We present the Baseline Portfolio as of the end of the year 2009. Note that it has been stable as regards to annualized gains since July. Frankly the stability of the gain is quite interesting. This implies that the core economic elements which compose this Baseline Portfolio are continuing to sustain themselves. In effect, the market for the core has returned to some form of stability since early July. As for 2010 there are still concerns outside of the core. Commercial Real Estate and High Yield debt laden companies are the focus in 2010. We anticipate unemployment still to peak at 10.5% and we expect the national security issues will drive much of the discussion in 2010, an unexpected turn for the current Administration.
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