Note: this message is a periodical commentary about the market, world economies, and investment opportunities that come across our radar screen. The news and ideas discussed have a part in guiding our investment decisions and in the management of each and every one of the portfolios we manage. This is not a solicitation to buy or sell any securities nor is it a recommendation. I hope you enjoy this service. If you have any comments or questions, please let us know. If you would rather receive this commentary via e-mail, or not receive this update at all,  please contact us at:  postmaster@maringroup.com