The market has had a lot thrown at it over the past month, and it has taken a toll; our Cabot Tides have turned negative since the last Letter as the market sank following Japan’s disaster. However, the damage hasn’t been great, and we’re already seeing signs of support. For now, you should remain relatively defensive, but keep your eyes open for a resumption of the bull market. In tonight’s Letter, we update you on the Model Portfolio, and on page 3, we share our watch list of stocks we might add should we get a green light in the days or weeks to come. And on page 5, we compare the current environment to a similar decline almost exactly four years ago -- we think it’s an interesting discussion. As always, we’ll let you know if we have any changes in the days ahead, but for now, open up tonight’s Letter for all our latest thoughts.
