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Analysis: This fund has a great long-term record but right now it is going through a rough patch, losing 16.6% in the six months to Nov. 30/07. We’ve seen this before and we expect the fund to recover but investors may wish to wait on the sidelines for the time being. Manager Irwin Michael has a history of outperforming in weak markets: this value fund scored gains for investors in every calendar year of the 2000-2002 bear market and subsequently posted double-digit advances in every year up to 2007. In fact, the fund has outperformed over all time periods from five to 15 years, with an average annual gain over the past decade of 11.2%. Irwin Michael constantly urges his investors to show “patience, patience, patience” – and they need it now. Historically, the fund has an excellent safety record and the long-term returns, as we have seen, are first-rate. The one major drawback is the high price of admission(there is a $150,000 minimum required to get in.