Summary

• If you look at what is being reported in the current media, you might think “the market” has a bullish future. The truth is, during the latest week on the “Big Board,” only 745 stocks, or 26%, rose.
• I pay particular attention to the performance of mutual funds. On a year-to-date basis through Thursday, 38 of 103 fund sector averages beat the S&P 500 Index Fund average.
• One final statistic that I follow is the index of industrial prices put out by ECRI. For the week the index finished at 145.33, up from 142.00 the prior week and 32.58 12 months earlier.

Preface

The purpose of this preface is to share my long-term thinking, which in part drives my current investment thinking. There is no better portfolio manager thinker I have known than Peter Lynch, who produced a stellar performance

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