that the worst was behind us. We now believe that the combination of worldwide economic/financial stability crises and the US stimulus/economic spending budgets/deficits are finally fully discounted in today’s current financial asset values. However, reaching the bottom still means that we have a long way to go until the damage is repaired and markets go back up to historic valuation norms.

First Quarter 2009 Newsletter