PERFORMANCE ANNOUNCEMENT

As Of: March 31, 2003

Opportunity Is Knocking

Drop the excuses and perform like a pro.

      In sports, in business, in life, one of the best pieces of advice when difficulties arise is "Go back to basics". Although the war with Iraq is a tremendous distraction, the principles of successful investment haven't changed. Those people sitting on the sidelines, blaming poor investment performance on a lousy market environment, are missing a rare opportunity. Periods of confusion and market volatility are notable for pricing inefficiency. Inefficient pricing is a wonderful opportunity for those who can recognize value. This is the time to apply logic and basic investment principles to cut through "the fog of war" and profit from other peoples confusion.

      The past year has presented tremendous opportunities for those willing to sell short, willing to buy put options, and willing to write covered calls. It has been an exciting time to acquire good stocks cheap by writing naked put options; and option volatility spreads have worked like a charm. Even for those investors who don't deal in futures, options, and short selling, there have been numerous opportunities for trading on the long side of the market (assuming one has the fortitude to optimize market volatility and take profits when appropriate).

      In short, this is not a time to be sitting around staring blankly at the TV. This is not a time to be moaning about the terrible state of the economy, and the dreadful market. This is a time for action. Go back to basics. Build a plan, and act! Time is money. The future belongs to those who are willing to make something of it.