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More of the Same

During the financial crisis of 2007-2009 and subsequent periods, many short-term monetary and fiscal policy actions have been implemented with the goal of bolstering and then shifting the economy to a sustainable growth rate.

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Precautionary Measures

We currently find ourselves operating and managing our Absolute Fixed Income Strategy (including FPA New Income, Inc.) in an unprecedented environment

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Wait and Hope: Speech to Value Investing Congress

With regards to the present, a lack of clarity – and the past just conjures disappointment.

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Comments on Insider Trading and the Use of Expert Networks

In light of the recent news surrounding insider-trading and expert network probes by the FBI and SEC, we at FPA believe it important to inform our clients and shareholders of our policies relating to insider trading and our use of expert networks.

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Morningstar Keynote Speech – Reflections and Outrage

I am deeply grateful for having been selected three times for the Morningstar Manager of the Year award and being recognized for my work in both equity and fixed income management.

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The Elephant(s) in the Room

Amidst financial distress, one must act quickly. The government has problematically socialized risk and much has already been written on the topic.

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Disgusted and Betrayed

We believe The Housing and Economic Recovery Act of 2008, that was signed into law by President Bush to provide support for up to $300 billion in home loans in financial difficulty and to provide potentially unlimited capital to “bailout and pseudo-nationalize” the GSEs (Government Sponsored Enterprises), is one of the biggest expansions of misdirected policy in the last seventy years.

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Buyers Strike Revisited

June 16, 2008 marked the five-year anniversary of when we drew our line in the sand by penning “Buyer’s Strike.”

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The Raw Deal

We believe that we live in unprecedented times such that we cannot just look to the recent past and see an easy way out of the issues we have created for ourselves.

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