The "Digging" Report Q3 2003

September 30, 2003

My Personal "Mutual Fund" OTC:RASXX

Note: OTC means Over The Counter. The ticker symbol is fictitious; please don't ask your broker to buy it. In the rare event that such a ticker does exist please inform me at once, in order to change it. I don't want to mislead anyone.

After a solid advance in the second quarter, the S&P 500 and the Dow 30 took a breather, while the NASDAQ continued its advance. Alas,, my fund did not move at all. Trying to keep my head above the water, I did not have either, the time nor the attention required to effectively manage my accounts. The end of September saw a retreat in all the averages, as this month is traditionally bad for the market. If the seasonal pattern continues, the fourth quarter should deliver a much better performance. However, the question is whether I will take advantage of it or not.

Performance as of 09/30/2003

NAV: 16.72

* Annualized compound return

The 1, 3, 5 and 10 year periods are counted backwards starting from the report date

Performance is before personal taxes. Maintenance and research costs (my personal time doing the accounting, trading and web publishing; time spent on the web and investment books) are not taken into consideration.

Freedometer ratio: 3.18%

Scale: 0-10 Worthless slave; 11-25 Rank and file; 26-40 Lowest level privileged; 41-75 Candidate for temporal release; 76-99 Almost free on parole; 100+ § A free person!

§ Unless you can't make ends meet with your present salary.

Quarter to date

Year to date

Since Inception

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