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To “Know” or not to “Know”

August 23, 2007
Kurt Fritz

I’m not a Greek scholar. In fact, I have never taken a course in Greek and I bombed out of a Spanish class in college. Yet, this weekend I was struck by a very interesting talk involving two Greek words – Oida and Ginosko. Both of these words mean roughly – “to know”. When one says they have seen something or have a basic understanding of how to do something that is Oida. Ginosko means to have a deep internal knowledge of something or someone, knowledge gained through hands‐on participation or interaction. In your heart and soul it actually becomes part of you. So what’s the connection to bonds you may be saying? I’m getting to that right now…you Oida??

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Market Alert: A Time to be Greedy?

August 17, 2007
The Disciplined Investor®

A Warren Buffett quote that we used in the past is, “Be fearful when others are greedy and greedy when others are fearful.” At the time we were fearful, as we saw the market as too greedy, observing spreads in both the interest rate risk and credit risk arenas that seemed very tight, with some at all‐time lows. At the same time, we were bemoaning the fact that there was no market volatility and hence not a lot of great opportunity.

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The July 2004 ‐ 2007 Three‐Year Look‐Back®

August 14, 2007
The Disciplined Investor®

Our chief objective is to partner with you along the Path of Great Performance. We view great performance as a relative matter of peer out performance. Two clear ways we follow this path is by investing in the right sectors and combinations thereof, and also by avoiding poor sectors via divestment or by steering clear of poor risk/rewards as investments.

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Radian Rating Update

August 1, 2007
Robert P. Livingston

As the ramifications of the subprime mortgage meltdown continue to bubble to the surface, it is becoming apparent that no market is immune from the damage. That was evident yesterday in the municipal bond market as Radian Asset Assurance Inc.’s insurer financial strength rating was placed on “rating watchnegative” by Fitch Ratings. As part of this rating watch, Fitch also placed ratings watch-negative on the 934 municipal bond deals that Radian insures. The Fitch ratings watch was directly related to the announcement by Radian that they were writing off all of their investment in Credit-Based Asset Servicing and Securitization LLC(C-Bass). C-Bass, a joint venture between MGIC Investment Corp. and Radian, is an issuer, servicer, and investor in subprime mortgages.

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