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    MARKET EDGES

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There is an article in the Boston Globe today titled,"Carl Icahn has hit the roughest patch of his hedge fund career."

Icahn's long term track record speaks for itself. It's a great one. That said, I have not been bearish on him until recent months where I have taken the appropriate amount of heat for calling it like it is. Timing in this business is everything.

The bottom line remains. "Concentrated Activist" investing really only outperforms in bull markets where access to capital is readily available.

KM