In the wake of continuing signs of global economic deterioration, together with the realization that bank rescue and stimulus plans coming from Washington will take time to yield tangible results, the major indices are revisiting the lows of last November. The reckless and poorly regulated activities of U.S. banks and mortgage lenders that placed the global economy in such a precarious position have caused palpable anger among the investing public and an erosion of confidence in the capital markets. Having counseled our clients to stay the course throughout this extraordinary period, we humbly acknowledge the anxiety caused by declining market values. Yet, as we carefully review the current situation we can only conclude that today’s market environment offers substantially more opportunity than risk.