Don Coxe 3/16/12 Conference Call Notes:

· Stocks are confirming that big banks stress test done last week was in fact good news. (Citi were left out of it and not allowed to pay dividends/buy back stocks…..Don thinks they are a really bad bank.)

· With zero interest rates this is a reason why stock markets will do well.

· Sell off in price of gold is understandable given it’s a “risk off asset”

· There are now reasons to feel more confident about investing in stocks. Move in Japan has really reassured Don. With China slowing down it was good news that Japan was re-evaluating the yen. That means that the world’s 3rd biggest economy has a chance of giving us good results. China slowing down but Japan speeding up which means that commodities should still shine.

· His story….at a time of global growth commodities should outperform because of the scarcity factor. This should happen sometime this year especially the agricultural sector.

· Liquidity base of the global system has expanded dramatically in the last couple of months. Hard then for Don to see a stock market crash when there is so much cash all over the world.

· This means then you don’t need to have a great economic forecast to buy stocks. We will not have those great GDP numbers. Instead you need to look for dividend stocks, for income.

· I don’t think you need to feel a fear about going back into equities.

· The real argument for gold now is that the mechanisms being used not to prevent a banking collapse is that the ratio of gold now to paper money is so low. The next time gold makes a run, there will be nothing more to stop it.

· Within the agri space there has been a real change about the grain prices. Farmers are not selling at the offered/spot price. They are holding out for a higher price. All sorts of good news for farmers. E.g., Chinese holdings are not as good as once thought as they put it away in storage wet.

· Thinks agriculture will come back as a great place to invest in this year.

ps.....thanks gumbie for the change lesson