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We did not close any positions since the last Newsletter, and, as many of you know, these droughts happen, periodically, though not often. Thanks to the updraft in the markets over the last few weeks, many of our Current Positions strengthened, particularly those picks of the last year or so. Why the mini-surge in the markets? Pretty simple to answer, still. Rates are at zero and many future calamities are being postponed by various banks and governments around the globe; the most recent that was placed on cruise control was the Greek Crisis. What we are witnessing is perhaps the only time in our nation’s history when the markets are not in sync with the realities of the pending disasters. It is also the only time that we can remember such horrible contortions in the markets thanks to government intervention. So, in the meantime, enjoy the ride, but, as we have been stressing for months, be afraid, be very very afraid.