| Dear Friend,
The market was down a little this week, while half our portfolios gained and half lost value. The week's report includes some interesting thoughts on calendar spreads as well as a precursor of what our proposed new portfolio might involve (a portfolio which remains in cash except when leading up to an announcement date). Enjoy the full report. There is more in this report than we will have next week because it will be Labor Day weekend and most of you probably won't be reading the Saturday Report.
Terry
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