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James CullenPortfolio Manager 
Winter Break Market Review &Winter 2009 Market Outlook
 
S&P 500 – Mid-November to Present
 
We Are All Long Financials
•“We Are Well Capitalized, We Are WellCapitalized… oh ----, uh, We Are Ready toWork with the Government.”•Bank of America (BAC, We Own)Receives $20 Billion to Avert Bankruptcy
 –Also Have Asset Guarantees on $118 Billion –Ken Lewis: The Ultimate Dip Acquirer? –Happy Trails, John Thain
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