Probabilities and Consequences

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History Rhymes – A Status Report

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2004 – The Year Ahead

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Dividends Matter

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Time to Sell Bonds

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What a Difference Three Years Make

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2003 — The Year Ahead

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After the Bubble

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A Question of Confidence

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Interim Client Update

Dear Clients and Friends: Our belief that a widespread investor capitulation would not be necessary for the stock market to bottom was incorrect. The underlying fundamentals were improving and many stocks and investors had not participated in the great technology bubble, but hindsight is 20/20. Up until June, we managed to avoid most of the […]

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