In this Issue: • Opportunity Knocks When Markets Are Rocked: Credit market turmoil creates a longer-term buying opportunity in European equities. •Intelligencer: •The Observatory •Rising & Falling Stars •Never Take Council of Your Fears: •Where to Stash Your Cash: With interest rates on short-term Treasuries plummeting, we searched for higher-yielding places to stash your cash. •Bonds in the Wake: Given the increasing volatility in the equity markets, should investors move more assets into the safe haven of bonds? •Small-Caps That Wear Two Hats: These small-cap stocks have a strong combination of growth and value characteristics. •Small/Mid-Cap Growth Portfolio: We are bullish on Choice Hotels' decision to expand into upscale markets. •Top Ten Portfolio: This focused list, launched December 31, 2001, posted a total return of 61.7% from inception through August 29 vs. a gain of 41.1% for the S&P 500. Some of the Companies featured:
Abercrombie & Fitch
AMERICAN REPROGRAPHICS
AnnTaylor
BASF
Burger King
Carlisle
CARTER'S
CHOICE HOTELS
Forest Oil
Hologic
JACOBS ENGINEERING GROUP
Manitowoc
McDonald's
Procter & Gamble
QLOGIC
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