[Posted 8:00 AM…I had a few problems with the old PC this
morning.]
A Single Bullet
Well, it’s pretty clear now, our nation is back to normal, at least
if you check out morning television. On Friday, “Today” spent
the first 12 minutes focusing on the California dog mauling.
But, on the business front, earlier in the week I caught the
discussion on the Federal Reserve’s decision on interest rates,
and it was this latter presentation that caused my blood pressure
to rise.
The Fed, as expected, opted to hold the line on rates, pointing
out that the U.S. economy is now “expanding at a significant pace,”
but that future growth over the coming quarters “is still uncertain.”
Over on CNBC, economist Larry Kudlow and four other
panelists then proceeded to spend the next 15 minutes discussing
the economy’s seemingly rosy prospects. Fair enough, but not
one word was spoken about the fact that the U.S. is at war, that
Americans are being targeted, or that the effort to ensure the
safety of the civilized world could expand at an exponential clip
within the year.
Juxtapose the above with the facts, namely that the Pakistan
grenade attack in Islamabad that killed two Americans was
another sign that President Musharraf, himself, remains a target
of extremists, and, second, Islamic militants could at any
moment lash out against moderate Arab leaders such as Egypt’s
Mubarak or Jordan’s King Abdullah.
I have written of this type of potential wildcard for years now.
Undoubtedly, some read it and think, just another shot from the
lip. I prefer to think it’s a shot of reality, and when one weighs
the risks in their portfolio, you’d be a fool to listen to any
financial commentary that doesn’t at least remind you we remain
a nation at war and it’s one with unknowable consequences.
But this discussion wouldn’t be complete unless I threw in a bit
of historical context…on how a single bullet can change the
world.
Gavrilo Princip and World War I
Back in June 1914, the heir to the Austro-Hungarian throne,
Austrian Archduke Francis Ferdinand, traveled to the city of
Sarajevo for the purposes of reviewing two Austrian army corps
stationed in Bosnia, a province that the Hapsburgs had recently
annexed.
Next door to Bosnia, the residents of Serbia were observing the
recent actions of the Empire and correctly saw their land at risk.
Extremists decided action had to be taken and Ferdinand’s trip
presented them with an opportunity, and target.
On June 28, as Ferdinand rode through the streets of Sarajevo,
Serb nationalist Gavrilo Princip, just 19, put himself in the
history books when he fired at the archduke’s vehicle (which had
taken a wrong turn…directly into Princip’s path). Ferdinand and
his wife were killed, setting in rapid motion the following events,
which led to World War I.
July 28…Austria declared war on Serbia
July 29…Russia mobilized support of Serbia
Aug. 1…Germany declared war on Russia
Aug. 3…Germany declared war on France
Aug. 4…Britain declared war on Germany
[The U.S. waited until April 1917 to enter the conflict and by
July 1918, 300,000 U.S. troops a month were streaming into
Europe.]
And to think it all started with a bullet.
Throughout the above tale you could have substituted the U.S. at
various points. American forces are now in Afghanistan,
Pakistan and other Central Asian Republics. We are not
universally loved and each of these new theaters can spawn its
own Gavrilo Princips, whether it is in Pakistan or the various
capitals of the Middle East. You understand, of course, that I
have zero problem with the conduct of the war to date, and I
stated from day one that I would abstain from criticizing it.
But when the U.S. military announces that it may pursue al
Qaeda and Taliban across the border into Pakistan, you can’t
help but think back to the examples of history. As long as you
understand the risks, however, you should be able to act
accordingly, particularly when it comes to managing one’s
portfolio. It’s easy to be distracted these days, and you know
from my own travel schedule I certainly haven’t been living in a
bunker. But the purpose of “Week in Review” has always been
not only to summarize the events of the day, but also to examine
the wildcards on a constant basis, the risk factors. Today, the
number is growing.
Wall Street
With the Fed holding the line on interest rates, but clearly hinting
that tightening is in the cards, perhaps when they next meet in
May, if not June, the markets sold off a bit, with the Dow Jones
breaking its 5-week winning streak, losing 180 points, 1.7%, to
10427, while Nasdaq lost just 17 points, less than 1%, to 1851.
According to the preponderance of the data, the economy is
doing quite well, thank you. One who deserves a ton of credit is
ISI’s Ed Hyman, the #1 strategist as rated by Institutional
Investor for something like 22 years running. As I noted in this
space on 1/12/02, Hyman was really the first to recognize the
economy had bottomed and both he and his partner, Nancy
Lazar, now look for GDP growth in the near term of 4%.
Coupled with a projection of little inflation for the year, it’s the
“perfect recovery,” as they’ve coined it. For his part, Merrill
Lynch’s Bruce Steinberg is now estimating first quarter GDP
growth of 6%.
Of course it’s what comes after the first and second quarter
inventory recoveries that some of us wonder about. I still fall in
the double-dip camp, and, as I noted last week and in the above
preamble, this war we’re in could have a lot to say about it.
A few things are clear today, however. Technology remains in a
major funk, with telecom still mired in its own depression.
Players like Nortel continue to see no turnaround and the debt
loads are absolutely humongous, about $105 billion between just
France Telecom and Deutsche Telekom alone.
The other big issue of the week has to be housing. With 30-year
mortgages now back above 7%, the refinancing boom is over,
finis…and I won’t believe any stats that say otherwise. So a real
prop for the consumer has run its course.
Street Bytes
U.S. Treasury Yields
6-mo. 2.11% 2-yr. 3.69% 10-yr. 5.39% 30-yr. 5.81%
The core consumer price index (ex-food and energy, though I
admit both staples are tough to do without), is now running at an
annualized rate of 2.6%, not awful, but it’s the trend that’s
worrisome to some. Bonds have now fallen 4 weeks in a row
and the key 10-year is at its highest yield in 9 months.
Which gives me an excuse to reintroduce our new, sporadic
feature, “Inflation Watch,” with my long-time friend in the
brokerage community, Mark R. This week, Mark revealed that
the cost of a Maaco paint job, the $199 special, suddenly spiked
to $250, while the mini-box of donuts special at his local 7-11
has risen from 2 for $4 to 2 for $5, again, a 25% increase.
“Inflation Watch” will return next week, if you keep it where it
is.
–As anyone who has clicked on our “About Us” link knows, I
most recently worked at PIMCO Funds before starting
StocksandNews. My position was such that from time to time I
worked on projects with PIMCO’s chief investment officer, Bill
Gross. Like everyone else who comes in contact with him or
knows of his track record, I respect him tremendously.
So on Wednesday morning it just so happened, by chance, I was
probably one of the first hundred or so to read his latest strategy
piece (pimco.com), which, uncharacteristically, slammed an
individual company, a rather large one at that, General Electric.
Wow, I thought, this is a market-moving event. It proved to be
the single biggest one of the week.
Gross, who oversees in excess of $250 billion in bonds, more
than anyone else in the world, has finally had it with the lack of
accountability, disclosure, and truth in labeling across all of
Corporate America. In the case of G.E., Bill is concerned about
its staggering exposure to the commercial paper market
(particularly in the G.E. Capital unit), as well as its growth by
acquisition strategy, which has helped the company manipulate
quarterly earnings (the worst kept secret on the Street the past 5+
years). Gross concluded, “PIMCO will own no G.E. commercial
paper in the foreseeable future.” It was a bombshell.
Bill Gross is the smartest man I have met in my life, though
sometimes it takes a while for his theories to play out (which
they almost invariably do). He can also be one tough cookie, i.e.,
he doesn’t suffer fools gladly, a la Donald Rumsfeld. So when
the other side of this new debate began to fire back at him,
particularly some of the shills on CNBC, I must say I was more
than a bit amused. Oh, you idiots, I thought, don’t you know?
Don’t mess with Bill. And I imagine I may have more to say on
this topic…like next week.
–The 3/18 edition of Barron’s had a quote from Merrill chief
investment strategist Richard Bernstein (the aforementioned
Bruce Steinberg is Merrill’s economist), which received a
standing ovation from your editor.
Much has been made of “productivity” in this new, high tech era
of ours. Simply put, it is the amount of goods and services
produced per hour of work. In theory, if a business produces
more per worker, profits and wages eventually rise as well. But,
I must say, over the years I have dismissed much of Fed
Chairman Greenspan’s talk on the topic (he being the biggest
cheerleader in this area) because there is great debate on how
productivity is calculated, such as how one values a computer
upgrade.
Anyway, enter Bernstein into the debate. “As an equity investor,
rather than an economist…why do I care one bit about
productivity if it doesn’t translate into stronger corporate
profits?” After all, productivity is supposed to have been
booming, all while we’ve just experienced the worst post-World
War II profits recession. Damn, I wish I had said this first.
–Energy: Funny how just a few months ago, with oil in the $19-
$20 range and natural gas close to $2, the energy picture was a
big positive for the overall economy. Now, with oil up more
than 25% (there’s that increase again), to $25 (aghh, there’s that
number!), and natural gas having spiked almost 75%, the mantra
is a little different. Since I have a significant exposure to the
sector, about 35% of my portfolio, I have been a happy camper,
but I’ve also told you how I was a little leery of the run-up versus
the fundamentals, and so a while back I jettisoned my Russian oil
play (it’s unchanged since I did this).
On the production front, Russia announced it would cooperate on
production cuts until June, while OPEC’s leader, Ali Rodriguez,
said the cartel should maintain at existing levels all year, though,
let’s face it, it’s really all about Iraq, in addition to the shape of
the global economy, once one goes beyond the next few months.
The oil service stocks, in particular, did finally take a hit on
Friday as some analysts began to question the same valuations I
have. But part of the logic is flawed. While first quarter
earnings in the sector may yet disappoint (as in Friday’s
announcement by Baker Hughes) due to a continuing decline in
drilling activity (you’ll recall I have been noting the tumbling rig
count), this same data is potentially setting us up for a huge
turnaround. Bottom line, I’m sticking with my remaining
holdings, though I raised the ‘stop’ on one.
–Financial commentator Jim Grant aptly summed up Alan
Greenspan; he’s nothing more than a “trend-follower.”
–The Wall Street Journal, in an editorial on Enron and Arthur
Andersen: “The best way to rebuild trust in corporate
governance is to hold individuals responsible for their actions.”
But the Journal was only referring to officials at both outfits, not
Wall Street executives as well.
–The Journal did report a damning piece of evidence concerning
Andersen, this being an internal “white paper,” which
encouraged the practice of the telecom swaps that may have
improperly boosted revenue.
–In the eyes of your editor, the behavior of Hewlett-Packard’s
Carly Fiorina was a bit unseemly this week, as she rushed out to
proclaim victory in the HP-Compaq merger vote, just as the
deadline for filing proxies hit. It was as if she won an 8th-grade
election for class president. Show some dignity, woman. Plus
the official tally could yet be weeks in the offing.
–Disney is laying off 250 animators, in case you see some guys
with crazed looks, madly scribbling away.
–Louis Rukeyser announced that after 32 years, he is being
forced out by his PBS sponsor, Maryland Public Telvision. As I
put it in an email to MPT executives on Friday, “You guys are
truly idiots.” [Yes, I signed my name to it.] My knowledge of
all things financial received a big boost early on from watching
Uncle Lou on “Wall Street Week.” It was a Friday staple at the
Trumbore household (when I wasn’t playing poker…but I
digress). No one…no one…has contributed more to the average
American’s understanding of how the Street works than he has.
Oh, I’ve had my problems with the show from time to time,
particularly during those periods when I thought he could have
mentioned a risk factor or two, but, all in all, his opening
monologue was must viewing, particularly once I started to write
these commentaries, because I never wanted anyone saying I was
ripping him off (I haven’t come close).
I do wish that when he has a heavyweight panelist like Laszlo
Birinyi, that he would give him an extra minute or two, but to
think that MPT now believes it can do better with a new format
in its talked about venture with Fortune is laughable. I can watch
that kind of program anywhere (and unfortunately, duty entails
that I watch CNBC most of the day as it is). All I know is this; I
will never, ever, turn the new one on, and, representing a
different generation, Dr. Bortrum has told me he won’t either.
[Thankfully, it appears Lou will find a new home.]
Trade
While I will support any American president when it comes to
the war on terror, I reserve the right to be critical on other policy
matters and, let’s face it, President Bush is receiving some
absolutely awful advice on the issue of trade. As a Wall Street
Journal editorial put it on the cave-in to Big Steel, “Mr.
Bush’s…blunder is going to hurt him, and the country, for a long
time.” Already this week the European Union is lining up
retaliatory measures, which will do nothing but hurt the
American consumer. Yes, these can be looked at as tax
increases. But to compound the problem, Bush has caved again
on a different matter, Canadian lumber. In order to protect
America’s lumber interests, we will all have to pay significantly
more for a new home, another tax.
There is no doubt that in the case of all these kinds of disputes,
national governments are subsidizing various products to protect
their own constituencies, but, over time, through free trade
agreements and basic diplomacy, protective tariffs in many
industries have been significantly lowered, to the benefit of us
all. True, in certain segments of the economy this has resulted in
dislocations, but the impact can, and should, be lessened by
responsible government and a strong economy.
But while it’s easy to take shots at the World Trade Organization
and its mechanisms for arbitrating disputes, when you strip away
the shrill rhetoric the body has generally worked pretty well.
Irresponsible behavior on the part of the current administration,
though, certainly isn’t going to endear us to those individuals
who may judge future debates involving the U.S.
Lastly, I have to note a comment by French President Jacques
Chirac, tied to the current U.N. conference in Monterrey on
foreign aid. “There’s no creation of wealth without the necessary
infrastructure – and that infrastructure demands outside aid.”
I can’t disagree with this, but as the gulf between rich and poor
widens it seems to me that when it comes to the world’s
impoverished we need to do two things. Build roads and ensure
safe drinking water. All else, including better healthcare and
schools, flows from these two simple ideas. [Sorry to get off on
an “If I ruled the world” rant here.]
Think back to the days of Clinton / Gore, and the incredibly
stupid idea of flooding Africa with PCs, when many of the
proposed targets didn’t even have electricity? Americans and
others across the world have a right to know that their aid dollars
are being used for projects that truly help mankind and not to line
the pockets of corrupt African dictators. Keeping the actual
projects and goals simple, making it easier to follow the money
trail, is a first step.
International Affairs
Middle East: The New York Times’ Thomas Friedman is the
media darling of the moment, thanks to his columns on the
Middle East. Mr. Friedman has been writing on the region long
before 9/11 and it is worth reading his conclusions, some of
which I agree with, others (like his digression a few months ago
into the energy field) I don’t. But some like Tim Russert can’t
seem to get enough of Friedman and the interplay between these
two, in particular, is nauseating to watch. [No one is better than
Russert is in his field. But each year he feels compelled to lose
all objectivity and elevate a figure beyond reason, a la his tryst
with Jesse Ventura in 2000. Boy, that really panned out!]
This week, Friedman has a column expounding on his idea,
introduced last Sunday on Tim’s program, wherein he proposes
that American troops be interjected into the Israeli-Palestinian
conflict. I don’t disagree with this, as part of a comprehensive
cease-fire plan, but Friedman says, “The joint U.S.-Palestinian
security force (in the West Bank and Gaza) would control all
borders and entryways to ensure that no heavy weapons can be
imported and that any Palestinian state could never become a
base of operations against Israel.”
What’s wrong with this picture? Nothing. Except the fact that
the scope of his idea is limited to the immediate Israeli-
Palestinian territories…that’s it. Not addressed is the biggest
reason for pessimism, looking out 3-5 years, max, that being the
fact that missiles coming from Syria, Lebanon, Iran or Iraq are
the biggest threats, not the suicide missions of today (whose
human cost I’m not trying to minimize).
Iraq: Vice President Cheney’s diplomatic foray does not appear
to have been a raging success, but it was extremely important,
and useful, nonetheless. I still suspect he received a fair number
of ‘winks,’ and if you believe the British, we are closer to having
hard evidence tying Saddam to al Qaeda, which moderate Arab
leaders won’t be able to ignore, even if the masses do.
Meanwhile, our war preparations continue.
[Speaking of the Brits, we acknowledge their contribution of
1,700 commandos to the theater in Afghanistan, a significant
gesture of support.]
China / Taiwan: The Chinese government accused the U.S. of
“nuclear blackmail,” in a none-too-pleasant response to the
release of the Nuclear Policy Review, while also charging the
U.S. with supporting Taiwan’s independence movement (good)
by holding meetings with Taiwan’s visiting defense minister.
But China has other real problems, such as labor disputes in the
cities, the number of which are rising significantly as workers are
displaced from archaic operations in the face of China’s
modernization program. Heretofore, millions had been fleeing
the rural areas, looking for jobs in the city; the populations then
exploded and, for most, work is not to be found. The
communists are scared to death.
Which means what? One shouldn’t be surprised to see the
government increasingly appeal to the people”s nationalist
tendencies, i.e., targeting Taiwan and the evil U.S. China is
trying to have it both ways; ongoing economic integration with
the world, combined with the traditional hammerlock on the
people. Eventually, something has to give. By the way, how
will the leadership whip up this nationalist fervor? Over the
Internet, of course, thanks to the cooperation of folks like AOL,
as I’ve pointed out these past few weeks.
Finally, scholar Arthur Waldron had an op-ed piece in the
Washington Post, discussing a point made by many over the
years, that being the issue of China’s official economic data, like
GDP releases, which seem patently overstated. Some go so far
as to say that instead of the 7%+ growth numbers bandied about
by Beijing, that the true figure is close to zero over the last few
years. Add this to my earlier discussion and you can see why
Waldron draws the conclusion, “It is time to rethink a lot of
comfortable assumptions and begin taking more seriously
China’s large potential downside.”
Zimbabwe: The Commonwealth exhibited a little backbone in
suspending Zimbabwe from the 54-nation organization for one
year, but it was Australian Prime Minister John Howard (a tough
SOB, we like that) who had to drag Nigeria and South Africa,
kicking and screaming, to reach this agreement. So how did
Robert Mugabe react? Like nothing happened. Opposition
leader Tsvangirai was hauled in, stripped of his passport, and
told to check in once a week until his trial for treason begins,
and, of course, you had your organized, state-sponsored attacks
on white farmers. Just musing, but where is Jesse Jackson on
this issue? And no one has more respect than Nelson Mandela.
Where is he?
Saudi Arabia: The fire that took the lives of 15 girls in a boarding
school this week is a big deal with the citizenry, and for good
reason. The story is out that the girls (teenagers) were barred
from leaving the building by school officials because they
weren’t properly attired. It was a freakin’ fire! The monarchy
isn’t popular to begin with…revolutions have started over less.
Italy: The Red Brigades terror group returned with a vengeance,
gunning down a top aide to Prime Minister Berlusconi.
Separately, the Italian government, like all others in Europe,
faces a huge problem with the influx of illegal immigrants. This
week some 1,000 Kurds were allowed to dock in Sicily for
humanitarian reasons, throwing that land into a state of
emergency.
Northern Ireland: Britain is warning that the Real IRA is
preparing a series of Easter terror attacks, while a break-in at a
Belfast police station now threatens about 100 police informers,
though it’s not yet clear which side of the conflict stole the secret
files. These poor guys are dead, and it’s going to be a huge
political issue down the road. Meanwhile, the U.S. Congress has
requested that Sinn Fein leader Gerry Adams testify as to the
IRA’s involvement with Colombia’s rebel group, FARC. Adams
should be grilled.
Colombia: Speaking of FARC, the rebels have cut the water
supply in one region to 500,000 people, while a fierce fight with
government forces on the Venezuelan border left at least 38
dead. The rebels then reportedly fled into sanctuaries in
Venezuela, which the Venezuelan military denied. They’re
lying. Earlier in the week, a heroic archbishop was killed by
narco-traffickers in Cali. This many-sided war grows worse by
the day.
Peru: Three days before President Bush visits the nation, a car
bomb killed 9. Maoist rebels, who wreaked havoc in the
country, particularly in the 80s, claimed responsibility.
Random Musings
–A week ago, in his press conference, President Bush was asked
if he thought that U.S. military forces were spread too thin and
should the country contemplate a renewal of the draft. Bush said
it wasn’t necessary, that the nation had more than enough
resources to meet today’s widening challenges. He may be right,
but then the administration turns around a few days later and
suspends the military flyovers of cities like New York, due to the
huge costs and drain on manpower. [Later in the week, the
flights were supposedly back over New York.]
You can’t have it both ways. I noted long before 9/11 that the
U.S. was stretched too thin with all of its legitimate obligations
around the world, and clearly we still are today. Our munitions
factories are now running 24/7 to gear up for Iraq, since we
depleted our reserves of key missiles and bombs in Afghanistan,
but if you’re planning worst case scenarios, the issue should
always be, what happens if in the middle of our Iraqi adventure,
North Korea attacks Seoul? We can act like we are prepared to
meet joint challenges (let alone ongoing operations in the likes of
Afghanistan), but are we? By suspending 24-hour patrols over
major cities because our resources are stretched to the limit, I
think we have an answer to the reporter’s question of Bush at the
press conference. We are, which is why the President has to
level with us. This war is going to cost multiples of what we
initially planned for, and from a personnel standpoint, the idea of
a draft shouldn’t be dismissed out of hand.
–In her upcoming book, “Statecraft,” Margaret Thatcher warns,
“During my lifetime most of the problems the world has faced
have come, in one fashion or another, from mainland Europe,
and the solutions from outside it.” Nazism, Marxism…she’s got
a point. Thatcher also wants Britain to eventually pull out of the
European Union.
–The Washington Post reported that one potential source for a
“dirty bomb” would be the radioactive power generators, left
over from the old Soviet Union, which were used to power
navigational beacons and communications equipment in remote
areas. Wrap a large charge around one of these and voila…
chaos.
–Last week I wrote of my impressions of the Holocaust Museum
in Washington. This week there was a controversy over a
current exhibition at the American Jewish Museum in New York,
one that has Lego models of death camps and designer gas
canisters. I certainly stand with those protesting the display…it
trivializes the horror and it’s tasteless.
–Two weeks ago I mentioned that some were questioning
whether Mitt Romney could beat Massachusetts Governor Jane
Swift in the GOP primary. [Local polls revealed he could.] This
week Swift dropped out, followed by Romney’s declaration he is
running.
–A number of you wrote in concerning the fact I pay $15 for a
haircut. Clearly, from what I’m hearing, I can do even better.
–Back on 1/12 in this space, I gave you the true lowdown on
former First Dog Buddy. He was a drug-sniffing canine,
working for the DEA. I also postulated that Al Gore was his
handler and went on to add that with Clinton’s departure, Gore
had to grow a beard so that Buddy wouldn’t recognize him when
Al visited his former boss in Chappaqua. I concluded, though,
that as a result of Buddy’s accidental death, “Watch Gore shave
off his beard in the next few months. That will be your sign.” Al
Gore shaved it off last Sunday.
–The cost of a first class stamp is rising to 37 cents by end of
June. My friend in the Postal Service, E.C., warned me before
the announcement that the deficits are soaring and he fears tens
of thousands of jobs could be impacted. The business can’t
continue to be run at huge cost to the taxpayers, but massive
layoffs certainly wouldn’t help when it comes to building a
sustained recovery in the U.S. economy.
–Finally, some of the following may be offensive to a number of
you. I can only offer my sincere apology beforehand.
You may have noticed that certain issues, like abortion, are never
discussed in this space. I’m sure you all can appreciate why. I
also say little about organized religion (Islamic Fundamentalism
not falling under the formal definition of such, in my book), but I
haven’t hid my own Catholicism and have noted a church-related
project or two I may be involved in.
Unfortunately, however, I can no longer duck the horrible issue
of the day, that being the problems with my church and an
unknown percentage of its clergy who are involved in purely
criminal behavior.
Like all of you, I am disgusted by it, particularly the actions of
leaders like Boston’s Cardinal Law, while I mourn the fact that
the reputations of many good people who serve the Catholic
Church are being tarnished.
You’ll recall that just 13 months ago I was invited by the Jesuits
of New York to go to Rome and witness the elevation of some 60
cardinals, an event I will always cherish, while that very
“Consistory” now takes on new meaning. Those of you who are
fellow Catholics and desirous of change need to understand that
Pope John Paul is now responsible for the selection of over 90%
of the very cardinals who will vote on his successor. In other
words, big changes on issues such as celibacy may not be in the
offing, as it is quite likely whoever follows the Pope will be
nearly as conservative as he is.
It also pains me that for the next generation or two, Pope John
Paul’s titanic role on the world stage will be inevitably tarnished
by the scandal. The media and early historians may focus on the
present crisis and John Paul’s “stubbornness,” as they will
probably label it, forgetting that this is a man who I personally
believe had more to do with the fall of the Soviet Union than any
other figure.
I was raised a Catholic and it is in my nature to remain one. I am
a traditionalist, and I believe in loyalty. I love the mystery of
Mass (and would gladly revert back to the Latin version, if I had
the option). But I have also given a lot of money to my church
and now, like many of you, I’m upset that my funds may have
been used to pay off lawsuits, rather than feed the poor.
Thankfully, I have the little church in Micronesia that I can point
to and say with pride, I had something to do with it.
So all Catholics have a lot to pray for these days. But, truthfully,
in the end, for those who are religious (recognizing that at the
same time there are a ton of good people who aren’t), it is one’s
belief in God that really matters, not belief in a particular church.
Any good religion asks of its flock the simplest of things.
Respect your fellow man, especially the “little people” as I like
to call them, always striving to do what you can for those less
fortunate. Heaven forbid you are lying on your deathbed and
you can’t think of one example where you really made a
difference in the life of another.
—–
God bless the men and women of our armed forces. *A friend
also asked me this week to make note of those National Guard
troops stationed at some of our nation’s strategic points…like
nuclear power plants.
And God bless America.
—
Gold closed at $297
Oil, $25.35
Returns for the week, 3/18-3/22
Dow Jones -1.7%
S&P 500 -1.5%
S&P MidCap -0.3%
Russell 2000 +0.7%
Nasdaq -0.9%
Returns for the period, 1/1/02-3/22/02
Dow Jones +4.1%
S&P 500 +0.1%
S&P MidCap +5.4%
Russell 2000 +2.8%
Nasdaq -5.1%
Bulls 52.1%
Bears 28.7% [Source: Investors Intelligence]
Have a great week. I appreciate your understanding on this
particular piece.
Brian Trumbore
