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Former hedge fund manager Andy Kessler (who also has a few good stories of block trader Robal Johnson from their PaineWebber days) recently called the current volatility a "yo-yo market" in a WSJ op-ed, blaming Washington meddling and uncertain policies. When does this yo-yo end?

This year: 5%
Next year: 40%
Two years: 55%

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Pittsburgh Pittsburgh Stock and Bond Association

PITTSBURGH STOCK AND BOND ASSOCIATION 2006 Summer Conference Sheraton Station Square, Pittsburgh, PA • July 20-22, 2006 • July 20, 2006

Opening Reception

STA Update

Bill Yancey, Penson

Financial, Dallas

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