The Market: We are experiencing one of the all-time extended bear markets. The stock market crash of 1929 lasted 900 days. The current bear market is something over 830 days. If this bear survives the third quarter, we will be witnesses to a new “bear record”. Such a privilege!

The September 11, 2001 national disaster has not been the cause of the current doldrums.

In my opinion, there is one major cause and a corollary that is contributing to the market slide. The lack of confidence in corporate accounting has shaken investors’ confidence in the financial reports provided to them. This creates skepticism in the entire market. The corollary to this is that money is fleeing abroad. Foreign investors are pulling back, waiting for the dust to settle.

The Plan: An article in the July 10, 2002 Pioneer Press is titled “A Bear Market Can be Good for the Young”. The author, Kathy Kristof, makes the point that those who are investing now have the opportunity to be buying at low prices. This buying emphasizes quality and experience. It is not a “darts at a dart-board, anything goes” type of opportunity. Asset allocation and diversification, including alternative investments, is particularly important now.

In a “go-go” rising market everyone wants to get on the teeter-totter. When it “totters” and comes down, everyone wants off! Remember your childhood - the teeter-totter works best when there is a balance on both sides.

Our Part: This second quarter I attended investment conferences from New York City to San Diego. My son Jason came with me to San Diego. It was quite a learning experience. We endeavor to stay abreast of trends, market cycles, changes in the tax laws and new opportunities to serve you. I cannot restore the market, but I can do my best for you in your special situation.

Enclosed with this letter is Sentra Securities Corporation’s privacy notice. Each person is important to us. Each person is valued and treated with respect by our entire staff. All information that you share with us is kept strictly confidential!

Your sharing our name with friends and associates is a hallowed trust. I value your confidence and friendship. Calls from you and your colleagues are appreciated.

Warmly with grace,

Dale W. Hedstrand

P.S. Please do not keep our services a secret from your friends

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NOTE: Dale Hedstrand is a registered principal associated with AIG Financial Advisors, Inc., Member NASD/SIPC. Before proceeding further, please be advised that Dale Hedstrand is licensed to discuss with or offer investment and financial services and products only to residents of AL, AZ, CA, FL, ID, MD, MI, MN, MO, NH, NM, ND, OH, OK, OR, SC, SD, TX, UT, VA, WA, WI, WY. Securities related services may not be provided to individuals residing in any state not listed above. The information offered is for informative purposes only. None of this information is to be construed as an offer to buy or sell securities referred to within or otherwise. Neither Dale Hedstrand nor AIG Financial Advisors, Inc makes any guarantee as to the accuracy or completeness of this information.

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