It's hard to believe that the year is already ending--2011 turned out to be even more eventful than we imagined. To be sure, the "double dip" in the industry has been painful for many, and even in this holiday season, the specter of more bad news hangs over all of us. Still, if this industry has proven so many times, the good times will come again. They always do in this industry. For better or worse, it's always been driven by a boom-bust cycle that rewards and punishes to extremes. We'd like to think that the cycle is turning again, for the better. For now, all we can do is give thanks for the many readers that have made it a pleasure for us to publish this newsletter. We'll see you in the new year! Happy Holidays! -Jim