Once again, we want to reaffirm that we are not predicting a nasty market crash; but merely highlighting the possibility of further weakness.

After a decade's experience in the investment management business, we have come to the conclusion that the future is unknowable and the market can do absolutely anything. Thus, rather than predict, we now focus on managing risk and profiting from the ongoing trends.

David Fuller's view I always enjoy this letter. Puru Saxena is a disciplined trend follower with a global perspective.