11.   Because investment companies charge their fees as a percentage of the assets they manage, they benefit when markets rise and investors give them more money.

12.   Bond and stock markets rose across Europe, while the deutsche mark slipped to a five-week low against the U.S. dollar.

13.   A market-maker would thus have to sell a stock at an unreasonably low price because he had been slow to notice that the market was rising.

14.   Across Latin America, markets rose modestly on Monday after Brazil said it had abandoned its policy of spending down dollar reserves to defend its overvalued currency.

15.   All the markets have risen in recent weeks on expectations of an Ulivo win.

16.   Broader markets rose for the week.

17.   Broader markets also rose for the week.

18.   Broader markets also rose.

19.   Buffett does better than the stock market averages in years when the market rises and manages to show plus numbers when stocks overall have been losers.

20.   But by not hedging, First Capital apparently put the Common Fund in the position of betting on a price decline all the time the market was rising.