Headline Of The Week:

"Hedge Fund withdrawls surge to $43B in September" -FT

I know, I know... we had this call 9 months ago... so I will let the media take it from here.

However, one quote comes to mind when I think about all of the pushback that I got from the said industry savants:

"Nobody is thinking of you... unless you tell them about their faults...
Then you can be sure that they are thinking about you...
They are thinking about killing you!"
-Roger Rosenblatt (PBS and Time Contributor)

I, and many of you, have been overpaid to analyze industries with a fine tooth comb. Why it was so contrarian to take a step back and analyze our own industry from a supply perspective will remain a question in my mind for the rest of my life.
KM