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The 2007 Oxford Portfolio Update Archives
The Oxford Portfolio Update
The Oxford Portfolio Update is published twice weekly and is broadcast via email to Oxford Club members. Below are The Oxford Portfolio Update archives going back to January 1, 2007. Click here to access the Oxford Portfolio Update 2008 Archives or the Oxford Portfolio Update 2009 Archives.
12/27/2007 – The Big Solar Push Means Big Returns for This Company
A few weeks ago, I was returning home from running a few errands, and I noticed a home not too far from mine where workmen were installing solar panels on the roof. Now, I’m a spur-of-the-moment kind of guy (and usually more than a little curious), so…
12/20/2007 – Plenty of Reasons to Smile
As we close out 2007, I find it hard not to smile and give thanks… For my family. Relatively good health. A free country. Economic opportunity. And of course, modern dentistry. Not on your list? It should be…
12/18/2007 – Ho, Ho, Hold On a Minute…
I admit it. Being a guy, I hate shopping in general, but especially around the holidays. The crowded malls with their door-denting parking lots, the endless lines in the stores, out-of-stock merchandise, the traffic getting there and back…
12/13/2007 – 122 Days to File… Only 18 Days to Act
The tax tail should never wag the investing dog. Hence we don’t spend much time on elaborate tax-management strategies here. But ignoring taxes completely can cost us dearly…
12/11/2007 – $100-a-Barrel Oil: It’s a Driller’s Market…
We’ve all heard of buyer’s markets and seller’s markets, but have you ever heard of a “driller’s market?” Well, there’s one underway… oil drilling, that is. And not just your run-of-the-mill land-based drilling, either. We’re talking about the ultimate drilling…
12/06/2007 – Are Canadians Smarter Bankers?
Since mid-summer, American bankers have been reeling as their financial wizardry comes home to roost.
12/04/2007 – Things Get “Wild” at Our Chapter Meeting in Mexico
I just returned from our chapter meeting at the Fairmont Mayakoba in Riviera Maya, Mexico. This was one for the books.
11/30/2007 – MIL: An All-Weather Stock With a “Healthy” Outlook
For the past several days, I’ve been enjoying the company of subscribers at our chapter meeting in Mexico. And much of our talks center around one thing – where to invest right now…
11/27/2007 – Bucking the Banking Blues: The Early Bird Catches a Lift…
Hardly a day goes by without another bank announcing big write-offs due to overexposure to the subprime mortgage market. And while some analysts have been proclaiming the worst is over for banks, don’t expect the bad news to end any time soon…
11/21/2007 – The Rich, the Very Rich… and the Furthest Thing From Rich in the World
Historians tell us the first Thanksgiving was held in the autumn of 1621, when the Pilgrims and the Wampanoag tribe gathered to celebrate the colony’s first successful harvest. Nearly 400 years later, we still gather this week to give thanks for our bounty…
11/20/2007 – Psychiatric Solutions… Patience Pays Off in a Big Way
They say patience is a virtue. And I’m sure yours (like mine) has been tested repeatedly over the past few months by the seesawing stock market. It makes you wonder how CEOs can remain so cool, calm and collected in the face of…
11/15/2007 – “Don’t Tase Me Bro!”
I chuckled today when I read CNN’s lead-in about tonight’s presidential debate… “The real action in Las Vegas Thursday night won’t be at the high-dollar tables along the Strip…
11/13/2007 – When the Thunder and Lightning Starts, It’s Time to Seek Shelter…
We’ve all had our parents tell us at a very young age, “When it starts to thunder and lightning, get out of the open and into a safe place, because a thunderstorm is…
11/09/2007 – What to Do Even When Tech Cries Uncle
Yesterday, the unthinkable happened. Technology stocks, stalwarts for the past three months, finally capitulated. At one point, the Nasdaq sold off almost 4%. Our recommendation in the aftermath?
11/06/2007 – Investing with the “Curmudgeon of Credit”
With the stock market acting manic-depressive again, it’s worth remembering that our Oxford Asset Allocation Model currently recommends that you not have more than 60% of your portfolio in equities. That doesn’t mean you have to settle for…
11/01/2007 – LMT’s Still a Buy
Ok. So my September 28th call to arms to buy Lockheed Martin (NYSE: LMT) flopped… at least partially…
10/30/2007 – A Deadly Surprise: Hiding in a Hospital Near You…
A recent Orlando Sentinel article by medical writer Lindsey Tanner pointed out that a dangerous type of staph infection is killing more Americans each year than AIDS. This “superbug” is resistant to standard antibiotics. More than 90,000 Americans are sickened by it each…
10/25/2007 – CELG: What Happens When Unrealistic Expectations and Reality Collide?
We get a great buying opportunity. Let me explain… If you were monitoring your stocks at the open today, I suspect you let out a quick gasp like me. Biotech superstar Celgene (Nasdaq: CELG) gapped down…
10/23/2007 – The Most Visited U.S. Website? Not Google…
Most Web surfers use Google as their “Go to” site when they need to search for something. And for good reason… Google is fast and thorough. As a result, it currently garners 53% of all search queries…
10/18/2007 – In Praise of Unloved Japan
We originally recommended the iShares MSCI Japan ETF (NYSE: EWJ) in June 2003. Not a popular call at the time…
10/16/2007 – Diesels Aren’t Pretty… and We Don’t Care
Cummins (NYSE: CMI) is rarely the hot topic of conversation at cocktail parties. It’s the biggest maker of diesel engines for trucks in the U.S…
10/12/2007 – Ten Reasons Why YUM Remains a Strong Buy
Last time I updated you on YUM! Brands (NYSE: YUM) – operator of KFC, Pizza Hut and Taco Bell – I ended by saying this…
10/09/2007 – Why You Should Use a Contrarian Strategy with Bill Miller
Our Oxford All-Star Portfolio is a group of diversified investments run by the world’s undisputed money masters. Men like Warren Buffet, Mark Mobius, Bill Gross and Bill Miller…
10/04/2007 – Where’s the Beef?
I know we all remember the classic Wendy’s ad, Granny Peller goes to some low-budget joint, get’s served a burger that’s severely lacking the key ingredient. Peeved, she angrily demands (all together) – “Where’s the beef?” Frankly, more investors need to be asking the same question of the markets…
10/02/2007 – Getting from Point A to Point B… at 186,282 Miles Per Second
Whether it’s listening to great music (blues guitar is one of my personal favorites) on a good stereo system, watching a movie on a projection TV, or sending a document to another computer on a corporate network, the last thing most of us think about it is how it all works. It just does. It’s like magic…
09/28/2007 – LMT: All Aboard
“This train’s about to leave the station.” “This ships set to sail.” “This rocket’s about to launch.” Pick your tired cliché. Any one. It doesn’t matter. Point is, if we wait any longer to update you on Lockheed Martin (NYSE: LMT), you might miss out on…
09/25/2007 – Veolia: Boring But Beautiful
I spent last week in France, meeting with analysts, investment editors, publishers and money managers. (I learned a great deal, and will be sharing my insights with you in…
09/20/2007 – An Important Update on Cubist
In the past week, many of you inquired about Cubist Pharmaceuticals (Nasdaq: CBST). Specifically, whether the “technical error” in one of its pharmaceutical composition patents will impact operations… and in turn, our investment…
09/18/2007 – Energy’s Wild Ride
Last Thursday, crude oil prices closed north of $80 a barrel for the first time ever… And hurricanes had nothing to do with it. Instead, the culprit was increasing worldwide demand – driven largely by emerging market countries, specifically…
09/14/2007 – Why Robert Saul Is My Kind of “Tree-Hugger”
About two years ago, Robert Saul planted 35,000 trees on his Massachusetts farm. And it’s not because he wants to do his part to combat deforestation. He just embraces timberland as an investment. And for good reason…
09/11/2007 – Say “Good-bye” to the Cable Guy
For the past several years, my father-in-law has been saying he’d like to become an Oxford Club member. A year ago I finally made him a provisional member. “Why have you been so reluctant to do this?” my wife asked at the time. “I don’t know,” I told her…
09/06/2007 – Katie, bar the door! It’s September.
In case you misplaced your Stock Trader’s Almanac, or left your newspaper curbside the past few days, watch out! A stock market slump is afoot…
09/04/2007 – Berkshire: A Conservative Choice for Unconventional Times
Less than four months ago, DaimlerChrysler announced that it was selling a controlling interest in Chrysler to Cerberus Capital Management, a private equity company that specializes in restructuring troubled companies, for $7.4 billion.
08/28/2007 – Bearish in Southern Alberta… Bullish on the North
Last week, I had the opportunity to speak to 120 Oxford Club members at our chapter meeting at the Fairmont Chateau at Lake Louise, tucked deep within Banff National Park in Alberta.
08/23/2007 – NSRGY: Bulking Up by Slimming Down
Sure enough, the world’s largest food company delivered… on all fronts. Shares responded in kind by jumping 7%, to the highest levels in years.
08/21/2007 – Why We’re Cashing In on Corn
After dithering for days while a financial panic was brewing in the credit markets, the Fed finally rode to the rescue Friday with a half-point cut in the discount rate.
08/16/2007 – Time to Double Down In Our Perpetual Money Portfolio
There’s been a lot of red ink across the globe in the past 24 hours. And no one’s questioning the cause. It’s the credit markets…
08/14/2007 – Move Over Wal-Mart, Apple and eBay… Here Comes Amazon
Who’s the new king of retailing? Over the last few weeks, Amazon.com (Nasdaq: AMZN) has posted record sales, record earnings and hit a new 52-week high. Our shares are up 138% since…
08/09/2007 – Why We’re Seeking Safety in Biotech
This time three BNP Paribas hedge funds look to be headed to the slaughter. It’s a bit unexpected, though. Just last week, the bank’s Chief Executive Baudouin Prot said the company would be virtually immune to the shakeout…
08/07/2007 – Getting Rid of the Deadly Killer In Your Local Hospital
Recently, I’ve written extensively about the recent volatility in world stock markets and how we suggest you approach it… and take advantage of it. Now it’s time to get back to business…
08/02/2007 – Raytheon… Another Standout Performer
Last Thursday the markets were in a world of hurt. And lucky Raytheon (NYSE: RTN)… they got to report earnings into the heavy selling. No worries though…
07/31/2007 – The Bull Market Strategy That Works In Bear Markets, Too
The market has given us quite a ride over the past week. And there are likely to be more surprises to come. That’s because both the bulls and the bears have plenty of ammunition to support either point of view…
07/26/2007 – LMT: Defying the Drop
Today, the markets are tanking thanks to renewed credit jitters, further housing woes and quickly rising crude prices. As of noon, roughly 85% of stocks were trading lower. And at least 807 were saying hello to…
07/24/2007 – A Great Tech Stock… And a Good Dividend, Too
The chances are excellent that the chips in your car, your digital camera or your flat-screen TV came from Analog Devices, the pre-eminent supplier of analog signal processing chips in the…
07/19/2007 – Here’s Some Real Estate That’s Actually Worth Buying…
Another week and more dismal data regarding the U.S. housing market… This time it’s the NAHB/Wells Fargo housing market index. It plummeted to…
07/17/2007 – We’re Buying the Biggest “Foreign Bank” in China
Forbes magazine recently published a list of the world’s largest companies – and the top three are all in the same business. It’s not oil and gas. All three are banks, and one of them, HSBC Holdings (NYSE: HBC), is a long-time member of…
07/12/2007 – Another Yummy One
Last time I updated you on YUM! Brands (NYSE: YUM) – operator of KFC, Pizza Hut and Taco Bell – I ended by saying this…
07/10/2007 – Novartis: Keeping Us Safe from Deadly Influenzas
Every year in the United States, influenza is responsible for the deaths of more than 36,000 people and the hospitalization of 200,000 more. Combine influenza with pneumonia, and together they become the seventh-largest…
07/06/2007 – The Merger Machine Hits A New Record
Second-quarter deal data is in… and we’re in record territory. Global mergers and acquisitions surged to $2.7 trillion year-to-date, up 62% from last year’s levels, according to Thomson Financial…
07/03/2007 – It Looks Like Nothing Can Foil This Aluminum Maker
The market has had its ups and downs lately. But you wouldn’t know it looking at our shares of Aluminum Corp. of China (NYSE: ACH). Our shares are up 11% today and up 141% since we got in seven…
06/29/2007 – Food for Thought… And Investing
With July Fourth just around the corner, it’s hard not to think about food. Hot dogs, hamburgers, coleslaw, watermelon, sweet tea (my favorite). You name it, Americans will be consuming it en masse…
06/26/2007 – Perini Corp: Moving Up… and Fast
I’ll be speaking at FreedomFest in Las Vegas on July 5 – 7. While I’m in town, I definitely plan to check out the largest privately funded construction project in U.S. history, MGM Grand’s “CityCenter…
06/21/2007 – MIL: Taking the Risk Out of Biotech
Uncovering the next biotech winner is about as easy as finding gold in your backyard. Nonetheless, such unbelievable odds don’t stop most investors from trying. Today, I recommend you take a more prudent approach…
06/19/2007 – Put the Perpetual Money Machine to Work Today
So much for smooth sailing… In the past two weeks, we’ve seen the markets move wildly in both directions, based largely on single data points…
06/14/2007 – What’s Eating the Market?
I often chide my colleagues in the industry who are economic forecasters that they are “often wrong, but never in doubt.” They usually shrug and come back with something lame about how they “aren’t wrong, just…
06/12/2007 – Psychiatric Solutions: Growth Through Acquisitions… Lots of Them
Not long ago, the Associated Press reported that 81 locals in Prestonpans, Scotland – all of them publicly executed in the 16th and 17th centuries – were now being pardoned. Their original crime? All had been found guilty of…
06/07/2007 – Why We’re Bullish on the “Biggest of the Big” and “Bluest of the Blue”
For the past three months, large caps have outperformed small caps, returning 9.29% versus 8.73%, based on the S&P indexes. The gap, when viewed based upon the Russell indexes, is even wider, at…
06/05/2007 – Market Vectors Gold Shares: Gold We Can Hold
I’m here in Jackson Hole, Wyoming, for the first of our two western Chapter Meetings this summer. And, as you might expect out West, gold has been very much on the minds of…
05/31/2007 – Can This Stock Possibly Go Higher?
As I prepare for another road trip, first stopping in New York as part of our Oxford Trading Circle meeting and then motoring over to Jackson Hole for our Chapter meeting, there’s a question I know I’ll have to answer again…
05/29/2007 – An 11th Reason to Own Amazon
Seven months ago, I wrote an Insight titled “Ten Reasons to Own Amazon Today.” Here are those ten reasons…
05/24/2007 – Let These Capitalists Confuse You
Humor me today as I start off with a bit of market commentary. As you know, we’re not ones to get bogged down in conjecture based upon the latest economic data point. Or any sort of market timing strategies for that matter…
05/22/2007 – Investing In the High Rent District: $405,000 per day
In the Times Square area of New York City, yearly office rents are typically in the range of $150 per square foot, which makes it one of the most expensive areas in New York, if not the entire world…
05/17/2007 – XRAY Shows Off Its Pearly Whites
Last time I updated you on Dentsply (Nasdaq: XRAY), I urged patience. Recall the world’s largest designer, developer, manufacturer and marketer of dental products was undergoing a massive restructuring of its distribution network, down to…
05/15/2007 – This Diesel Engine Maker Is Fired-Up For Big Profits in 2007
Every weekday morning, Bloomberg Television offers up an interesting stock screen and then briefly discusses the companies who filter through it. This past week, they set the filter for companies with…
05/10/2007 – An Urgent Update on ZTR
As many of you are aware, the Zweig Total Return Fund (NYSE: ZTR) issued a rights offering that is set to expire on May 18 at 5 p.m. Recall the closed-end fund is part of our Perpetual Money Portfolio…
05/08/2007 – Defense Still a Good Offense
Less than two weeks ago, Raytheon Co. (NYSE: RTN), the world’s fifth-largest defense contractor, reported earnings. And once again, the company proved that defense is still a good offense…
05/03/2007 – Another Yawner for YUM!
I’d never thought I’d say this, but I’m getting tired of talking about YUM! Brands, Inc. (NYSE: YUM), particularly its international growth…
05/01/2007 – DirecTV: 22,000 Miles Above Earth… and Set to Rise
We get earnings from DirecTV (NYSE: DTV) on May 9. And while I expect them to be good, those earnings are likely to be outstanding later this year. Let me explain why…
04/27/2007 – Why We’re Still Bullish on “Blue Gold”
Today, I’m here in Paris with my colleague Mark Skousen and a couple dozen fellow Oxfordians. We’re here as part of The Grand Tour, a cultural, historical and gastronomical expedition to Paris, Venice, Florence, Rome, Naples and Sicily…
04/23/2007 – Cubist Pharmaceuticals: Down But Far From Out
After the market close last Wednesday, Cubist Pharmaceuticals (Nasdaq: CBST) posted first quarter results. And while the company hit earnings estimates on the nose, you wouldn’t have known it…
04/19/2007 – Why We Don’t Have Room For Both Sense & Sensibility
In Jane Austen’s classic novel, happiness boiled down to one thing – striking a balance between your head and your heart, between sense and sensibility. I regret to inform you her maxim translates poorly to investing…
04/17/2007 – Why We’re Bullish On Baby Food
Last week, Nestle (OTC: NSRGY) agreed to buy U.S. baby-food maker Gerber from Novartis (NYSE: NVS) for $5.5 billion. At first blush, this might seem like a neutral move for us, since we own both Novartis and Nestle in our Oxford Investment Portfolio. But this is actually a good move for…
04/12/2007 – Why China Stinks… As a Country, Not an Investment
I’ve been home for a few days now and am still trying to gather all my thoughts on my recent trip to China. One thing is easy to relay, China stinks… at least the big cities do. I’m not talking…
04/10/2007 – The Best Speculation on the Future of Technology
Virtually every recommendation in our Oxford Trading Portfolio is an individual company with excellent fundamentals and even better prospects. In our experience, the best way to outperform the Dow is by…
04/05/2007 – Hang on to TIBX
Since I last wrote, we’ve held meetings with five companies in Beijing, including two that I believe hold some promise. (I’ll provide full details soon). We’ve also confirmed that at least 30% of the world’s construction cranes are…
04/03/2007 – Your Questions Answered… Our Investment Strategies Revealed
While we only reveal our investment recommendations to Oxford Club members, news of our superior investment performance is spreading rapidly. In our Oxford Investment Portfolio, for example, we’re sitting on more than 65 winners…
03/29/2007 – Greetings from Beijing
After a long flight and a few mishaps, including losing my power adapter for my laptop, I arrived in Beijing late last night. You’ll recall I’m in China for the next two weeks, leading a group of 36 fellow Oxfordians on a tour of the country…
03/27/2007 – Take a Tip From Peter Lynch
Although he retired at the tender age of 46, Peter Lynch is still considered the greatest mutual fund manager of all time. According to Value Line, if you invested $10,000 in the Fidelity Magellan Fund when Lynch took the helm in 1978 and then…
03/22/2007 – Cramer’s Right and I’m Embarrassed to Admit It
On Tuesday, I found myself agreeing with Jim Cramer when he remarked, “I think Lockheed Martin is incredibly cheap. I would buy that stock hand over fist…” Before I explain why, I’m sure you’re wondering what I was doing watching his show…
03/20/2007 – Why Now Is a Good Time to Own One of the Worst Long-Term Investments
Two weeks ago, I was a featured speaker on the Second Annual Gold Cruise. The investment sessions were held while we were steaming between the ports of Cabo San Lucas, Mazatlan and Puerto Vallarta. And this was a particularly…
03/15/2007 – Why Boring Isn’t Bad
For the past couple of days, I’ve been speaking and listening to my colleagues present at the 9th Annual Investment University in Phoenix, AZ. And despite what the title above might suggest, the discussions have been anything but…
03/13/2007 – A Great Way to Play the Correction In China
The recent selloff in China’s market caused us to hit our sell stop on China Life Insurance (NYSE: LFC), locking in a 108% gain in ten months. But we’re not done with China. Not by a long shot. In our Oxford Investment Portfolio, we still have…
03/08/2007 – Getting Back to the Basics
I recognize it’s hard to shrug off the feeling that some serious portfolio changes are necessary in the aftermath of last week’s plunge. But I couldn’t agree more with Alex’s comments on Tuesday that the best course of action is to simply…
03/06/2007 – What You Should Do Now
The session hadn’t even closed on last Tuesday’s 400+ point drop in the Dow, and calls were already pouring into Member Services. “What should I do?” The answer, quite frankly, is nothing, provided you’ve been following our Oxford…
03/01/2007 – Grin and Bear It
For the past several days, I’ve been aboard the Crystal Symphony as part of the Second Annual Gold Cruise. And perhaps the only thing that could put a damper on the white-glove service, flaming cherries jubilee and company of…
02/27/2007 – Why I’m Neutral On Gold… and Bullish On Gold Shares
This week, I’m on board the Crystal Symphony – the #1 cruise ship in the world according to Condé Nast Traveler – along with several Oxford Club members and a few of my fellow editors, including Louis Basenese, Horacio Márquez and Mary Anne and…
02/23/2007 – Yum, Or Not So Yum?
Last week, we got earnings from YUM! Brands (NYSE: YUM) – operator of three of the most popular fast food brands in the world (KFC, Pizza Hut and Taco Bell). And everything looked tasty… Revenues grew 4% to a hefty $3 billion…
02/20/2007 – Amazon: More Smooth Sailing Ahead
We added Amazon.com (Nasdaq: AMZN) to our Oxford Trading Portfolio a little over four months ago. Since then, our shares are up 30%. (The S&P 500 is up 9% over the same period.) This has mystified some analysts, especially in light of this…
02/16/2007 – RTN: Reclaim Your Share of the Trillions
With the ink still wet on President Bush’s proposed budget, I got curious this week. I wanted to know where the $2.9 trillion is going. The first stop on my Google adventure – the Citizens Against Government Waste website…
02/13/2007 – We Have a Yen For Japanese Exporters
Recently, the yen hit an all-time low against the euro. Yesterday, it neared a four-year low against the dollar. With the Japanese currency looking like the Confederacy after Sherman’s march through Georgia, investors worldwide are…
02/09/2007 – Corporate Executive Board Stumbles
Investors new to the stock market often marvel at how a company can report stellar results – and yet the stock gets pounded anyway. The answer, of course, is that short-term price action is all about beating expectations…
02/06/2007 – How We’re Finding Safety in Biotech
Generally, I liken investing in the biotech sector to traversing a minefield. Sure, the upside for a safe crossing is unbeatable. Look no further than our position in Celgene (Nasdaq: CELG) – it’s up 475% since our entry. But for every company that…
02/02/2007 – CMI: Still Chugging Along
As Alex mentioned on Tuesday, we’re in Cancun at our first of four offshore chapter meetings. And in the past few days, we’ve been discussing some exciting investments. Accuray, Inc., is just one example. It manufactures a cutting-edge…
01/30/2007 – Why Our Investment South of the Border Is Heading North
When you think of Cancun, Mexico, you probably don’t think about business. Nor do I, generally. But this week, I’m here for the first of four offshore chapter meetings The Oxford Club will hold this year…
01/26/2007 – The Crooked Truth About Fees
Last week, we culled market wisdom from an innocent ex-president of crooked Enron. This week, I figured I’d kick it up a notch – and consult an outright crook, Henry Blodget. Again, all I ask is that you hear me out…
01/23/2007 – The Best Stock To Own If the Market Winds Up “On the Rocks”
In the last broadcast of “More Green Stuff,” I warned that investors may have become too relaxed about market risk recently. Over the last three and a half years, returns are up and volatility is…
01/19/2007 – Why This Ex-Enron Exec Has It Right
Trust and Enron don’t go hand-in-hand. That’s why I’m sure many of you will become instant skeptics when I tell you we have a thing or two to learn from ex-Enron president Richard Kinder. But don’t…
01/16/2007 - The Type of Stocks We Like.. And Why
The word “Privacy” precedes “Prosperity” on our Oxford Club logo. But, apparently, word of our investment success is getting around. Earlier this month, I was interviewed by…
01/12/2007 – Keep An Eye On Your Horizon…
After last week’s Insight, one member politely requested we comment on Zweig Total Return Fund’s (NYSE: ZTR) “major pullback.” A fair request, given that prices dipped as much as…
01/09/2007 – Stick With This All-Star in 2007
There are two types of experts in this world. One is the sort who is inclined to say things like “Florida doesn’t even deserve to be on the same field as…
01/05/2007 – Will REITs Run Again?
This time last year, economists were quick to bark that 2006 would be the year red-hot real estate investment trusts (REITs) fizzled. And once again, we have reason to largely ignore…
01/02/2007 – Congratulations! You’re Reading One of the Top Investment Letters In the Nation…
It’s widely recognized that three out of every four professional money managers fail to beat the S&P 500 each year. The vast majority of investment newsletters don’t manage it, either. 2006 was no exception. After a couple of heart-sinking drops in late spring and mid-summer, the market finally…
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