I must admit that I was a bit bothered by the tone with which Jim and John discussed this idea of deleveraging this week.

They discussed it as if it is perfectly normal and foreseeable; so, the obvious question is: why did they not foresee it and warn their listeners. To this listener, it sometimes sounds like the most important thing to them is "being right", and it is wearing a bit thin.

However, at the same time, I think anyone would admit that the complexities they are trying to deal with each week are, well, very complex. I think they do their best and often do quite well, but they would take an enormous weight off their shoulders if they showed a bit more humility when their calls are off.

It should be pointed out that the story is not over. We have been hurt in this portion, but there are others to come in who knows what order or degree, e.g.: more government intervention, inflation, hyperinflation, re-valuation of gold, dollar drop, decoupling of gold. Again, this stuff is complex, and some people will be right and some will be wrong, but I find it hard to believe that someone will get it all right, timing and everything.

I keep listening to FSN because I do believe they are doing their best and, in general, there work is excellent; I just think that they would make their difficult jobs a bit easier by taking a more humble approach for some aspects of it.

All the best,

stone