Following two consecutive strong weeks, our portfolio handed out the worst one-week
return so far (0.16%), far worse than the S&P 500 Index (0.86%), the Dow Jones Industrial
Average (1.10%), or the S&P 500 Financials Sector index (1.08%). Consequently, the portfolio’s
six-week and three week returns lagged farther behind S&P 500 Financials (13.90% vs. 15.03%, and 5.39% vs. 6.97%, respectively), which justifiably were in line with the level of risk we
assumed while the past one-week return was indeed very weak.