Ann: Quarterly Activities Report, page-15

Hard to tell at the moment which factors are at play for AJQ alone given the whole market is in a downward trend and there seems a lot of confused sentiment out there. Doesnt bother me... one of the first investment books I've read was The Intelligent Investor original by Benjamin Graham and then the later revision by Warren Buffet. Benjamin was his mentor. One of their keys to success was their ability to pick up smart buys and identifying value in companies during such downturn periods where a lot of irretional trading happens.

I follow a similar ethos so potential bargains all around.