We wanted to communicate our Firm's views on financial market activity making headlines recently, namely the situation in Europe and the J.P. Morgan trading loss. Please keep in mind that there will always be significant issues that affect the financial markets. Some will be more significant than others, however, if we have a long term view and a diversified portfolio these events present no more than opportunities to us. If we do not have a long term view (i.e., greater than five years) then our portfolio should not be invested in anything that will be significantly affected by such short term events. Remember, just because European governments are having issues right now does not mean that all European companies are poor investments, and the smart money managers we use are using this as a buying opportunity. Regarding the J.P. Morgan trading loss. This is a prime example why we do not advocate putting more than a very very small fraction of any portfolio in individual sec
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