Dear Investor,

It has been a few weeks since my last newsletter with the majority of my time spent overseas and in London.

The “credit crunch” appears to be easing, but recession not recovery continues to be the catchword in the UK, although some of our European partners began the recovery phase of the cycle in the last quarter and the US will soon follow.  I am confident we will see growth early next year, but the key question is “How sustainable will that growth be?”  In the meantime, take this blip in the long-term economic cycle as a buying opportunity.