February 2007 Shareholder Letter
On January 2, 2007, the Al Frank Fund (VALUX) began its 10th year of operation. Despite the milestone, long-time shareholders will note that little has changed in this annual missive. And that’s because so little has changed with our investment strategy.
John Buckingham
The Rest of the Story
With the major market averages hitting multi-year or all-time highs in recent weeks, the nay-sayers have had to turn to new bogeymen to try to frighten investors into fleeing equities. The budget and trade deficits, the war in Iraq, the omnipresent threat of terrorism, the impact of rising interest rates, the bursting of the housing bubble, the slowdown in the growth of corporate profits and the backdating of options scandals have not done the trick, so the latest boo thrust upon the Street is the record level of debit balances held in margin accounts.
Letters from the Front
“We live in a society exquisitely dependent on science and technology, in which hardly anyone knows anything about science and technology.” And with that quotation from famed American astronomer and scientist Carl Sagan, we launched The Prudent Speculator Tech Value Report (TVR) 22 months ago.