April 2008 Issue

No Recession Yet…

The clear #1 tonic for the U.S. economy and the stock market is tax cuts–tax cuts on personal and corporate income, dividends, and capital gains. As history has shown, the Bush tax cuts have been a huge success. Presidential candidate McCain would extend the Bush tax cuts.

A Spending Maverick

Originally, Senator McCain, hoping to gain leverage for spending cuts, voted against the tax cuts. But the Senator’s economic advisory team, which includes Steve Forbes, Jack Kemp, and Phil Gramm, all of whom are thoroughly conservative, will keep Senator McCain on a tax-cut track. I just spoke with Mr. Forbes in some length and can assure you that Steve Forbes’ inclusion is a huge plus for candidate McCain. The Senator, of course, needs no help on the spending side. He has a long history as a maverick and a fierce foe of excess spending. Our #1 concern—our nation’s security and the ongoing battle against radical Islamic terrorism—is Senator McCain’s strong suit.

Senator Obama (still the clear delegate leader) is frighteningly weak on both national security and the economy. The Senate passed a warrant-less wiretap bill for overseas terrorists (see www.richardcyoung.com). This bill is an absolute must, but Senator Obama was against it. As for the economy, the Senator is opposed to the Bush tax cuts, which he refers to as “tax cuts for the rich.” He is off-base and is promising income redistribution. Here we go.

Recession—Touch and Go

Our economy is struggling, but it has not yet entered recession. My charts (on pages 1 and 2) will tell us when a recession is in place. Eight of the 10 charts do not yet indicate recession.

For many, 2008 will have the feel of a depression; for others, the feel of prosperity. It’s a split deal. Higher gas prices and the speculative housing sector mess are combining to clobber many Americans. But exports are booming, and American factories remain busy. Look closely. My charts on industrial production, non-defense capital goods new orders, and employment each signals continued economic expansion. My two employment charts show that workers remain busy down on the shop floor. It would be an historical oddity for recession to begin before the average weekly hours indicator fell below 40.7 hours. Initial unemployment claims would soar in a recession—not yet the case. Finally, Young Research’s Moving the Goods index still looks OK.

Meet Rep. Mike Pence

If you are unfamiliar with Indiana conservative Rep. Mike Pence and the Republican Study Committee, get up to speed at www.richardcyoung.com. I like Rep. Pence as a candidate for vice president. I write to conservative business owners and investors who are saving for a comfortable retirement or are already retired. I cannot think of any other elected individual with your interests more at heart than Mike Pence. You’ll also find info on a number of Dick Young’s Illusions, Delusions & Distractions, including statin drug (Pfizer) overuse, global warning, and corn-based subsidized ethanol at www.richardcyoung.com.

Drive Oil Prices Down

The stock market, the U.S. economy, and U.S. Homeland Security would all benefit from a return to late 1990s’ levels of below $11/bbl for oil. This should be our top priority. Drive the price of oil through the floor, and Iran, Saudi Arabia, Senior Chavez, and smart guy Putin and the Russians will all go into reverse gear at light speed. In coming months, I’ll unfold my detailed plan. Companies like A123 Systems (leading-edge lithium-ion battery technology), Shai Agassi’s electric car, carbon fiber/lighter autos, and cellulose ethanol can all play a part. GM’s concept of the Chevy Volt will use a lithium-ion battery. For someone who drives less than 40 miles a day, the Volt will use zero gasoline and produce zero emissions.

Pfizer Ads Pulled

Pfizer (I don’t advise) has had to pull its dangerously deceiving Lipitor ads featuring Dr. Robert Jarvik. With my inference reading platform, I focused on this issue in Intelligence Report way back in August 2006. BusinessWeek wrote on January 28, 2008, “To spare one person a heart attack, 100 people had to take Lipitor for more than three years. The other 99 got no measurable benefit.” I’ll pass on Pfizer.

Carret & Schloss

Two of my favorite investors in the world are the late Phillip Carret and Walter Schloss, each of whom I quote from Forbes interviews. From Carret: “Investing genius consists of one part patience and one part compound interest.” On Schloss: “He has never owned a computer and gets his prices from the morning newspaper. A lot of his financial data come from company reports delivered to him by mail, or from hand-me-down copies of Value Line.”

Here’s Your Big Play

The aging U.S. infrastructure is in dire need of attention. Our infrastructure is not being properly maintained by the federal, state, and local governments who own it. On the American Society of Civil Engineers infrastructure report card, our roads get a D, our airports a D+, and our bridges a C. Our infrastructure is being neglected because federal, state, and local governments lack both the funding to make the necessary expenditures and the political willpower to raise taxes to pay for needed infrastructure improvements. As a result, the projected funding gap for infrastructure in the United States over the next five years is $1.6 trillion. And the federal Highway Trust Fund will be insolvent sometime in 2009 if changes are not made.

You can’t blame the politicians in this instance though. Raising property taxes when real estate values are failing or jacking up excise taxes when oil prices are at an all-time high is a political impossibility. And even when real estate prices are rising and gasoline is cheap, raising taxes to fund infrastructure projects is a tough sell. We are talking about an electorate with an attention span of a few seconds. Infrastructure projects take 20 to 30 years to benefit citizens. The folks who pay higher taxes today might not even be around by the time an infrastructure project is finished.

The Great Discovery

Opposition to higher taxes and necessary spending will force the U.S. to discover what the rest of the world figured out long ago. The solution to vast infrastructure funding gaps is to bring in private capital. Private ownership of infrastructure assets is already common in other parts of the world. In Australia and Europe, private ownership of infrastructure is widespread. Europe began to privatize infrastructure in the 1980s and Australia accelerated the trend in the 1990s.

You Want Infrastructure Assets

Infrastructure assets are extremely attractive from an investment perspective. The barriers to entry are high, returns are fairly predictable, and consistent customer demand results in sustainable and growing cash flows that are usually inflation-adjusted. What’s more? Decades of public management (or mismanagement) leave lots of room for private enterprise to improve efficiency.

Private management of public infrastructure assets is a mutually beneficial arrangement. When a government decides to monetize a toll road, for example, ownership of the toll road remains in the hands of the government. Contracts are structured as long-term leases with guaranteed annual revenue increases that are usually equal to a low single-digit growth rate or inflation, whichever is greater. With revenues relatively fixed, the private operator has incentive to minimize cost and maximize volume so that profits can be maximized. To cut down on labor costs, a private toll road operator may jettison public employees with bloated salaries and benefits packages and install electronic tolling equipment. To increase volume, the private toll operator may offer better service to customers. Some private toll operators may offer free towing when a driver’s car breaks down. Everybody wins when infrastructure assets are privatized. The government gets a fat check to fund non-infrastructure programs, service for citizens who use infrastructure improves, and the private enterprise that manages the infrastructure assets earns a reliable stream of cash flow.

Super New ETF

When you invest in infrastructure, I want you to focus on developed countries where contracts are enforceable and the rule of law is followed. A new ETF from iShares allows you to invest in a global portfolio of mostly developed market infrastructure companies. The iShares S&P Global Infrastructure ETF (IGF) invests in 75 infrastructure companies from around the world. Some of the fund’s more interesting holdings include Atlantia Spa, Auckland International Airport, and Forth Ports. Atlantia is an Italian company that develops, constructs, and manages toll roads. Auckland International Airports owns and operates the Auckland International Airport in New Zealand. The company generates revenues from aeronautical activities and other charges and rents associated with operating an airport. Forth Ports is a U.K.-based port operator that runs a group of regionally based ports in the central belt of Scotland and Tayside.

Top 10 Common Stock Countdown

(1) Coca-Cola (NYSE: KO): You can buy Coca-Cola today at a deep discount to trend and off of its recent 52-week high. Coca-Cola is a long-time fixture on my Monster Master List and a frequent Top Ten stock. The beverage business generates heaps of cash that allow Coke to return big money to shareholders. Coke’s five-year-average shareholder yield, dividends plus share buybacks divided by the market capitalization, is 17.7%. Coke has paid a dividend every year since 1893 and increased dividends for the last 45 years. And Coke still has plenty of opportunity to grow. In the last 12 months, operating income was up 39% in Emerging Europe and West Asia, 26% in Latin America, 17% in Africa, and 10% in the EU.

(2) Federated Investors (NYSE: FII): Over the last twelve months you are up 24% in FII. Year to date, Federated is holding up better than the broader market. Federated’s leading money market business counterbalances the volatility in earnings from the company’s equity mutual fund business. Federated’s $236 billion in money-market assets is responsible for 49% of revenues and 78% of assets. My price chart shows Federated Investors’ price climbing with a series of higher highs and higher lows.

(3) Kinder Morgan Energy Partners (NYSE: KMP): Fortune named Kinder Morgan one of the “Most Admired Companies 2007” and #1 for “use of corporate assets” and #2 for “quality of management.” Richard Kinder, the CEO and largest individual shareholder, manages the company for a measly annual salary of $1. Kinder earns money on the KMP units that he owns. His interests are directly aligned with yours. If you do not make money, he does not make money. And while the environmental crowd is in panic mode over growing levels of carbon dioxide in the atmosphere, KMP is putting the gas to use. KMP pumps carbon dioxide into aging oil fields to increase production and extend their useful life. KMP is the leader in this business and now delivers over 400 million cubic feet of carbon dioxide per day. My price chart shows a powerful breakout for KMP shares.

(4) Peabody Energy (NYSE: BTU): Peabody is the world’s largest coal company with nine billion tons of mostly low sulfur, high-energy-content coal reserves. Peabody has a big presence in the U.S., but the coal miner is increasingly becoming an international powerhouse. Peabody’s Australian coal assets are ideally located to benefit from increasing coal demand from China and India. My rate-of-change chart for Peabody shows rising positive momentum.

(5) J.M. Smucker (NYSE: SJM): Smucker’s natural peanut butter is a tasty and healthy alternative to the more popular fructose-packed peanut butter that dominates the spreads aisle. But anyone who has eaten Smucker’s natural peanut butter knows that oil and peanut butter separate. If you aren’t careful, when you mix the oil back into the peanut butter, you get oily peanut butter blobs all over your counter. To avoid the mess, you can buy a natural peanut butter mixer available at www.smuckers.com. This nifty little device screws on the top of the peanut butter jar and mixes the oil back into the peanut butter without any splashing or sloshing. My rate-of-change chart shows Smucker’s stock rising off a probable low. Buy.

(6) Canadian Pacific (NYSE: CP): The evolving landscape in the energy industry is driving growth in the railroad industry. Surging ethanol production and Canadian oil sands production are at the forefront of this trend. CP is positioning itself to benefit from these emerging secular trends. CP recently acquired Sioux Falls-based DM&E Railroad. DM&E’s track cuts right through the ethanol belt and ends in Wyoming’s coal-rich Powder River Basin. In Canada, CP is preparing to build track into the heart of the Canadian oil sands. My price chart shows a powerful resurgence in the price of CP after a period of consolidation.

(7) Alliance Resource Partners (NASDAQ: ARLP): The simple facts of coal are that it’s here, and there is a lot of it. Coal can be found in 38 of the 50 United States. Recoverable reserves in the U.S. are more than 296 billion tons, equivalent to 266 years of reserves at the 2006 rate of consumption. Production disruptions and surging demand in Asia are pushing coal to new highs. Demand for coal in the U.S. is also expected to pick up as 40 new coal power plants come online in the next few years. Alliance Resource Partners is the fourth-largest coal producer in the eastern U.S. and has 634 million tons of coal reserves. Buy ARLP below trend today.

(8) American Express (NYSE: AXP): My relative-strength chart shows AXP flat on its back versus the S&P 500. Today’s cyclically depressed price offers you an opportunity to buy a world-class financial services business at a temporarily depressed price. If you do not yet have a Platinum American Express Card, apply for one today. If you travel frequently, the platinum card is a necessity.

(9) Natural Resource LP (NYSE: NRP): NRP is the conservative investor’s play on coal. NRP is primarily a royalty business. The company owns land and collects royalties from coal companies that mine coal on NRP-owned property. As a royalty owner, NRP avoids the mining risk and legacy liabilities of coal miners. NRP’s royalties kick off relatively consistent and predictable cash flow that is paid out to unit holders on a tax-advantaged basis. Today you can buy NRP below trend and collect a 6.02% yield.

(10) Alico (NASDAQ: ALCO): Alico is Florida’s tenth-largest citrus grower. Diversification is a competitive advantage in the Florida citrus industry. A nasty hurricane can wipe out an entire year’s crop. Most Florida citrus farmers grow citrus on a single farm, but Alico grows citrus in two different counties. If a hurricane wipes out the crop in one county, Alico can sell citrus from the other crop at a much higher price due to a hurricane-induced supply shortage. That’s savvy planning. My rate-of-change chart shows Alico bouncing off the minus two standard deviations marker.

7.2% Yielding Infrastructure Company

For individual infrastructure stocks, I am adding Macquarie Infrastructure Company Trust (NYSE: MIC) to my Monster Master List. MIC is a U.S.-based infrastructure company with an attractive 7.2% yield. The company owns a diversified group of infrastructure businesses including an airport services business, a bulk liquid-storage terminal business, a gas distribution business, a district energy business, and an airport parking business. The airport services business owns 69 fixed-base operations (FBOs) at 66 airports throughout the U.S. and one heliport in New York. FBOs provide fueling and fuel-related services, deicing, aircraft parking, and hangarage. MIC’s FBO business is the largest in the U.S. The bulk liquid-storage terminal business owns big tanks that are used to store petroleum, chemicals, and vegetable- and animal-based products for customers. The gas distribution business is the only gas utility on the Hawaiian Islands. The district energy business provides steam and chilled water to businesses for heating and cooling systems. MIC’s airport parking business is the largest provider of off-airport parking services in the U.S. The monopolistic characteristics of MIC’s business are appealing to long-term investors. The competition is low, and the economics of the businesses are attractive. Buy.

A New Timber ETF

I am also adding a timber ETF and two closed-end funds to my Monster Master List. I am adding the Claymore/Clear Global Timber Index (CUT). I’ll have more on CUT for you next month. The closed-end funds that I am adding are BlackRock Real Asset Equity (ECF) and Tortoise Energy Capital (TYY).

BlackRock Real Asset Equity

BlackRock Real Asset Equity is a closed-end fund that invests in natural resources stocks. The fund trades at a 14% discount to net asset value (NAV) and yields 6.3%. BCF employs a covered call strategy to boost income on the fund. Among the fund’s top holdings are my favored Rio Tinto (NYSE: RTP), Xstrata (LONDON: XTA.L), and BHP Billiton (NYSE: BHP). Buy.

Check Out the Tortoise

Tortoise Energy Capital is a closed-end fund that invests mainly in pipeline Master Limited Partnerships (MLP). The pipeline business has outstanding economics. You lay pipe, pump some gas through the pipe, and charge a toll that increases at the rate of inflation. Labor requirements are minimal, maintenance capital is low, and barriers to entry are high. TYY offers some administrative advantages to direct MLP ownership. The fund can be purchased in tax-deferred accounts without incurring unrelated business taxable income. If you buy an MLP directly in a tax-deferred account you may be required to pay income tax on the distributions earned from MLP investments. In taxable accounts, TYY consolidates the multiple K-1s and potential state filings for individual MLP investments into one 1099 Form at the end of the year. Of course, you will pay an expense ratio of close to 0.95% for the luxury of these benefits, but the expense ratio is reasonable to avoid the added administrative burden. TYY currently trades at a modest premium to NAV. I do not want you to pay more than the NAV, so hold off on new purchases until the premium recedes. I also want you to wait to purchase the fund until the issues in the auction-rate securities market are resolved, since TYY uses leverage that is funded with auction-rate debt. I will advise on a future purchase of this fund.

What’s Up & What’s Down

In terms of due diligence and full disclosure, I believe that I am the only strategy report writer who invests 100% in investments from his monthly reports and announces major buys monthly. Since I last wrote to you, I have made significant purchases in Tweedy, Browne Value (TWEBX), iShares S&P Global Infrastructure Index Fund (IGF), and iShares MSCI Malaysia Index Fund (EWM). I have had no significant sales. The largest purchase that I’ve made year to date by a huge factor has been my addition to my Vanguard GNMA (VFIIX) holding. GNMAs carry the full-faith-and-credit pledge of the U.S. government. Simple is Sophisticated. I regularly advise that you turn to the last page of my Economic Analysis to carefully go over each of my most vital focus charts for conservative, comforting retirement investing. Chart #53 is a 50/50 mix of Vanguard Wellesley (VWINX) and Dodge & Cox Balanced (DODBX). Wellesley is one of my own largest positions. Wellesley is an ultraconservative fund of investment-grade bonds and dividend-paying, value-oriented, blue-chip stocks. The yield is about 4.3%. Wellesley has had only two declines (mini) in the last 15 years. And in each following year, the fund soared with gains of 28% and 16%, thus swamping the mini losses.

Gold is up big again year-to-date. streetTRACKS Gold Shares (GLD) is up 16.4%, American Century Global Gold (BGEIX) is up 19%, and the platinum-heavy Vanguard Precious Metals & Mining (VGPMX) is up 15.1%. More than 28% of Vanguard Precious Metals & Mining assets are invested in platinum producers. Platinum prices have spiked recently as a result of an electricity crisis in South Africa that has caused platinum production disruptions. South Africa supplies approximately 80% of the world’s platinum. The root of the electricity crisis is borne in South Africa’s aging infrastructure. The platinum spike is both positive and negative for platinum producers. Most platinum producers have been forced to cut production as a result of the power crisis, but rising platinum prices have somewhat offset the negative effects of lower production on platinum stocks.

Beyond gold and other natural resources, 2008 continues to be a volatile year for stocks. Positive international standouts are iShares Malaysia with a 0.5% return and Third Avenue International Value (TAVIX) with a 1.4% gain. Fixed income is also up year-to-date. Government-backed GNMA’s are up 1.5% and Dodge & Cox Income (DODIX) is up 0.6%. I continue to favor high-quality corporate bonds such as those in the Dodge & Cox Income Fund on the fixed-income side. Treasuries offer little value at today’s yields.

	2006 % Change	2007 % Change	2008 YTD % Change
Dow Jones 30 Ind.	19	8.9	-4.7
Dow Jones 15 Ut.	16.6	20.1	-7
Dow Jones Trans.	9.8	1.4	2.5
S&P 500 Index	15.1	5.5	-6.5
NASDAQ Comp.	10.3	10.5	-11.1
Value Line	11	-3.8	-7
Dodge & Cox Bal.	13.9	1.7	-4
Vanguard Bal. Index	11	6.2	-3.3
Wellesley Income	11.3	5.6	-1.9
Wellington	15	8.3	-2.3
Dow Diamonds Trust, Series 1	18.9	8.8	-4.8
Mutual Shares (Z-Shares)	18.4	3.3	-5.7
Vanguard 500 Index	15.6	5.4	-6.6
Vanguard Growth Index	9	12.6	-6.9
Vanguard Value Index	22.2	0.1	-6.1
Vanguard Equity Income	20.6	4.9	-6.2
Third Avenue Value	14.7	5.8	-6.5
Third Avenue Small-Cap Value	11.4	1.4	-2.4
Dodge & Cox International	28	11.7	-6.6
Fidelity Canada Fund	15	35	0.4
iShares Australia	30.8	28.3	-3.5
iShares Hong Kong	29.3	39.4	-13.1
iShares Singapore	45.8	27.9	-8.6
iShares Switzerland	30	5.5	-0.9
T. Rowe Price Japan	-5.7	-5.5	-6.1
T. Rowe Price Em Eur & Med.	34.7	27.9	-3.6
iShares Sweden	43.7	-1.3	-3.5
iShares Malaysia	36.4	44.6	0.5
Third Avenue International	17.1	3.4	1.4
Fidelity International Real Estate	42.9	-8.3	-4.4
T. Rowe Price Real Estate	36.8	-18.8	-2
Third Ave. Real Estate Value	30.2	-8.4	-5.3
Vanguard REIT Index	35.1	-16.5	-2.5
American Century Global Gold	26.8	14.8	19
iShares Goldman Sachs Nat. Res.	16.4	33.5	1.8
streetTRACKS Gold Shares	22	31.1	16.4
Fidelity Natural Gas	5.3	23.2	-4.3
T. Rowe Price New Era	17	40.7	0.6
Jennison Natural Resources	21.7	46.5	7
Vanguard Prec. Metals & Mining	34.3	36.1	15.1
Vanguard Inflation Protected Sec.	0.4	11.6	4.3
Amer. Century 2025 (US Treasury STRIPS)	-1.6	9.2	-0.6
Dodge & Cox Income	5.3	4.7	0.6
Vanguard GNMA	4.3	7	1.5
Vanguard High-Yield Corp.	8.2	2	-1.8

Here & There

The last time that I wrote to you about Chinese Internet use, the number was 160 million. It is now 210 million. Chinese exports in January grew nearly 27% year to year, versus the 18.5% forecast. The Chinese economy is on a tear. Nonetheless, the Shanghai stock index is down 15% year to date (YTD). Inflation is now a serious threat. China is short on clean air and water, and it ranks worst in the world in the World Bank’s filth index. Any slowdown in the economy and massive unemployment will loom. I look for big-time demonstrations at the Beijing Olympics. Avoid China.

Iraq’s neighborhood watch groups, “Awakening Councils,” now number 80,000 Sunnis. (How many are we paying?) And the Sunnis have driven al Qaeda out of key strongholds. Some murky progress has been made. The real problem in stabilizing Afghanistan is tribal complexity. The Economist figures that the 40% of Afghans who are Pushtans are divided among 60 tribes and 400 sub-tribes. Dizzying! Moreover, 30% of the country is Tajiks, with the rest a jumble of Hazaras, Uzbeks, Turkmen, and, well, you get it. It’s hard to know who is with you or against you, never mind the problem of the fast-regrouping Taliban. It’s a mighty complex stew for the next U.S. president. As basketball analyst Billy Packer is want to say during March Madness, “Senior leadership is required.”

Planning a Caribbean vicinity vacation? I think that I’d eschew Jamaica, El Salvador and Guatemala—countries with the three highest murder rates in the world. Speaking of murder, here at home Rep. Barney Frank is proposing a grandiose $15 billion government bailout of distressed homeowners. More Robin Hood economics and a real foul idea.

In case you missed the most recent inflation flash point, let me alert you to the fact that import prices soared 1.7% in January and were up nearly 14% from year-ago levels. The U.S. dollar is in the tank, with the dollar/euro exchange rate at a new high of 1.5194. My favorite gold coin (I also buy the rare 1982/1983 China gold Pandas) is the 24-karat American Buffalo one-ounce gold coin. For details, go to my brand-new personal lifestyle website, www.richardcyoung.com.

Year to date, Merck is down 20%, Microsoft 22%, Intel 25%, Google 29%, and Apple 40%. I own none, nor should you. How do you spell crash? Instead, check out my stock/bond/gold Peace Sign Portfolio results. It’s “the Financial Armadillo Portfolio Revisited.” Note the defensive properties. Not a single year with a double-digit decline. Keep this Armadillo display handy for easy reference, encouragement, and guidance.

Go to my Top 10 Common Stock Countdown for the stocks to add to your portfolio first. Beyond this stellar group, I most like the outlook for Schlumberger (NYSE: SLB), Weyerhaeuser (NYSE: WY), Tiffany (NYSE: TIF), PepsiCo (NYSE: PEP), William Wrigley (NYSE: WWY), FedEx (NYSE: FDX), Burlington Northern (NYSE: BNI), Norfolk Southern (NYSE: NSC), Caterpillar (NYSE: CAT), Unilever (NYSE: UL), T. Rowe Price Group (NASDAQ: TROW), McCormick (NYSE: MKC), and United Technologies Corp. (NYSE: UTX). Each of these Monster Master List stocks should serve you well.

In a 1957 National Review editorial, William F. Buckley, Jr. wrote, “The attempted assassination of Sukarno last week had all the earmarks of a CIA operation. Everyone in the room was killed except Sukarno.” R.I.P. William Buckley, and make it a good month.

Warm regards,

Richard C. Young

P.S. London mayoralty candidate Oxford-educated eccentric Boris de Pfeffel Johnson is an exciting conservative. Stay in touch with his efforts to dislodge “Red” Ken Livingstone.

P.P.S. I’m a huge omega-3 fan. The Hubbardston, Massachusetts’ Country Hen is the first to feed its chickens wild herring fish meal from Canada, which gives the eggs higher EPA, DHA and LNA omega-3 levels. Go to www.countryhen.com. Check out the Blu-ray DVD players, a super digital-era technology. The FBI now wants tattoo mapping, eye scans, and palm prints. Terrorism must be the defining factor for the elections this fall. Food prices will continue to soar, and the U.N. is now considering rationing food aid.

P.P.P.S. Go to www.richardcyoung.com for a link to my #1 choice for an elegant tour of Tuscany, my link to my personal Harley-Davidson technician, Young Research’s super timely new Distressed Securities & Takeover Candidates report service, one of the best books I’ve ever read on investing, my Fish from Fowl feature on the 2008 presidential election, and Day Jet’s great new southeastern air taxi service. And check out www.younginvestments.com neat new Global Insights lead page. Really terrific!

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