Update - February 18th - 10:00 A.M.
The portfolio data is as follows:
| 2008 | ||
|---|---|---|
| 2009 year to date |
* a combination of the Nasdaq and S&P 500
As was true last year, it is also true this year that there are very few places to hide unless you want the risk of an extremely undiversified portfolio. Every type of asset, with the exception of gold, is under pressure or faces grave danger. This is NOT the time to be brave or, equally, to be entirely in cash.
The most important points to continually reiterate are that these are, indeed, precarious times and that volatility and uncertainty will continue to plague the markets and the world economy.
The only wise thing to do in these circumstances is to do exactly what we are doing- buying superb, financially secure and dominant corporations, defensive positions in precious metals and maintaining a large position in short-term Treasury bills. Above all our key attribute is our flexibility which allows us to react swiftly if any, of the many, crises get out of hand.
The World financial system remains in total disarray and the current center of the crisis has moved to Europe and, particularly, the debacle in the Eastern European economies and the severe problems in Ireland.
We will continue to work diligently on your behalf and, above all, we will remain calm. Please write or call with any questions.