Short Notes:

I published over the last few days my latest letter to clients.  I put this in the system to be published while I was on vacation last week and part of this week.  Clients & friends of our firm received this at the end of July.  It is amazing to me how dated parts of this letter are by now.  The section on volatiliy & seasonality is, I believe, just as relevent as when I printed the letter back then.

I'm going to publish tomorrow an excerpt of an article on mutual funds that was in last weekend's New York Times.  I'll use this as a backdrop & reference when I publish a longer letter to clients and blog entry to you all after Labor Day.  I hope to post a chart update before the weekend as well.