Q1 2008 Client Letter
We recently returned from Spring Break and a day at Busch Gardens in Florida, where the children invited me to join them on one of the world‟s great roller coaster rides, innocuously known as ?Montu?. That one ride was quite enough for me! I was amused to read in the next morning‟s edition of USA Today the following: “Six180-degree turns. Twelve drops. Sixteen changes of direction. Twenty-seven elevation changes. Those stats describe Coney Island‟s famous vertigo-inducing Cyclone roller coaster. But it could just as easily describe the hair-raising ride that Wall Street investors have been on this year. If you think the stock market has experienced more wild ups and downs than normal lately, you‟re right. The broad market hasn‟t seen such wide price swings in 70 years.”