I have been following your letter religiously for the past four years. I value your opinions, knowing they are truly independent and not beholden to a mutual fund or investment bank. Your ability to recognize, and put out actionable advice during market extremes is unique in my experience.

Your recent (TLT) long recommendation was a great example. On the heels of the sharp August sell-off, when CNBC and co. worried (TLT) was going to 112 and points below, you advised going long based on your IRA account suggestions, I chose the (TLT) October, 2012  $122 calls at $2.76 and then sold them at $4.90 only eight days later for a 77% profit.

On a related note, I’ve learned a great deal about reducing portfolio complexity, how to structure and execute conservative trades and manage risk based on your advice and recommendations. Please keep up the great work!


Kevin Murtaugh


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