It is important for you to know that we understand people's frustrations and we share them. We are not exactly thrilled to be in this position, either. But, as frustrated as we are, you should all be downright frightened if we suddenly decide to "throw in the towel, " deserting a longterm, proven strategy for producing wealth and start buying stocks with wild abandon. Don't panic; we have no intention of veering wildly off the only road we know that leads to success over time. And, to quote the investment master, Warren Buffett, our investment strategy remains little changed: "We select our marketable equity securities in much the same way we would evaluate a business for acquisition in its entirety. We want the business to be one a ; that we can understand; b ; with favourable long-term prospects; c ; operated by honest and competent people; and d ; available at a very attractive price." Is the U.S. economy entering a recession? It doesn't take a genius to figure out that the current economic environment isn't as vibrant as it used to be. Even Mr. Buffett, clearly in the genius category of wealth creation, recently observed, "We're in a slowdown, that's for sure." Economic forecasting is and has never been our strong point. Nor do we think anyone possesses a crystal ball able to reveal the future. But if a significant economic slowdown or recession is in the cards, it's virtually impossible to own a company totally divorced from the big economic picture. Thus, it emphasizes the importance of owning businesses that are less affected by these negative economic events. And, of course, it underscores the paramount importance of buying a business with a margin of safety, meaning paying a price well below the business' intrinsic value. And to repeat, if we can't find such investment opportunities, we wait on the sidelines. We ascribe to Mr. Buffett's approach stated more than 10 years ago, "Lethargy bordering on sloth remains the cornerstone of our investment style." This doesn't mean that we are sitting in Winnipeg, lying on our deck chairs enjoying the year-round lovely weather, doing nothing. We are constantly evaluating prospects to find that wonderful investment experience outlined above. In Sweden as early as the middle-ages. After being illegal for the best part of forty years, it is once again legal to grow hemp for industrial use as a fibre crop in Sweden. In a project at SLU in Alnarp, work is being done to improve the yield, fibre extraction process and the logistics of hemp production. Amongst other things, tests have been done on a mobile fibre extraction equipment, which can be moved around between growing sites. Researchers have also studied fibre structure and the development of alternative uses for the raw materials. Hemp fits in well in existing crop rotations. The plants grow in dense stands, which also means that hemp is suitable for smothering weeds on arable land with weed problems. It is possible to extract fibres from hemp that are strong and good for making textiles and paper, in addition to being used in the production of the interior fittings of cars, trains and aircraft. The fibres can also be used to make filters, sheeting and insulation materials. The woody elements of the stalks can be used to produce fibre boarding for the building industry or can be burnt as fuel. From hemp seeds, oil can be extracted and used in cooking or as a health food. Hemp oil contains a great deal of linoleic acid omega-6 ; and linolenic acid omega-3 ; . jbt.slu.