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Crossing the Rubicon

These past two weeks have been extraordinary in that the Federal Reserve has had to take actions that have not been used since the Great Depression and a few that heretofore have never been used.

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Credit Crisis

To begin with, I believe FPA Capital Fund and FPA New Income are well structured to weather this credit crisis storm

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Reaction to New Morningstar Stewardship Grades

Morningstar recently announced their revised Stewardship grades. The FPA Fund family has been included as one of the Top Ten Fund Families for stewardship by Morningstar (number 10)…

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Absence of Fear: Speech to CFA Society of Chicago

Based on the front-page article in the October 26, 2006, Wall Street Journal, we believe that the latest investigation by the SEC of 27 fund companies for allegedly accepting kickbacks from service providers requires us to revisit our commentary put forth in the wake of the 2003 mutual fund scandals.

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Thumbnail for More Comments on Mutual Fund Industry Transgressions

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More Comments on Mutual Fund Industry Transgressions

Based on the front-page article in the October 26, 2006, Wall Street Journal, we believe that the latest investigation by the SEC of 27 fund companies for allegedly accepting kickbacks from service providers requires us to revisit our commentary put forth in the wake of the 2003 mutual fund scandals.

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Benchmark Flaws?

In light of the continued robust performance of the Russell 2000 Value Index™, and the other Russell Value Indexes, we hope this letter helps our clients and investors better understand that there may be imperfections in the indexes that may distort return comparisons.

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The Case for Cash

To be fully invested in this environment is to say that the reward that awaits is worth the risk assumed.

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Slim Pickings

Mr. Stock Market is really making it hard for us these days, in contrast to a year ago.

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Thumbnail for Ethics and Discipline: Speech to UCLA Anderson School of Business

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Ethics and Discipline: Speech to UCLA Anderson School of Business

We are in a period of challenge and questioning today. Many are questioning the ethics and integrity of corporate America and now, what was considered one of the cleanest segments of the business field, the mutual fund industry, is under that same microscope.

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