ࡱ> egdM bjbj== FnWWXllllllll!(::::+ + + !!!!!!!$*$ J&3!-l+ ^+ + + 3!c ll::`!c c c + l:l: !c + !c c Y|ll : @Ir{VA " <v!0!&c & c llll Securities and Advisory Services offered through Wall Street Financial Group, Inc., Member NASD/SIPC, Registered Investment Advisor, 255 Woodcliff Drive, Fairport, NY 14450, 800-836-4652. Wall Street Financial Group Inc. and Moultrup Financial are separate entities. They are independently owned and operated. Jim Moultrup, M.S., CFP( Certified Financial PlannerTM professional President 530"543"1930, 800"348"1899 530"543"1927 FAX  HYPERLINK "http://www.SlowinGrowth.com" www.SlowingGrowth.com  HYPERLINK "mailto:jmoultrup@wsfg.com" jmoultrup@wsfg.com Moultrup Financial 589 Tahoe Keys Blvd, Suite E-8 South Lake Tahoe, CA 96150Dear Friends: September 4, 2007 Enclosed is my current The Bottom Line newsletter, and the title page of my Investment Themes newsletter, I hope you find the information though provoking and valuable. I have also enclosed the title page of Gary Shillings Insights newsletter, and I subscribe to these newsletters: Forbes/Lehman Income Securities, the Hulbert Financial Digest, and the Hager and Currin Research technology newsletters. Should you want to review hard copies of any of these newsletters to see if they are of value to you, please give me a call and I will send them. Also, my newsletters are available on my web page at SlowingGrowth.com, along with my new power point presentation. To save paper and mailing costs, I did not include the entire newsletters. Should you only want an email copy of my letters and newsletters, be sure to send me your email address and let me know. Thanks! The markets continue to be very volatile. I trust this is just the beginning of this volatility. Who knows if the trend will be up or an ongoing downward trend, as it was from 2000-2002. My fear, and belief, is that it will be the latter, with no meaningful catalyst to drive any significant recovery for all of the reasons that I outline in the enclosed newsletter. This is the link to Shillers monthly updated normalized price to earnings ratio chart that I discuss in the newsletter enclosed (http://www.econ.yale.edu/~shiller/data/ie_data.xls). As of July, the normalized P/E is still 27 times earnings; the historical norm is 14.67 from 1/1881 to 11/1996, prior to the nineties bubble where it sky rocketed. Prior to this bubble, the only time it reached 29 times earnings was just before The Great Depression. I find it quite telling of the over valuation in the stock market, relative to the rapid growth past. The market is even more over valued, given that growth may slow permanently by 60% in the U.S., and even more in most global economies, as the OECD (1998) and Harvard (2007) studies on the impact of population (demographic) trends alone both forecast. The Closed End Fund (CEF) unit trusts that I have been a fan of were sold off dramatically during the recent decline, due to a number of factors. The problems include: that these trusts buy closed-end funds (CEFs) and these fund prices not only swing, due to market prices changes in the underlying investments, but they swing even greater, due to the prices of the CEFs going from premium prices, where the fund price is more than the price of the underlying assets, or prices at close to the net asset values of the securities (NAVs) in the trusts, to discounts of the price of the underlying assets. From my perspective, this swing was greater, they feel, due to the enormous amount of funds that were sold this year; due to the fact that many of these funds were invested in sub-prime focused investments; due to the ability of these fund shares to swing from premium to discounts; and due to the ease of selling these shares. The exposure to problem securities in these portfolios I feel are limited, and the market just had a major selling spree in CEFs, which they believe represents a major buying opportunity. I believe that there is a good chance that the returns will be higher than historical going forward in these trusts, due to the currently high discounts on the CEFs in these trusts. I am advising people to hold on to what they have. Please call if you have any questions or are interested. We still have bond-pricing issues that I outlined in my fall/winter issue of Seeking Sustainable Retirement Income. As an example, the exact same bond in a clients account showed the price down 7.4%, even though they bought the bond for almost exactly what the bond was being offered at that day. I remain a believer in longer term, high quality, AAA insured, non-callable, zero and coupon Municipal and Treasury bonds as a primary investment vehicle that you may want to consider for a portion of your portfolio. Give me a call if you are interested in these to discuss whether they are suitable for your needs, objectives and risk tolerance. 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