In his letter to shareholders, Richard Aster commented about economy, stocks, oil prices and housing: The best performing sectors during the second quarter included biotechnology, home construction and energy. Computer services, paper and steel stocks were among the worst performing sectors. Corporate profits are expected to grow ten percent in 2005. The main risks to sustained economic growth, in our opinion, are further increases in the price of oil, or a bust in thehousing market. We believe that the price of oil will level off or decline from the current level. Housing prices are at risk, in our opinion, but we believe it will take a meaningful rise in interest rates before prices fall substantially. Our outlook is for continued but more modest GDP growth throughout 2005 and into 2006.