By proceeding, I acknowledge that I have read and understood the Disclaimer, Performance Reporting Disclosure and Copyright Statements .

Dear Clients,

Happy New Year!

I am busily preparing my Year End Update along with your performance reports and fee statements. I’ll try to get them out by Friday so you should receive them by early next week. In the interim, I wanted to report on your account performance on a YTD and Quarterly basis:

Here is how my performance measured up to the averages on a YTD and QTD basis:

PORTFOLIO	Q4 Return :	YTD Return
Core Portfolio	8.0%	12.5%
Focus Portfolio	11.3%	11.0%
S&P 500 (VFINX)	(3.4%)	5.4%
NASDAQ 100 (QQQQ)	(0.4)%	19.0%
Benchmark	0.9%	8.5%

The second half of the year has been good for your accounts. While the market has been sideways to down, you’ve enjoyed considerable appreciation in your accounts.
I think we are in the early innings of a protracted correction and if the trends in volatility and inflation continue coupled with a slowing economy, my strategy should continue to provide some nice gains.

There are numerous indicators that are suggesting that ’08 will be unkind to equities, which I’ll cover in-depth in my Update. My goal for the year is to generate some significant returns in your account while protecting you from losses in equities and other vulnerable spaces in the capital markets.

As always, please do not hesitate to call me if you have any questions or concerns regarding your account.

All the best,

Matt

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