July 09, 2008

Today, our Investor Intelligence Sentiment Indicator which measures the percent of investment letters that are bullish, hit a 14-year low of 36.8, rivaled only by the reading during the 1994 bond market crash and showing greater bearishness than the October 2002 bear market low, the 9-11 terrorist attacks, or the Asian, LTCM, or Russian Default Crisis. These extreme bearish readings have in the past been associated with excellent buying opportunities.