CHIHULY IN THE BeRKSHIRES HANTZ E F\J E S ARY ART Street Stockbridge, MA 8.3044 BERKSHIRE MONEY MANAGEMENT Wettl mak& it easy to nu>ve>youvportfolio. November 15, 2007 Sample Market Calls (sell) of Berkshire Money Management May 11, 2001 (sell) April 4, 2010 (sell) January 1, 2002 (sell) May 10, 2002 (sell) September 28 2001 (buy) S&P 500 INDEX DAILY DATA 1/02/2001-12/31/2010 October 11 2002 (buy) MJ SDMJ SDMJ S D M J SDMJ D M J SDMJ S D ©Copyright 2011 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/. May 11, 2001 (sell) May 10, 2002 (sell) November 15, 2007 (sell) t "Don't get too scientific.just ask yourself; "If [the NASDAQ] pierces the 1600 level "The obvious answer is a temporary position does it feel like a recession? We don't think again, the prudent investor will not hold in cash." it feels as bad as 1990-1991, but it is bad out for another relief rally...the NASDAQ is The stock market fell 48.9% after that sell enough." setting up for a retest of the September signal. [2007] lows of the 1400s." The stock market fell 16.5% until our next buy signal. October 11, 2002 (buy) March 6, 2009 (buy) "Expect a bottom for the S&P 500 at 660 September 28, 2001 (buy) "The VIX broke 50 [on October 10th], and points." that is my buy signal this time." "Equity valuations are better than they have The stock market rose 63.2% from that buy been in years." The stock market rose 80% until our next signal to the end of 2009. sell signal. The stock market rose 10.4% until our next sell signal. April 4, 2010 (sell) January 1, 2002 (sell) "...The bottom line is a correction is coming, but it's not a crash... Signs of a longer-than- "I've had my three months of bullishness, BERKSHIRE typical correction." but now I must adhere, once again, to a more bearish sentiment." MONEY July 14, 2010 (buy) The stock market fell 30% until our next MANAGEMENT "...the correction is over...being in cash is a buy signal. risky proposition." The Knowledge & Experience to Build Your Wealth AT WWW.BERKSHIREMM.COM 888.232.6072 The S&P 500 Index (S&P) has been used as a comparative benchmark because the goal of the above strategy was to provide equity-like returns. The S&P is one of the world's most recognized indexes by investors and the investment industry for the equity market. The S&P, however, is not a managed portfolio and is not subject to advisory fees or trading costs. Investors cannot invest directly in the S&P 500 Index. The S&P returns also reflect the reinvestment of dividends. Berkshire Money Management is aware of the benchmark comparison guidelines set forward in the SEC Clover No-Action Letter (1986) and compares clients' performance results to a benchmark or a combination of benchmarks most closely resembling clients' actual portfolio holdings. However, investors should be aware that the referenced benchmark funds may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark funds' ultimate performance results. Therefore, an investor's individual results may vary significantly from the benchmark's performance. All indicated stock market calls and associated commentary are that of Allen Harris & Berkshire Money Management and have no relationship to NDR/MDR. Visit Today Art of the Americas Wing i i i ,-'^U -!t mm* m' i mm* Mtaammmmmmmmimmim Museum of Fine Arts Boston mfa.org the new m James Levine, Music Director Bernard Haitink, Conductor Emeritus Seiji Ozawa, Music Director Laureate 130th season, 2010-2011 Trustees of the Boston Symphony Orchestra, Inc. Stephen B. Kay and Robert P. O'Block, Co-Chairmen • Edmund Kelly, Chairman-Elect • Paul Buttenwieser, Vice-Chairman • Diddy Cullinane, Vice-Chairman • Roger T. Servison, Vice-Chairman • Stephen R. Weber, Vice-Chairman • Vincent M. O'Reilly, Treasurer William F. Achtmeyer • George D. Behrakis • Alan Bressler • Jan Brett • Samuel B. Bruskin • • • • • Eric D. Collins Cynthia Curme Alan J. Dworsky William R. Elfers Judy Moss Feingold, • • • • • ex-officio Nancy J. Fitzpatrick Michael Gordon Brent L. Henry Charles H.Jenkins, Jr. Joyce G. Linde • John M. Loder • Carmine A. Martignetti • Robert J. Mayer, M.D. • • • • Nathan R. Miller Richard P. Morse • Aaron J. Nurick, ex-officio Susan W. Paine Carol Reich • Edward I. Rudman • Arthur I. Segel • Thomas G. Sternberg • Theresa M. Stone Caroline Taylor • Stephen R. Weiner • Robert C. Winters Life Trustees Vernon R. Alden • Harlan E. Anderson • David B. Arnold, Jr. • J.P. Barger • Leo L. Beranek Deborah Davis Berman • Peter A. Brooke • Helene R. Cahners • James F. Cleary • • John F. Cogan, Jr. • Mrs. Edith L. Dabney • Nelson J. Darling, Jr. Nina L. Doggett Mrs. John H. Fitzpatrick • Dean W. Freed • Thelma E. Goldberg Edna S. Kalman • • George Krupp • Mrs. August R. Meyer • Mrs. Robert B. Newman William J. Poorvu Irving W. Rabb • Peter C. Read • Richard A. Smith • Ray Stata John Hoyt Stookey • Wilmer J. Thomas, Jr. • John L. Thorndike • Dr. Nicholas T Zervas Other Officers of the Corporation Mark Volpe, Managing Director • Thomas D. May, ChiefFinancial Officer • Suzanne Page, Clerk of the Board Board of Overseers of the Boston Symphony Orchestra, Inc. Judy Moss Feingold, Chairman • Noubar Afeyan • David Altshuler • Diane M. Austin • Judith W. Barr • Lucille M. Batal • Linda J.L. Becker • Paul Berz • James L. Bildner • Mark G. Borden • Partha Bose • Anne F Brooke • Stephen H. Brown • Gregory E. Bulger • Joanne Burke • Ronald G. Casty • Richard E. Cavanagh • Carol Feinberg Cohen • Susan Bredhoff Cohen • Richard F Connolly, Jr. • Charles L. Cooney • Ranny Cooper • James C. Curvey • Gene D. Dahmen • Jonathan G. Davis • Paul F. Deninger • • • • • Ronald F Dixon Ronald M. Druker Alan Dynner Philip J. Edmundson Ursula Ehret-Dichter • John P. Eustis II • Joseph F. Fallon • Thomas E. Faust, Jr. • Steven S. Fischman • John F. Fish • Sanford Fisher • Robert Gallery • Robert P. Gittens • Carol Henderson • Stuart Hirshfield • Susan Hockfield • Roger Hunt • William W. Hunt • • Valerie Hyman • Ernest Jacquet • Everett L. Jassy • Stephen J. Jerome Darlene Luccio Jordan, Esq. • PaulL.Joskow • Stephen R. Karp • Douglas A. Kingsley • Robert Kleinberg • John L. Klinck, Jr. • Farla H. Krentzman • Peter E. Lacaillade • Charles • • • • • Larkin Robert J. Lepofsky Nancy K. Lubin Jay Marks Jeffrey E. Marshall C. Ann Merrifield • Dr. Martin C. Mihm, Jr. • Maureen Miskovic • Robert Mnookin • Paul • • • • M. Montrone Sandra O. Moose Robert J. Morrissey J. Keith Motley, Ph.D. Cecile Higginson Murphy • Peter Palandjian • Vincent Panetta, Jr. • Joseph Patton • Programs copyright ©201 1 Boston Symphony Orchestra Cover photo by Kevin Toler Ann M. Philbin • Wendy Philbrick • May H. Pierce • Claudio Pincus • Lina S. Plantilla, M.D. > Joyce L. Plotkin • Jonathan Poorvu • Dr. John Thomas Potts, Jr. • William F. Pounds • Claire Pryor • John Reed • Dr. Carmichael Roberts • Susan Rothenberg • Alan Rottenberg • Joseph D. Roxe • Kenan Sahin • Donald L. Shapiro • Gilda Slifka • Christopher Smallhorn • Michael B. Sporn, M.D. • Margery Steinberg • Patricia L. Tambone • Jean Tempel • Douglas Thomas • Mark D. Thompson • Albert Togut • Diana Osgood Tottenham • Joseph M. Tucci • Robert A. Vogt • David C. Weinstein • Dr. Christoph Westphal • James Westra • Patricia Plum Wylde • Dr. Michael Zinner • D. Brooks Zug Overseers Emeriti Helaine B. Allen • Marjorie Arons-Barron • Caroline Dwight Bain • Sandra Bakalar • George W. Berry • William T Burgin • Mrs. Levin H. Campbell • Earle M. Chiles • Mrs. James C. Collias • Joan P. Curhan • Phyllis Curtin • Tamara P. Davis • Mrs. Miguel de Braganca • Betsy P. Demirjian • JoAnne Walton Dickinson • Phyllis Dohanian • Harriett Eckstein • George Elvin • Pamela D. Everhart • J. Richard Fennell • Lawrence K. Fish • Myrna H. Freedman • Peter H.B. Frelinghuysent • Mrs. Thomas Galligan, Jr. • Mrs. James Garivaltis • Dr. Arthur Gelb • Jordan Golding • Mark R. Goldweitz • Michael Halperson • John Hamill • Deborah M. Hauser • Mrs. Richard D. Hill • Marilyn Brachman Hoffman • Lolajaffe • Michael Joyce • Martin S. Kaplan • Mrs. S. Charles Kasdon • Mrs. Gordon F. Kingsley • David I. Kosowsky • Robert K Kraft • Benjamin H. Lacy • Mrs. William D. Larkin • Edwin N. London • Frederick H. Lovejoy, Jr. • Diane H. Lupean • Mrs. Charles P. Lyman • Mrs. Harry L. Marks • Joseph B. Martin, M.D. • Joseph C. McNay • Albert Merck • John A. Perkins • Dr. Tina Young Poussaint • • • Daphne Brooks Prout Patrick J. Purcell • Robert E. Remis • John Ex Rodgers Roger A. Saunders • Lynda Anne Schubert • Mrs. Carl Shapiro • L. Scott Singleton • Samuel Thorne • Paul M. Verrochi • Robert A. Wells • Mrs. Joan D. Wheeler • • • Margaret Williams-DeCelles Mrs. John J. Wilsont Richard Wurtman, M.D. f Deceased Established 1974 Berkshire Record Outlet Classical CD Deletions & Overruns: Top quality CDs, videos, musical scores, books, cassettes and LPs. Prices starting $ at l .99. Over 1 3,000 classical music titles at a fraction of their original retail cost. We also offer dozens of photographic reproductions of BSO tour posters and historic musicians at work and r^B play, all of which are on display at our store. A sample is shown to the left. r * Our retail store/warehouse is 3.8 miles east of Stockbridge on Route 102 in Lee (please see map). Summer hours (6/27-8/29): Monday - Saturday, 10-5:30 kJI Exit 2 u Mass Lee Pike Arturo Toscanini, Vladimir Main St. ! Horowitz and Bruno Walter Red v L Lion BERKSHIRE 21" {Archivally mounted in acid-free 18" x white mat) Inn RECORD OUTLET ROUTE 102, LEE • 413-243-4080 • WWW.BERKSHlRERECORDOUTLET.COM Administration Mark Volpe, Managing Director, Eunice andJulian Cohen Managing Directorship, fully funded in perpetuity Anthony Fogg, Artistic Administrator Marion Gardner-Saxe, Director of Human Resources Ellen Highstein, Director of Tanglewood Music Center, Tanglewood Music Center Directorship endowed in honor ofEdward H.