| Dear Friend,
This is the 29th day of February. It comes around only once every 4 years. This is also the week when the market fell by more than it had in 12 years. An even rarely event.
Our leveraged option positions understandably got clobbered. The only bright spot is that option prices have moved so much higher that we might be able to recover much of our loss in the next week or so.
Enjoy the full report. if you can.
Terry
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