| Dear Friend,
Another good week for our portfolios. The composite portfolio value gained 0.9% in spite of a big drop in Rising Tide because of a big drop in COST yesterday. MSFT had a huge gain after earnings and we managed to make a 9% gain in spite of its moving up more than we would have liked.
The big news this week involves the start of a possible new portfolio which is set up around earnings announcements. Enjoy the full report.
Terry
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