There seems to have been progress on the fiscal cliff negotiations, through there will be many twists and turns before a final deal is struck.
Also, the economic data continues to be favorable and that is creating a more positive environment for stocks. The latest readings on consumer sentiment, business spending, and housing were improved over year-ago levels.
As a result, I have moved away from a defensive position towards a bullish stance. I will update my investing strategy in greater detail in early January.
Certain information contained in this presentation is based upon forward-looking statements, information and opinions, including descriptions of anticipated market changes and expectations of future activity. The manager believes that such statements, information and opinions are based upon reasonable estimates and assumptions. However, forward-looking statements, information and opinions are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, undue reliance should not be placed on such forward-looking statements, information and opinions.