| Dear Friend,
This week's report is actually the First Saturday Report which summarizes the monthly results for our stock-based portfolios. The good news is that the portfolios gained an average of 10.0% for November, not quite as good as the 14.2% we recorded in October. Surely, not too many investors would complain about a 24.2% gain for the past two months while the market as a whole edged up just a bit. Enjoy the full report.
Terry
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