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(who is not sure where to go from here)

I've worked closely with Bill for a number of years now and learned enormous amounts from him, and I, too, am sad to see him go. For regulatory reasons, MFAM is a separate entity and I'm no longer able to talk shop with Bill. That's my least favorite aspect of all of this.

As for what to do from here, I'm hopeful that we can continue to deliever in Global Gains Bill's original promise of vetted, overlook, undervalued, and great international stock ideas. We also hope to continue to travel, deliver opinionated and well-researched commentary and dispatches, and have some fun along the way.

I know in this industry it takes some time -- rightfully -- for "advisors" to earn your trust. And as we've seen with the Madoff scandal, you find out fast that you can't even trust people in this space that you thought you could (especially when they obfuscate performance). That said, I hope you'll give us some time to earn your trust. From talking with Bill before it was announced he was leaving (I emphasize that for the benefit of the SEC :-) ), I know he thinks now is a fabulous time to be an investor in foreign equities and especially in the stocks on our scorecard.

Happy holidays,
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