| Dear Friend,
It was a down week for the market, and many of our underlyings had even worse times. The net result was that many portfolios gave up the nice gains that they had enjoyed last week. Our latest earnings play, AMAT, turned out to be dreadful when the stock tumbled 9.7% after an announcement that exceeded estimates (but guidance disappointed). Hopefully, things will turn around next week.
Enjoy the full report, and the advent of spring, at last.
Terry
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