The market has been through the wringer since our last Letter, but really, not much has changed -- the trend is still down, though the broad market is far more resilient than the headline-grabbing Dow Industrials. All told, we remain defensive, but while this environment may seem unusual, the fact is the market itself is acting in ways we’ve seen before. We explain this in more detail on page 1. We also highlight some stocks to watch on pages 4 and 5, as well as include a lesson on the first step to finding big winning stocks. (Hint: Look for strength, not weakness.) All told, keep your money safe, but please don’t stick your head in the sand -- we’re fine-tuning our Watch List and thinking big, readying ourselves for the next major upturn.
