Happy New Year

After a long break, not a lot to say about a panic crisis selling period that still last and that probably will last for some more months.

We remember that historically there is a sort of strong correlation between economic crisis and market reactions and that normally, in the past, equity markets have started to clib and re gain part of the losses about six month before the "official" END of each economic crisis.

Most economists forecast an end of the economic crisis at the beginning of 2010, that would mean a possible begin of the recovery of the stock markets in mid/end 2009.

A lot of money have been lost during last year and half. Value portfolio is reflecting the stock market, and so, it has lost a lot of money too.

This does not mean that we are scared or fearful face to the market, because we know, we trust in the cycles of the hisory and we have hope in the future.

It is not false retoric, it is what we have learnt about LONG TERM investment and what Buffet has always tought to us.

Be Greedy when the others have fear, and stay away when the others are greedy.

Now, it is out of any doubt, the "others" have a lot of fear.

During this 2009 Value Finance portfolio will keep investing in the market, finding good horses that in the future will run again, stronger than before because they will have survived at one of the worst economic and financial crisis.

Let me finish this post, a post of Hope, with my best wishes for a quick recovery to one of the Genious of the last century. I will finish with his most known and famous quote:

"Stay Hungry, Stay Foolish"

Steve Jobs