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December 20, 2003
We did not close any positions during the last few weeks. Our Portfolio pretty much was on a treadmill, as was the rest of the market until about a week ago. However, now that Saddam has been captured it is anybody’s guess as to where the market averages are going between now and New Year’s Eve. So, it is possible that we may see several more of our picks make a nice run before we close the door on 2003. For the year, we have closed 75 positions, with 52 for gains and 23 for losses. Never before in a calendar year have we closed so many positions. It probably helped that 2003 turned out to be perhaps the best year for small stocks since the 1980s.