North Growth Management - Investment management firm. Our position has not changed we remain cautious due to concerns regarding valuation levels and our belief that corporate earnings will remain under pressure for at least a few more quarters. Market sentiment does not yet appear to indicate a capitulation that tends to mark the end of a bear market.
Investors are overly eager to see some of the fallen angels return to past glories.
Although we can t predict the future, our orders for the first weeks of the quarter are in line with the expectations we discussed on our fourth quarter earnings call. Furthermore, management indicated that they did not believe we were at a bottom yet. I think it should be obvious that we do not agree with the rosy interpretations of John Chamber s comments that were widely disseminated by the financial press. Our commitment to our growth at a reasonable price philosophy has served the Fund particularly well over the past few years. Currently we remain cautious with regards to valuations.