We are pleased to introduce our weekly email, the Friday Brief. It pulls together many of the numerous strands we're following to try to make some sense of this unique time in history. The old economy, the new economy, the markets, the Federal Reserve, the politics, all interact to shape this economy of ours. Understanding their implications forms the art and science of investing. In the Friday Brief we will share some of the news and events that shape our investment decisions as well as the rationale for recent buy and sell decisions. This letter is unusually long because we catch you up on the entire quarter. We will try to organize the Brief in such a fashion to facilitate a quick and efficient read. For those who prefer more detail, we provide articles and links to articles we find particularly useful. PLEASE read the American Spectator article at the end of this brief as it makes an excellent case for just what we need from our congress right now. Write your senators and reps if you agree.