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1996 was another good year, which we did not expect but in which we participated. Fortunately we are investors who are slow to buy and even slower to sell. It really paid to be patient. 

To correct and adjust these misallocated investments and excesses will take a while and is probably not over yet. The healing process is important in order to form a better foundation for a future upswing. 

Our pharmaceutical companies also had a tough year. They were able to maintain their profitability, but there seem to be very few new blockbuster drugs in the pipeline. 

In the aftermath of The Great Bubble, prices have steeply corrected. Most major markets have now declined on average by 50% or more over the last 3 years.