It was inevitable that we would reach our buy back point and we reached it today.

As of the close of business, the market has reached our buy point. This means that tomorrow we will be buying back into the portfolio that is appropriate for you.

I know that this buy will be met with trepidation by many of you. So I want to address some of the concerns that you may have and also give you some statistics that may give you some confidence.

I have heard that this time things are so different that the strategy may not work. While it is true that this time is different and that the strategy may not work, that has been the case every other time in history. No one had seen the Great Depression, or World War II, or the Korean War, or Vietnam, or the Bay of Pigs, etc.etc.. It has always been different and no one had seen any of those things before either. What is not different is that the Market has gone up and down and that our strategy has been correct most of the time in all of those periods.

So the reason why the market is moving may be different, but regardless of the reason, it is going up and we need to act on our plan as decisively as we acted when we sold on November 27th 2007. Many of you may remember having concerns back then that the Market may just go back up right after we sold and that this could be a mistake.

I have also heard that all the government spending will cause inflation and the economy could collapse or the Chinese could yank all of their money away from us because of our reckless fiscal policies and, if they did, we would be in dire straits. All possible but, once again, our discipline is to follow what the Market tells us and not try to second guess it. After all, the only one that knows which way the Market is going to go is the Market itself and, if it is telling us “Up”, we must not ignore it.

We are buying 34% below where we sold. Which is exactly what we want to do.   As always, you have veto power and can stop me, if you do not want me to act. I need to hear from you before the close of the Market tomorrow or I will go ahead with the buy on your behalf.

I know that all this is nerve racking but remember that this is what you pay me for. My job is to do the worrying.

Your job is to go play golf, travel, enjoy.

Thank you for being a client and for letting me be your guide on the way up, then on the way down and now, hopefully, on the way UP!!