Any more days like that and I'll have to replace my picture as I'm beginning to look like Hank Paulson (Bald with big bags under my eyes). Please find the text version of our quarterly bulletin - Change of Seasons. Today the markets finished down 350 points after being down as much as 800! It was a day that illustrates many of the points made in this bulletin exactly. We are clearly in the buy zone for an incredible opportunity. But the risks of taking a position, right here, right now are just too great for most investors. Once the current selling ends perhaps with a coordinated cut in central bank lending rates across the globe, we should see a massive move back into stocks kicking off the last rally of 2008. It will be one we don't want to miss and it might very well mark the beginning of a longer term bull market in stocks. Time will tell. Enjoy the quarterly bulletin which will be formally delivered in full color in the next week.