Third Quarter Review - Up 18%

Position	% of IRA	Q Performance
30-Yr Treasury	~65%	up ~29%
KMB	~5%	up ~7%
BWP	~4%	down ~12%
UTL	~3%	down ~2%
FGP	~3%	down ~12%
CA	~1%	down ~15%
TEVA	~1%	down ~23%
Cash	~18%	N/A

My defensive strategy worked quite well during the quarter as I significantly under-weighted equity and significantly over-weighted government debt with a long duration. My equity positions were focused in the more defensive sectors of consumer staples, US-based natural resources, utilities, healthcare, and stable customer-based technology.

Overall performance in the quarter was an increase of 18%. For the quarter, all but my two smallest positions outperformed the S&P 500, which was down about 14%.

The treasury position also paid out a coupon in excess of 2%, on top of the approximately 29% bump in principle, increasing my cash position. I also received dividends during the quarter, raising my cash balance.

I did close two positions during the quarter on August 3, CALM at $33.88 for a 6% gain in the quarter and TNH at $150.93 for a 10% gain in the quarter. I did not open any new positions during the quarter.