October 30, 2009

Dear Friend,

We upgraded MeadWestvaco to Neutral from Underweight as they delivered on cost reduction programs as their volumes improved, permitting robust margin expansions.  Their dividend and overall valuation appears more secure.

 

We will be in Colombia November 9 to 12 visiting gold mining companies, and continue to plan for our conference November 18-19.  We have at least nine "out-of-town" institutions signed up from Boston, Florida, Atlanta, NC, Toronto and CT.  We have 34 one-on-one meeting requests thus far.

 

Faithfully,

 

John C. Tumazos