This
is a brief report prior to the market opening. Today promises to be a day
full of challenges and opportunities as the market digests the news of
the failure of the automotive bailout and of the massive $50 billion hedge
fund fraud. I will continue to be extremely and, atypically, active as
I respond to these extraordinary events.
The current portfolio composition is as follows:
| Stock |
29.0%
|
| Oil |
5.5%
|
| Real estate |
2.0%
|
| Gold |
5.0%
|
| V/R bonds |
5.5%
|
| Cash |
53.0%
|
| TOTAL |
100.0%
|
Since
the market chaos of mid-September the portfolio has performed in the following
fashion (data taken from our supplementary reports). The figure used as
a proxy for the market is a combination of the S&P 500 index and the
Nasdaq composite. This is a reasonable proxy to represent the US market.
If we included the world markets the figures would be worse as the world
markets have been pummeled.
|
|
Our Portfolio
|
Market
|
| September 17 |
-7%
|
-22%
|
| October 6 |
-7%
|
-26%
|
| October 24 |
-9%
|
-32%
|
| November 3 |
-9%
|
-34%
|
| November 24 |
-11%
|
-43%
|
| December 1 |
-10%
|
-38%
|
| December 12 |
-9%
|
-42%
|
This will, undoubtedly, end up as the worst year in stock market history
and also a disastrous year in most other asset categories.
We will continue to wok diligently on your behalf. Please write or call
with any questions.