My apologies for the tardiness of this letter, but I have been in Europe for a few weeks, sojourning, but also gathering information. I did not have any high level meetings, it wasn’t that kind of trip. One can get the flavor of macro thinking almost daily from news reports, not that I think they are accurate, but they do give a sense. I found European people on the street in a bit of a funk but still up beat. I was mainly in the former eastern block countries, so they have been used to turmoil and an upswing from communist days.
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