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The Pensford Letter - 1.16.12

The Pensford Letter - 1.16.12

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Published by Pensford Financial

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Categories:Business/Law, Finance
Published by: Pensford Financial on Jan 17, 2012
Copyright:Attribution Non-commercial

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01/17/2012

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 M_ Hdbginb3?5&<<3&><<? djjnh` mp"hdbginbOp`bxjdqejnbkbhnki"hdf sss"p`bxjdqejnbkbhnki"hdf
 I`z`inbc ul` _ik~nbc Jn`ie 
Mkbkq~ ;:) 1?;1TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
Nb slku nx xq`i~ ud a` bdfnbku`e jdq ’Sdqxu G`pu X`hq`u dj ul` B`s ^`kq‖) X*_
edsbcqke`e bnb` @qd}db` hdbuqn`x) fdxu bdukai~ Jqkbh`" Jqkbh` idxu nux KKK qkunbc)Nuki~ kbe Xpknb s`q` edsbcqke`e usd bduhl`x) slni` _dqucki kbe H~pqx s`q`
edsbcqke`e ud ’mbg‖ xukux" X*_=
Nuki~ kbe Xpknb kq` pkqunhikqi~ pqdb` ud ul`qnxg dj k xee`b e`u`qndqkundb nb fkqg`u hdbenundbx"
Nuki~ nx ul` ulnqe ikqc`xu adbefkqg`u nb ul` sdqie) xd nfkcnb` slku xdqu dj nfpkhu kb Nukinkb e`jkiu sdie lkz` dbhq`enu fkqg`ux"
Ul` q`fknbnbc KKK„x nb @qdp` kq` C`qfkb~) Jnbikbe) B`ul`qikbex) kbe
I|`fadqc"X*_=
Udek~#x qkunbc khundbx kq` pqnfkqni~ eqnz`b a~ dq kxx`xxf`bu ulku ul` pdinh~nbnunkunz`x ulku lkz` a``b ukg`b a~ @qdp`kb pdinh~fkg`qx nb q`h`bu s``gx fk~ a`nbxjjnhn`bu ud jii~ keeq`xx dbcdnbc x~xu`fnh xuq`xx`x nb ul` `qd}db`" Nb dq zn`s) ul`x`xuq`xx`x nbhie`= ,;. unclu`bnbc hq`enu hdbenundbx) ,1. kb nbhq`kx` nb qnxg pq`fnfx jdq ksne`bnbc cqdp dj `qd}db` nxx`qx) ,8. k xnfiukb`dx kuu`fpu ud e`i`z`q a~cdz`qbf`bux kbe ldx`ldiex) ,5. s`kg`bnbc `hdbdfnh cqdsul pqdxp`hux) kbe ,0. kb dp`bkbe pqdidbc`e enxpu` kfdbc @qdp`kb pdinh~fkg`qx dz`q ul` pqdp`q kppqdkhl ud
keeq`xx hlkii`bc`x"‖
 Ul` @HA nbu`qz`bundb fk~ lkz` pq`z`bu`e k fdq` xncbnjnhkbu edsbcqke`=
’Ul` @HA lkx
nb dq zn`s ukg`b xuqdbc f`kxq`x ud kzdne k xncbnjnhkbu edsbuqb dj ul` hqnxnx) lkxcq`kui~
kii`znku`e ul` jbenbc hqnxnx dj ul` akbgx)‖
X*_ xkne"
’Jdq ul` unf` a`nbc ul`~
lkz` lke k hdbxuqhunz` qdi` u
lku ul`~ pik~`e"‖
 Ulnx snii lkz` xdf` b`kq&
u`qf nfpkhu db ul` @JXJ) au edb„u jdqc`u ulku ul` @XF
,@qdp`kb Xukaninu~ F`hlkbnxf. nx ul` p`qfkb`bu q`pikh`f`bu dj ul` @JXJ ,slnhl skx ku`fpdqkq~ xdiundb. kbe nx xppdx`e ud a` p kbe qbbnbc a~ Mi~ dj ulnx ~`kq" Ulnxxldie fnuncku` ul` nfpkhu dj ul` Jq`bhl edsbcqke`"
I`u„x jkh` nu) nj ~d„q` q`kenbc kadu k iddfnbc Jq`bhl edsbcqke` nb ul` _`bxjdqe I`uu`q 
nb Kcxu 1?;;) ul`b fkqg`ux lke kiq`ke~ pqnh`e nu nb &
s` kq`b„u `|khui~ db ul` huunbc
`ec` dj jnbkbh
nki ekuk+ Ulku„x sl~ sl`b s` nbhie` cqkplx ing` Jq`bhl HEX dq ;?~q 
cdz`qbf`bu ~n`iex) ul` fkqg`u nx u`iinbc x k edsbcqke` nx hdfnbc"
Ulnx skxb„u k xldhg 
ud ul` fkqg`u"Nb jkhu) ulnx hdie a` zn`s`e kx k xinclui~ pdxnunz` `z`bu xnbh` nu `infnbku`x bh`quknbu~kbe skx infnu`e ud k db` bduhl edsbcqke`" Kju`q hdfnbc du jqdf be`q lnx e`xg kbe
 
 
 puunbc ksk~ lnx slnu` lkbeg`qhln`j) Jq`bhl _F Jniidb xkne ’Ulnx e`hnxndb nx k skqbnbc
ulku xldie bdu a` uqb`e nbud k eqkfk kb~ fdq` ulkb nu xldie a` be`q`xunfk
u`e"‖
_`qlkpx fdq` hdbh`qbnbc nx ul` jkhu ulku kadu lkij dj @qdp` lkx a``b edsbcqke`e kbe;0 dj ;3 hdbuqn`x q`fknb db b`ckunz` skuhl" Ulnx nx kb nbhq`enai~ p`qzkxnz` nxx` khqdxxul` `bunq` hdbunb`bu snul bd xldqu u`qf xdiundbx"
X*_„x ukg` db fi
un&bkundbki jnbkbhnki `bunun
`x= ’
Jdiidsnbc dq pikh`f`bu dj ul` qkunbcxdb ul` `qd}db` xdz`q`ncbx db Hq`enuSkuhl nb E`h`fa`q) s` kixd pikh`e k bfa`q dj xpqkbkundbki `bunun`x db Hq`enuSkuhl snul b`ckunz` nfpinhkundbx" Ul`x` nbhie`e) kfdbcdul`qx) ul` @qdp`kb Jnbkbhnki Xukaninu~ Jbe ,@JXJ.) ul` @qdp`kb Nbz`xuf`bu Akbg ,@NA.) kbe ul` @qdp`kb Pbndb#x dsb jbenbc pqdcqkf"
S` kq` hqq`bui~ kxx`xxnbc ul`hq`enu nfpinhkundbx dj udek~#x `qd}db` xdz`q`ncb edsbcqke`x db uldx` nbxunuundbxkbe snii painxl dq peku`e hq`enu zn`s nb ul` hdfnbc ek~x"
 Uqkbxikundb= ul` @JXJ nx kadu ud a` edsbcqke`e) pqdakai~ Fdbek~ dq U`xek~"
 
Db` z`q~ nfpdqukbu ~`u bf`bundb`e hdbh`qb kqdbe ul` @XF nx ul` jkhu ulku @qd}db` pdinh~ fkg`qx hdie cnz` nu pq`j`qq`e hq`enudq xukux nb ul` `z`bu dj @qd}db` xdz`q`ncb e`jkiu" Sdie ~d a~ xdz`q`ncb adbex nj ~d hdie a`hdf` xadqenbku`e 
ud ul` @XF ku xdf` pdnbu edsb ul` qdke4 Dq nj ~d kq` jdqh`e ud ukg` ul` @XF„x u`qfx
 jdq k q`xuqhuqnbc4 Fdq` ake b`sx
 ‘ 
 
ulnx pqdakai~ nxb„u ul` ikxu qdbe dj hq`enu qkunbc hux"
Db Jqkbh`)
X*_ xkne ’s` a`in`z` ulku ul`q` nx ku i`kxu k db`
&nb&ulq`` hlkbh` ulku s` hdie ids`q ul`
qkunbc jqul`q nb 1?;1 dq 1?;8"‖ Nb Xpknb) bdjjnhnki b`fpid~f`bu bfa`qx xcc`xu
ul`nq `hdbdf~ idxu 5??g mdax ikxu fdbul) ul` fdxu xnbh` ul` I`lfkb hdiikpx`" Xldie ul`djjnhnki q`i`kx` xppdqu ulnx ,e` Mkb 13.) Xpkbnxl b`fpid~f`bu sdie qnx` jqdf 1;"0%ud 18"8% nb mxu db` {kqu`q"
Jnbkii~) db ul` @qd}db` kx k sldi`) X*_ xkne ’s` `xunfku` k 5?% pqdakaninu~ ulku k
e``p`q kbe fdq` pqdidbc`e q`h`xxndb hdie lnu ul` @qd}db`) snul k ing`i~ q`ehundb dj 
`hdbdfnh khunznu~ dj ;"0% nb 1?;1"‖
 
Kbe ul` l`ke dj X*_
x xdz`q`ncb qkunbcx xkne l` `|p`hux Cq``h` ud e`jkiu xldqui~
"Ul` @qdp`kb hqnxnx nx ulq``&pqdbc`e=;"
 
Akbgx kq` nbhq`enai~ nbxdiz`bu) snul 8?| ul`nq hkpnuki nbz`xu`e nb @qdp`kbxdz`q`ncb e`au1"
 
Ulnx xdz`q`ncb e`au nx bdu
qnxg&jq``
ku kii8"
 
Ul` hdffdb hqq`bh~ ,`qd. pq`z`bux nbenzneki `hdbdfn`x jqdf pqnbunbc ul`nqsk~ du dj ul`nq xuqcci`x"
 
 Ul` @HA `u ki lkz` uqn`e ud q`pinhku` ul` J`e
x kppqdkhl ud ul` 1??< jnbkbhnki hqnxnx)a~nbc p xdz`q`ncb adbex ,bkf`i~ Cq``h`." Ulnx kppqdkhl sdqgx jdq k in{nenu~ hqnxnx)hq`kunbc k fkqg`u sl`q` bdb` `|nxux" Ul` J`e
x kppqdkhl akxnhkii~ adclu ul` akbgxxdf` unf` kbe k j`s ~`kqx iku`q ul` akbgx lkz` ul` fdxu hkxl db lkbe `z`q"Ulnx kppqdkhl ed`x BDU sdqg jdq k xdiz`bh~ pqdai`f" Ul` hdbuqn`x kq` kiq`ke~nbxdiz`bu) xd a~nbc ul`f unf` ed`xb
u q`xdiz` kb~ulnbc ,iddgnbc ku ~d Cq``h`."Kxu`qnu~ f`kxq`x kidb` edb
u sdqg a`hkx` nu hq`ku`x k znhndx h~hi` sl`q` ul``hdbdf~ xlqnbgx kbe ul` pknb sdqx`bx" Ul` s`kg `hdbdfn`x b``e ud qb k uqke` xqpixkbe slku
x ul` a`xu sk~ ud ed ulku nb xldqu dqe`q4 S`kg`b ~dq hqq`bh~" Au ulku
x bdukb dpundb snul k hdffdb hqq`bh~ ing` ul` `qd"C`qfkb~ qnclujii~ ed`xb
u skbu ud uqb db ul` pqnbunbc pq`xx`x kbe akhg k aknidu dj ul``bunq` hdbunb`bu" Fnhlk`i Jhlx ,N hkb
u fkg` ulku p.) e`pu~ i`ke`q dj F`qg`i
x HEPpkqu~) xkne
N edb
u ulnbg Cq``h`) nb nux hqq`bu hdbenundb) hkb a` xkz`e"
 Ulnx nx ul` sk~ ul` `qd `bexUlnx nx ul` sk~ ul` `qd `bexUlnx nx ul` sk~ ul` `qd `bexBdu snul k akbc) au k slnfp`q
INADQ Duiddg
Anc JDFH f``unbc b`|u s``g ,bdu ulnx s``g. ulku snii q`z`ki ul` b`s jdqfku dj ul` J`ejdq`hkxux jdq nbu`q`xu qku`x" S` lkz` ud a`in`z` ul` jdq`hkxux snii xlds jiku J`e Jbex,kbe ul`q`jdq` INADQ. jdq usd ~`kqx dq fdq`) nbu`benbc ud fnfnh ul` nfpkhu dj kbkeenundbki qku` hu"
 Bdu`= dpundbx ,ing` hkpx. snii c`u fdq` `|p`bxnz` dz`q ul` b`|u s``g l`kenbc nbud ul` f``unbc" Nj ~d
„ 
 q` iddgnbc ku a~nbc k hkp) s`
„ 
 e `|p`hu ul`f ud a` i`xx `|p`bxnz` kju`q ul` f``unbc) qkul`q ulkb a`jdq` nu" Dj hdqx`) k qkpne e`u`qndqkundb nb @qdp` snii  fkg` dpundbx fdq` `|p`bxnz`"
 
Jn|`e Qku` Duiddg
@qdp`kb f`xx kbe Dp`qkundb Usnxu xcc`xu edsbskqe pq`xxq` db qku`x) pkqunhikqi~ 0~`kqx kbe i`xx" Au idbc`q u`qf Uq`kxq~x ,fknbi~ 8?U) au ;?U kx s`ii. kq` qbbnbc`z`b snul l`keinb` nbjikundb) xd xdf`ulnbc lkx ud cnz`" Snul e`au ud CE_ qkund ku ;??%kbe k jiks`e pdinunhki$jnxhki akhgeqdp) hkb idbc&u`qf PX adbex a` hkii`e ul
` ’qnxg 
&
jq``‖
qku` kb~fdq`4

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