David Bulteel

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From Fund Selection 01 October 2005

By PWM Editor

“In spite of Hurricane Katrina, most equity markets have started September in good heart. Most bond markets, not surprisingly, have done the opposite. The summer rally reflected reasonable valuations and encouraging corporate earnings. Economic growth appeared to have weathered higher oil prices and picked up some momentum. The renewed rise in oil prices may dilute hopes of better growth, but might persuade the Federal Reserve to delay further tightening.”

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David Bulteel

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