Investment Recap Third Quarter 2003

The stock market gave investors further reason to cheer during the third quarter. Interest rates have stayed low, corporate earnings have been better than expected, and hedge funds and underinvested investors have felt pressure to buy stocks. Take together, these are powerful developments. When we look at individual stocks, we are still able to find attractively valued opportunities. Although stocks have moved up strongly and quickly, we cannot help but think that this market rally still has “legs,” perhaps, after a period of consolidation.