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We did not close any positions since the last Newsletter, and given the current panorama of the markets, it would have been a miracle if we had. Our portfolio, still in a major slump, has mostly been marking time, and, again, many of our companies had some good to great news only to see their stock prices fall victim to a bunch of yawns and ho-hums. And the Russell 2000, now in the mid-350s, looks as if it could quite easily drop to the 320 or 330 area.