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"In our opinion, this is the best way to achieve strong performance over the long-term. We feel that our focus on the underlying business and competitive position of each firm has served us well in the past and we anticipate it will continue to do so over longer periods of time. "
"Each period of contraction or expansion has variant root causes and consequences, some calculated while others unintended. In response to weak GDP earlier in the decade, the Federal Reserve aggressively cut interest to stimulate the economy. While necessary at the time, one unintended consequence, coupled with some creative risk management approaches on Wall Street, was the dramatic price increases in housing. A period of stability and euphoria in any asset class is often followed by a period of instability, as is currently the case in the housing and leveraged finance markets respectively. The U.S. economy has remained flexible and overcome past periods of weakness and we expect it to continue to do so over time."
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