World markets remain in a period of correction. Accordingly, we are cautious and awaiting lower prices before investing the large amount of cash in client accounts. Many now believe that the U.S. will go into a recession in 2016. We do not see that occurring; the U.S. economy is growing modestly, and will continue to grow throughout the year. China will grow by about 6 percent, and some other parts of the world are growing. The only parts of the world which are not growing are commodity-producing countries. We have watched commodities closely for 50 years, and we note that commodity booms and collapses have been common for centuries. In the last few decades, the world has seen several collapses. None of them has led to a worldwide recession.
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