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Fund Report October 2008 THE ASANOR ENDOWMENT FUND OCTOBER 2008 REPORT     “Is that you, Henry?” “Yeah, it’s me, Ben.  Kinda hard to see in this cave.  And it’s wet.” “Try to bail a little. I had some trouble with my mortgage too, Henry.  Can I call you Hank?  I have a feeling we’ll be in the dark together for a year or two, maybe longer.” “Sure, if I can call you Ben.  Mostly because that’s your name.  How was your week, the one that ended on October 4th? “Could have been better, Hank.  The S&P 500 was down 9.4% in five days.  Usually that’s a bad year, not a bad week.  And that means the S&P is down 25% for 2008.” “Yep, and most of Europe is worse, especially Norway where ASANOR lost one-third of its kroner-based investments, from 423K down to 282K.   On the other hand, Japan is a bright spot.  It was only down 8% this week.  Want some sushi?” “Sushi shmushi.  How did ASANOR do in The Old Country this fiscal year, Hank?” “The U.S. only dropped 9%, down to 524K from 587K., helped by fancy footwork, defensive plays in Vanguard health and inflation-protected bonds, and a slightly stronger dollar at NOK 5.96. There are only 14 dollars in circulation, you know..” “So where does that leave us, Ben, and should I order a paddle?” “Keep bailing, Hank.  ASANOR lost NOK 196,916 or 18.3%,  down to NOK 875,324 from NOK 1,072,240 of October, 2007.  Still, when we count the grants given, the ASANOR Endowment Fund stands at an even one million.” “Are you worried that Obama might win?  Somebody says he’s Muslim, and Islam forbids paying interest.” “Could be a worry, Hank, but if McCain wins, our troubles might be over.  Palin says she can see a bank from her window.”    Fund Report October 2008 THE ASANOR ENDOWMENT FUND OCTOBER 2008 REPORT     “Is that you, Henry?” “Yeah, it’s me, Ben.  Kinda hard to see in this cave.  And it’s wet.” “Try to bail a little. I had some trouble with my mortgage too, Henry.  Can I call you Hank?  I have a feeling we’ll be in the dark together for a year or two, maybe longer.” “Sure, if I can call you Ben.  Mostly because that’s your name.  How was your week, the one that ended on October 4th? “Could have been better, Hank.  The S&P 500 was down 9.4% in five days.  Usually that’s a bad year, not a bad week.  And that means the S&P is down 25% for 2008.” “Yep, and most of Europe is worse, especially Norway where ASANOR lost one-third of its kroner-based investments, from 423K down to 282K.   On the other hand, Japan is a bright spot.  It was only down 8% this week.  Want some sushi?” “Sushi shmushi.  How did ASANOR do in The Old Country this fiscal year, Hank?” “The U.S. only dropped 9%, down to 524K from 587K., helped by fancy footwork, defensive plays in Vanguard health and inflation-protected bonds, and a slightly stronger dollar at NOK 5.96. There are only 14 dollars in circulation, you know..” “So where does that leave us, Ben, and should I order a paddle?” “Keep bailing, Hank.  ASANOR lost NOK 196,916 or 18.3%,  down to NOK 875,324 from NOK 1,072,240 of October, 2007.  Still, when we count the grants given, the ASANOR Endowment Fund stands at an even one million.” “Are you worried that Obama might win?  Somebody says he’s Muslim, and Islam forbids paying interest.” “Could be a worry, Hank, but if McCain wins, our troubles might be over.  Palin says she can see a bank from her window.”