VTSMX closed Thursday, 7/3/08 of this holiday-abbreviated trading week, @ $30.65, down $0.58 or -1.86% and down -1.83%, -13.86% and -14.22% respectively for the month, year and since inception @ $35.73 on 8/27/07

Munchie.....$9,499.15/$10,218.64, down $719.49 or -7.04% for the week and down -4.79%, -1.45% and -5.01% respectively for the month, year and since inception

Dry............$8,839.33/$9,098.01, down $258.68 or -2.84% for the week and down -1.48%, -8.62% and -11.61% respectively for the month, year and since inception

Roger.........$8,764.72/$8,924.61, down $159.89 or -1.79% for the week and down -2.21%, -9.10% and -12.35% respectively for the month, year and since inception

Ted............$8,307.73/$8,373.99, down $66.26 or -0.79% for the week and up +0.01% for the month but down -11.47% and -16.92% respectively for the year and since inception

Flakey.........$8,126.93/$8,496.73, down $369.80 or -4.35% for the week and down -3.83%, -17.44% and -18.73% repsectively for the month, year and since inception

Santa...........$6,956.06/$7,206.54, down $250.48 or -3.48% for the week and down 3.53%, -23.86% and -30.44% respectively for the month, year and since inception

VTSMX down -18.14% since inception @ $37.44 on 11/1/07

FGHVX........$8,339.52/$8,697.99, down $358.47 or -4.12% for the week and down -3.96%, -13.44% and -16.40% respectively for the month, year and since inception

MSTSX........$5,289.51/$5,358.64, down $69.13 or -1.29% for the week and down -3.47%, -32.21% and -47.10% respectively for the month, year and since inception

SAMO, samo, another market week spent in decline made notable for the fact that we are now officially in bear territory for the first time since the historic market top last October.  If the current pace is maintained in the economy---and I think we're headed in that direction---it won't be long before we are also mired in recession classically defined as two consecutive quarters of negative growth in GDP.  All the indicators point to that eventuality with no good news on the foreseeable horizon as nearly every significant indicator presages further decline in both the economy and the market.  Given my own personal situation and the general economic outlook I'm grateful to be in cash and a CD ladder.  Kudos to Ted, Roger and Munchie for outperforming the index this past week by managing to lose less than the index did to the downside.

I'd like to take this opportunity to thank all of you for your kind expressions of condolence and emotional support after the loss of Bob, my best friend and life partner for the past thirty-seven years.  The outreach I've experienced here and elsewhere demonstrated to me that I'm not truly alone and that I have more friends around me than I might have otherwise realized.  I am truly grateful for your support and I feel like Lou Gehrig or George Bailey, i. e., "I feel like the luckiest man alive and I am truly the richest man in town".  God bless us all and may each of us look forward to happy days ahead.

Have a great, safe and happy holiday weekend, guys.

Peace and love,

Flakey