WITH LETTER OF THE PRESIDENT

With this first column of 2009,

I wanted above all you my best wishes for 2009 .. wishes for good health and happiness first, then prosperity for you and your family. In recent years my mission was to accompany you each week to give you a follow-up related to the advice of your stock investments. It was not always easy in 2008, but I feel to be reached, especially if I compare the achievements to those of many of my colleagues. I will continue with enthusiasm and determination that mission in 2009 and already in this column, after a short review of 2008, an overview of what we could book in 2009.

2008: to turn a page quickly,

it is not a lot of areas that will be spared hurricane 2008: The collapse of the financial system has left us a devastated landscape: a large number of banks - not least - went bankrupt, others, equally important, are still standing thanks to massive injections or programs of support they received. Everywhere in the world and even in the United States, the public had to weigh very heavily. Without his intervention, it is likely that we would have been a total collapse. The capitalist system, which was the basis of our industrial development, has been perverted by greed and hubris of some, irresponsibility or incompetence of others. He suddenly reached its limits and made clear the drifts that unsuspected him undergo many financiers may scrupulous that we had yet to pass the elite of society.

The recession

(ie the slowdown in the economy) has followed the financial crisis and even result. After birth in the U.S., it affects the world today. This will cause more unemployment, less consumption and therefore more of recession. It's the dreaded spiral. Oil prices reached in 2008 by changes in a surprising extent (several hundred percent), in a sense, then the other, to destabilize the most sophisticated speculators, including, first, oil producers themselves. A return to cheap oil is not necessarily a good thing because this decline is temporary, and meanwhile, it threatens, once again, investments in energy industries of the future. At stock, many investors have lost a significant portion of their capital. How could it be otherwise when, on the one hand, all the scholarships were down 50% since the beginning of the year and, secondly, a very large number of investors believed, hard as iron, that, whatever the cost, keep the stock market positions in all circumstances, 2008 was also the year of the volatility of the stock exchanges. Not that it had reached levels that were known at the end of the year (around 90%).

What can we bring in 2009, following a year as disconcerting?

The tell us more optimistic that, historically, crises usually last less than a year and rarely more than 18 months. According to the renowned American NBER (National Bureau of Economic Research), the recession has officially started in the U.S. in December 2007. It expects to see completed in the third quarter of 2009. The statistics also show that the Exchange should now "bottom" and then leave at full speed. These show us optimistic that a number of indicators (and many comments) confirm this view of the recovery.. The least optimistic that we believe are still in a bearish phase, it will last long (extending beyond 2009) and that any recovery that might be in the first part of 2009 would never clenched a "sucker rally" ie temporary relief and short term will be followed by a resumption of the primary trend.

Short given the cataclysm of 2008, my feeling is that next year will necessarily be better, but make predictions about the level of shares at the end of 2009 is almost impossible. In the immediate waiting to see the effects of plans for government. The beginning of the year will be a test of confidence in the markets.

I remind you my strategy for 18 months, "CASH IS KING", it is better to remain invested in money waiting for better times, or invest in real estate on the international,Mainly real-estate in Miami, or the prices lowered with 50 % and reach less than 2 000 € M ².

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A few basic truths to begin well before 2009 relire.

1 - Your capital is the way to more decisive action in the stock market.

The more you let it fall, plus the rise will be slow and difficult. Plus you have preserved, the better your results will be interesting to reboot.

2 - "We lose when selling a loser". It's clearly not true.

A title which has lost 50% of its value will rise to 100% of its current value to recover its original value. It is highly possible that this 100% will never be reached, you could not ever sell this song to its purchase price and the loss will be inevitable. Also, while you will spend your time to recover a huge loss, anyone who sold earlier losing the title, may, with another title, quickly retrieve the low loss, and then, with further gains, increasing its capital rather than simply return the initial level.

3 - "The title has already been lost.

It would not be smart to sell today, it can only go up .. " This mistake has already cost many fortunes and frustration to many investors. Do not be "attached" to your titles. When you're wondering whether it is appropriate or not to sell, rather ask yourself the question in these terms: "If today I had the cash for the value of securities" in balance "I rachèterais these titles this? " If your answer is no sell. If your answer is yes, keep them.

4 - "There is always a way to find a good way to recover all the bad recent operations.

After all, if we do not put on a title, there was no chance of winning .. " This is also totally wrong. In a bear market, most securities lose (more than 90% of the shares and over 70% of the bonds close today below their first course in January 2008 not to mention the famous structured products!) And with the best chance of losing even more in you exhibitor.

5 - Many actions now have a course at the lowest,

and many investors consider these actions, the price where they are, as "opportunities". "Never try to catch a falling knife" as the saying goes. Never purchase a document that low, despite the attraction that may present a buying near the "floor". The statistics clearly show that the risk of losing buying low are significantly higher than those earned by buying high. There are usually good reasons for the high price. Good practice for your personal investments in 2009 and once again

I wish you a very good year in 2009.

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where all best the offers will be put on line.

RICHARD PEREZ-CANOSA
MANAGING DIRECTOR