Although we remain quite bullish on the market and world economies, it is becoming more and more difficult to find entities to invest in that represent a bargain and/or real value.

Also, there are times on the way up to the ultimate top in the market to gather a little fruit from your crop.  Many, many people forget why they bought stock to start with and simply fall in love with a particular stock.  The only purpose that matters with regard to a reason to own stocks IS TO MAKE MONEY.  You can only achieve this goal by selling stocks.  Real money is made by selling into strength and buying into weakness (as long as the up trend is in place—such as the present).

Barnard Baruch (my personal hero), who was financial advisor to presidents from Woodrow Wilson to F.D. Roosevelt, is credited with saying with regard to stock, "You take the 20% at the bottom and the 20% at the top and I will take the 60% in the middle". This makes so much sense that almost everyone agrees that it is the thing to do.  There is just one small problem—ALMOST NO ONE DOES IT.  Greed will always overcome fear and other common sense emotions.  How many times have you heard people say "I knew I should have done such and such, but I just could not bring myself to do it."  THINK ABOUT IT.

We do have some targets and some improving old targets to add to.  I personally spend a great deal of time digging to find where "all the bodies are buried." Sometimes there is just nothing there to find, however, quite often there is something there for all to find but so few are willing to look long enough, hard enough, or don’t know where to look to find the info that is so important in the investment decision.

The current move is expected to spend the next 60 to 90 days consolidating the recent gain and really take off big time in the fall.  This is the time that it is so important to fall planting.  There are few things that grow well in the fall—but there are some and the idea is to get them planted in a timely manner.

Next time I will go into the supply situation of common stocks vs. demand thereof.

Absolutely beautiful day in Montana.

Regards,

Jack