David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141

Quarterly Commentary – Third Quarter 2010

October 15th, 2010

The third quarter was strong for your portfolio and stocks generally. The quarter seemed to provide no strong evidence about the speed and direction of the economy, but the stock market, at least, seemed to reflect receding concerns about a second recession.

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Monthly Digest – October 2010

October 15th, 2010

Where is the smart money?

If you ask ten different investors the question “Where is the best place to invest money now?” you are likely to come up with at least as many answers.  Gold bugs triumphantly point to a succession of recent high gold prices, along with record sovereign budget deficits which they assure us will imperil the existence of fiat currencies.  Bond bulls are equally convinced that slack consumer demand and persistent 10% unemployment create a deflationary threat which the Fed is likely to counter with aggressive “quantitative easing,” further lowering interest rates and boosting bond prices.  Meanwhile, equity markets have staged a rally over the last two months, with the S&P 500 index rising nearly 13% since the end of August.  Finally, many agricultural commodities recently hit record highs as US Department of Agriculture estimates for 2010 crop yields came in lower than expected.

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