::MFR::

Dear Maria

We all would like to thank you for your excellent product. As we see it, MFR research in an exciting way combines the day to day market developments with the bigger and longer term view. And all this comes in a form that is easy and light enough to read. To be quite honest, having read your research now for some time makes your competitors look and feel heavy, boring and repeating the same mainstream story with each other. You definitely differ from them. Both your views and your style. That`s why we read MFR research. And the most important thing... having followed your thinking in our positioning in the markets has paid off. No matter what has happened , we have marched on with our books comfortably in the black when simultaneously a good number of our friends from competing banks have been forced to leave the markets.

So what can I say. BIG THANKS.

All the best

kai

Dear Maria and every one at MFR

As you are of course very much aware of, things are just as frantic on this side of the Atlantic as on your side (imagine – every one is looking for central banks to cut rates as the next step to calm the panic – and today the Danish central bank actually raised rates to 5% from 4,6% to defend the Danish currency). Macro economics are definitely taking a back seat at the moment, and so I didn’t get to read your October Chartbook until today. Reading it reminded me why we value our MFR subscription so much. Obviously, I don’t like bad news more than anyone else.

We’re not a hedge fund, and our customers are long-only, so markets like this are rough to navigate. Reading your latest Chartbook mostly confirmed my own opinion about the state of affairs. And so I’m only writing this to thank you for being honest about the way the data talks to you and for telling me honestly about it.

These days few people are very sanguine about things, but I feel that MFR has stuck to very a sober assessment of things through out this year. As markets have gone from overly optimistic to sheer depression I really think MFR has done a very fine job of staying on track. Of course, none of us thought we’d end up in this mess, but MFR has kept us prudently cautious all along. And now you are reminding us that all of this will have real macro economic consequences for a long time to come. Soon enough this will be very important not to loose sight of.

So this e-mail is really just for saying thank you. We appreciate a voice of reason and steady analysis in these crazy times.

Best regards.
Anders Pedersen
Portfolio Manager