RELEVANT COMMENTARY LETTERS TO CLIENTS June 2009: July 2006: January 2006: January 2004: November 2003: November 2002: An Overview of the Financial Crisis Performance and the weather Investment Returns and the Baseball Hall of Fame Unexpected Returns for 2003 Mutual Fund Scandal Reflections on the three-year bear market February 2002: Why market returns will moderate February 2001: Patience is rewarded May 2000: The market finally shifts toward the value investor May 1999:  A period of underperformance...and the S&P 500 Index examined May 1998: In consideration of our ten-year anniversary May 1997: Why predicting what an index will do is a useless exercise October 1995: Banyan lowers fee structure