WHERE WE ARE HEADED 

The decline yesterday came with virtually no news to blame.  Earnings season begins in earnest over the next week and that will likely be the catalyst for further declines or a quick recovery of the recent losses.  Major market declines often come when the market is weak and vulnerable (now), when investors are already thinking about selling and a major event of some import occurs that leads many investors seeking the exit at the same time.  We continue to believe that a major market decline is in the cards at some time in the relatively near future, however, it is much too early to read too much into the current market weakness.  Investors should follow a disciplined approach to sell positions that have incurred declines that are greater than their comfort level and concentrate on preserving capital to fight another day.  Over the last 3 months, the market has certainly changed its character from last year and that is reason enough to be defensive in your investment thoughts. 

HOW WE ARE DOING

Suffice it to say that I did not pick Dayton to reach the Elite 8, nor U Conn to be national champions.  Accordingly, I did not win the $1 billion given away by Quicken and Warren Buffet.  In fact, of the 11 million entries submitted, no entry was perfect after 21 of the 63 total games.  It was definitely a wild tournament and, for me, that is what makes it so very interesting.  And how about those Vols!  I was proud (sort of) that I finished in 1,456,948 place!  We're # 1,456,948 has a nice ring to it but certainly was far out of the running for the $100,000 given to the top 20 finishers.  We hope your brackets fared better.  Not being an ardent baseball fan, I have entered into a sports purgatory for the next few months until the football season ramps up. 

I will be making a trip to Knoxville in the next few weeks, please let Sam or I know if you would like to schedule a meeting with either or both of us.  We hope you are enjoying the warmer weather and that your spring is off to a great start.

Sam and Bo

We continue to make posts to our blog throughout the week so check it regularly if you want to see our thoughts.  You can access it by following the link below.  

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THE GREATEST COMPLIMENT

In these uncertain times, a trusted financial adviser is more important than ever.  Whatever comes over the upcoming months and quarters, the markets are certain to have lots of volatility and wild swings.  Europe, the US economy and dysfunction in Washington, and continued trouble in Iran and the Middle East to name just a few.  If you have family, friends and neighbors that may benefit from our services, would you please forward this email and/or provide our contact information to them.  We purposefully do not spend time marketing our services so that we can devote all of our resources to managing your assets.  Thank you to all who have provided us referrals - it truly is the greatest compliment you can give us.      

Remember to visit our blog for market comments and observations in between newsletters.  We try to provide a few comments in between newsletters and certainly when there is a particularly interesting market day.  You can access it by clicking here. 

Published by Sam C. Bills, Jr.  Copyright � 2008 Bills Asset Management.  All rights reserved.

BAM Market Wrap is produced and distributed regularly via email by Sam C. Bills, Jr. of Bills Asset Management  3001 Flagstone Drive, Franklin, TN 37069 Phone (615) 371-5928 Fax (615) 250-4903 - www.Billsasset.com

Bills Asset Management  is an independent registered investment advisor (RIA) not associated with any financial institution.  Data used in this publication is gathered from reliable sources, although completeness and accuracy cannot be guaranteed.  Performance results do not take into account any tax consequences and are not predictive of future results.  This publication does not give any specific investment advice, does not provide financial planning services, or consider any individual's financial situation, needs or goals.  This publication may not be reproduced or retransmitted in whole or in part without the consent of the author, Sam C. Bills, Jr.

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