| Q1 |
(January - March inclusive) |
+ 4,139 points |
| Q3 |
(July - September inclusive) |
+ 2,838
points |
| Q4 |
(October to December inclusive) |
+ 7,290 points |
| Q1 |
(January - March inclusive) |
+ 4,143 points |
| Q3 |
(July to September inclusive) |
+ 11,445 points |
| Q4 |
(October - December inclusive) |
+ 2,462 points |
| Q1 |
(January - March inclusive) |
+ 3,587 points + 2 open trades |
| Q3 |
(July - September inclusive) |
+ 8,057 points + 1 open trade |
| Q4 |
(October - December inclusive) |
+ 20,897 points |
| Q1 |
(January - March inclusive) |
+ 4,837 points |
| |
Comment |
The financial media during Q2
included more reports of serious investor losses, hedge fund collapses, property
price falls, equity price falls etc. We anticipated and were prepared for the
current credit crunch which, after years of reckless credit availability, was
inevitable. We expect financial stress to increase in the months immediately
ahead. While others who failed to
interpret market conditions are now suffering, we continue to prosper. Our
investment experience goes back to the early 1970’s, so - unlike many of today’s
financial markets professionals - we have direct knowledge of market conditions
similar to those of today. This experience is enabling us to continue to achieve
good profits while others are failing.
As with the 1970’s we expect much increased
inflation in future that will stimulate a bull market to follow the present
downturn. We believe that we have the experience, knowledge and the analytical
resources, to time the change in sentiment and to focus on the optimum financial
markets from which to profit hugely in the months and years ahead. |