Chinese fireworks celebration…


Chinese fireworks have ignited a conflagration in our markets.  We have flattened all our posistions, even long term IRA accounts.  95% of our capital was already in cash, as we specified in our May letters.  A fuller analysis follows in good time.

(Our last letter was rife with typos.  A corrected version is on line, but we’ll leave your inbox unmolested.)


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