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Other Than Temporary Impairment (OTTI)

September 25, 2008
James V. Lorentsen

This is one of our longer Disciplined Investor letters. We believe the length is justified given ambiguity surrounding this topic (and the resulting differences of opinion) and the potential significance of this issue given this historic market. When all is said and done, however, our understanding of this topic can be summarized in the following way: a security is OTTI when it becomes probable that the investor will not get the cash flows they expected at purchase (primarily cash flow based, not market value based).

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Liquidity via Long Term Brokered Deposits

September 5, 2008
Brian Battle

Brian joined the trading staff at the Performance Trust Companies as a municipal trader and underwriter in May of 2005. Since joining the Performance Trust Companies, Brian has expanded the capabilities of the firm in liability management, bank qualified, general market and taxable municipal bonds. His 20 years of experience in the market analyzing, underwriting and trading has raised our level of attention and improved the level of service to our clients. He is a frequent on‐air commentator for CNBC, Fox Business News and Bloomberg TV.

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