THE BULL ROARS BACK As hard as it is to be patient with your portfolio when the market is dropping, sometimes it is even harder to stay patient when the market begins to recover. It has been only six weeks since the Dow Jones Industrial Average made it’s recent low on Monday, March 23rd, a 38% drop below the 2020 high of the year a month earlier. Since then we have experienced one of the most spectacular recoveries in history, with the market recovering over half of the previous fall. In comparison, after the historic 2008-09 market crash, it took almost ten months to recover 50% of the crushing losses. As I pointed our in our February 29 letter, computer trading appears to be causing the

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