| Dear Friend,
The market had a great week, but not all of our portfolios prospered as well because we had listened to Goldman Sach's admonition to get out of the market for awhile and inserted a bearish slant to many of our portfolios. Rising Tide gained 41%, however, as COST finally came alive after announcing earnings that pleased the market. We could have done even better had we employed two slightly different tactics, giving us a learning experience this week. Enjoy the full report.
Terry
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