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	<title>Aerie Capital</title>
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		<title>First Quarter 2012 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2012/04/10/first-quarter-2012-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2012/04/10/first-quarter-2012-client-letter/#comments</comments>
		<pubDate>Tue, 10 Apr 2012 13:58:05 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2012]]></category>
		<category><![CDATA[Communications Systems]]></category>
		<category><![CDATA[DEG]]></category>
		<category><![CDATA[Delhaize Le Lion]]></category>
		<category><![CDATA[Food Lion]]></category>
		<category><![CDATA[Inc]]></category>
		<category><![CDATA[JCS]]></category>
		<category><![CDATA[JNK]]></category>
		<category><![CDATA[junk bonds]]></category>
		<category><![CDATA[Kohl's]]></category>
		<category><![CDATA[KSS]]></category>
		<category><![CDATA[LCUT]]></category>
		<category><![CDATA[Lifetime Brands]]></category>
		<category><![CDATA[SPDR Barclay's Capital High Yield]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=224</guid>
		<description><![CDATA[This has been quite the quarter for stocks!  As has been widely pointed out in the press, this was the best first quarter for stocks since the first quarter of 1998.  Many of the stocks that led this rally were ones that had lagged badly last year.  In fact, the top five performers in the [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2012/04/10/first-quarter-2012-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fourth Quarter 2011 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2012/01/28/fourth-quarter-2011-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2012/01/28/fourth-quarter-2011-client-letter/#comments</comments>
		<pubDate>Sun, 29 Jan 2012 01:47:13 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2011]]></category>
		<category><![CDATA[BAC]]></category>
		<category><![CDATA[Bank of America]]></category>
		<category><![CDATA[Conoco]]></category>
		<category><![CDATA[ConocoPhillips]]></category>
		<category><![CDATA[COP]]></category>
		<category><![CDATA[DEG]]></category>
		<category><![CDATA[Delhaize Le Lion]]></category>
		<category><![CDATA[Food Lion]]></category>
		<category><![CDATA[Innophos]]></category>
		<category><![CDATA[Innophos Holdings]]></category>
		<category><![CDATA[International Shipholding]]></category>
		<category><![CDATA[IPHS]]></category>
		<category><![CDATA[ISH]]></category>
		<category><![CDATA[NAFC]]></category>
		<category><![CDATA[Nash Finch]]></category>
		<category><![CDATA[OSG]]></category>
		<category><![CDATA[Overseas Shipholding Group]]></category>
		<category><![CDATA[PGN]]></category>
		<category><![CDATA[Progress Energy]]></category>
		<category><![CDATA[RCII]]></category>
		<category><![CDATA[Rent-A-Center]]></category>
		<category><![CDATA[Statoil]]></category>
		<category><![CDATA[STO]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=219</guid>
		<description><![CDATA[What a year!  Over the course of this past twelve months, we saw regime changes in Egypt and Libya, the war in Iraq officially ended for the U.S., Europe came dangerously close to breaking up, Greece, Italy, Ireland, Spain and Portugal all teetered on the edge of bankruptcy and for all of the ups and [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2012/01/28/fourth-quarter-2011-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Third Quarter 2011 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2011/11/18/third-quarter-2011-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2011/11/18/third-quarter-2011-client-letter/#comments</comments>
		<pubDate>Fri, 18 Nov 2011 05:11:22 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2011]]></category>
		<category><![CDATA[ConocoPhillips]]></category>
		<category><![CDATA[COP]]></category>
		<category><![CDATA[DJIA]]></category>
		<category><![CDATA[JNJ]]></category>
		<category><![CDATA[Johnson & Johnson]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=214</guid>
		<description><![CDATA[Wow!  What a quarter we’ve had!  As the quarter started off, the U.S. was embroiled in a debate on whether and how to raise the debt ceiling.  If you recall, the U.S. needed to raise the debt ceiling in order to meet obligations we had already committed to spending.  Many on the far right of [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2011/11/18/third-quarter-2011-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Second Quarter 2011 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2011/08/16/second-quarter-2011-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2011/08/16/second-quarter-2011-client-letter/#comments</comments>
		<pubDate>Tue, 16 Aug 2011 20:02:49 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2011]]></category>
		<category><![CDATA[American Recovery and Reinvestment Act of 2009]]></category>
		<category><![CDATA[Bush]]></category>
		<category><![CDATA[Clinton]]></category>
		<category><![CDATA[debt ceiling]]></category>
		<category><![CDATA[debt ceiling debate]]></category>
		<category><![CDATA[deficit]]></category>
		<category><![CDATA[Democrats]]></category>
		<category><![CDATA[Great Depression]]></category>
		<category><![CDATA[John Maynard Keynes]]></category>
		<category><![CDATA[Keynes]]></category>
		<category><![CDATA[Obama]]></category>
		<category><![CDATA[Republicans]]></category>
		<category><![CDATA[Roosevelt]]></category>
		<category><![CDATA[stimulus bill]]></category>
		<category><![CDATA[Tea Party]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=208</guid>
		<description><![CDATA[One thing that I have studiously tried to avoid is getting political.  In fact, I tend to be apolitical about things when it comes to money management.  I truly do not care which party is in control as there is, to quote CNBC pundit Jim Cramer, “always a bull market somewhere!”  That’s [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2011/08/16/second-quarter-2011-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>First Quarter 2011 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2011/04/21/first-quarter-2011-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2011/04/21/first-quarter-2011-client-letter/#comments</comments>
		<pubDate>Thu, 21 Apr 2011 16:19:17 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2011]]></category>
		<category><![CDATA[ConocoPhillips]]></category>
		<category><![CDATA[COP]]></category>
		<category><![CDATA[Glatfelter]]></category>
		<category><![CDATA[GLT]]></category>
		<category><![CDATA[Innophos Holdings]]></category>
		<category><![CDATA[IPHS]]></category>
		<category><![CDATA[LCUT]]></category>
		<category><![CDATA[Lifetime Brands]]></category>
		<category><![CDATA[Market Vectors Agribusiness ETF]]></category>
		<category><![CDATA[MOO]]></category>
		<category><![CDATA[NAFC]]></category>
		<category><![CDATA[Nash Finch]]></category>
		<category><![CDATA[ODC]]></category>
		<category><![CDATA[Oil-Dri]]></category>
		<category><![CDATA[Paul Volker]]></category>
		<category><![CDATA[stagflation]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=205</guid>
		<description><![CDATA[We have said many times – and this bears repeating – while we understand that volatility can be stomach churning to you ... we really do embrace volatility as a useful tool.]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2011/04/21/first-quarter-2011-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fourth Quarter 2010 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2011/01/22/fourth-quarter-2010-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2011/01/22/fourth-quarter-2010-client-letter/#comments</comments>
		<pubDate>Sun, 23 Jan 2011 04:07:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2010]]></category>
		<category><![CDATA[Buckeye Pipelines]]></category>
		<category><![CDATA[ConocoPhilips]]></category>
		<category><![CDATA[convertible bonds]]></category>
		<category><![CDATA[CWB]]></category>
		<category><![CDATA[Ennis]]></category>
		<category><![CDATA[ETF]]></category>
		<category><![CDATA[ETFs]]></category>
		<category><![CDATA[Inc]]></category>
		<category><![CDATA[NuStar]]></category>
		<category><![CDATA[NuStar Energy]]></category>
		<category><![CDATA[Oil-Dri]]></category>
		<category><![CDATA[Oil-Dri Corp.]]></category>
		<category><![CDATA[Progress Energy]]></category>
		<category><![CDATA[SPDR Barclay's Convertible Bond ETF]]></category>
		<category><![CDATA[TIP]]></category>
		<category><![CDATA[TIPs]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=197</guid>
		<description><![CDATA[Too many investors, burned by the crash of 2008, the high unemployment rate, massive home foreclosures and talk of a plunging dollar are afraid of the future.  The continued cash flow into bonds is a rush to safety...]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2011/01/22/fourth-quarter-2010-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>It&#8217;s No Surprise &#8211; We Have Earnings Growth</title>
		<link>http://www.aeriecapitalmgmt.com/2010/11/29/its-no-surprise-we-have-earnings-growth/</link>
		<comments>http://www.aeriecapitalmgmt.com/2010/11/29/its-no-surprise-we-have-earnings-growth/#comments</comments>
		<pubDate>Mon, 29 Nov 2010 05:33:03 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Bloomberg]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[Financial Analysts Journal]]></category>
		<category><![CDATA[Jegadeesh]]></category>
		<category><![CDATA[Livnat]]></category>
		<category><![CDATA[revenues]]></category>
		<category><![CDATA[S&P 500]]></category>
		<category><![CDATA[sales]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=194</guid>
		<description><![CDATA[Companies that reported both earnings and sales that exceeded analysts’ expectations returned about 27% annually.]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2010/11/29/its-no-surprise-we-have-earnings-growth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Third Quarter 2010 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2010/10/17/third-quarter-2010-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2010/10/17/third-quarter-2010-client-letter/#comments</comments>
		<pubDate>Mon, 18 Oct 2010 04:30:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2010]]></category>
		<category><![CDATA[CRH plc]]></category>
		<category><![CDATA[el-Erian]]></category>
		<category><![CDATA[GE]]></category>
		<category><![CDATA[Innophos]]></category>
		<category><![CDATA[Innophos Holdings]]></category>
		<category><![CDATA[IPHS]]></category>
		<category><![CDATA[Mohamed el-Erian]]></category>
		<category><![CDATA[National Bureau of Economic Research]]></category>
		<category><![CDATA[NBER]]></category>
		<category><![CDATA[Nouriel Roubini]]></category>
		<category><![CDATA[recession]]></category>
		<category><![CDATA[Roubini]]></category>
		<category><![CDATA[Span-America Medical Systems]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=187</guid>
		<description><![CDATA[Hear ye!  Hear ye!  The recession is over!  Well, that was the headline news on September 20th anyway.  It seems that the National Bureau of Economic Research (NBER), a leading private, non-profit, non-partisan research organization released their findings on the economy.  What was more surprising than the announcement the recession [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2010/10/17/third-quarter-2010-client-letter/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Second Quarter 2010 Client Letter</title>
		<link>http://www.aeriecapitalmgmt.com/2010/07/21/second-quarter-2010-client-letter/</link>
		<comments>http://www.aeriecapitalmgmt.com/2010/07/21/second-quarter-2010-client-letter/#comments</comments>
		<pubDate>Wed, 21 Jul 2010 21:14:37 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Quarterly Letters 2010]]></category>
		<category><![CDATA[Benjamin Graham]]></category>
		<category><![CDATA[BP]]></category>
		<category><![CDATA[BP Plc]]></category>
		<category><![CDATA[DMLP]]></category>
		<category><![CDATA[Dorchester Minerals]]></category>
		<category><![CDATA[HGT]]></category>
		<category><![CDATA[Hugoton Royalty Trust]]></category>
		<category><![CDATA[ODC]]></category>
		<category><![CDATA[Oil-Dri Corporation]]></category>
		<category><![CDATA[S&P 500]]></category>
		<category><![CDATA[second quarter]]></category>
		<category><![CDATA[Warren Buffett]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=176</guid>
		<description><![CDATA[I have often cited as one of my role models, Warren Buffett.  One “Buffett-ism” is that it only takes two things to make money – having a plan and sticking to it – and of those two, it’s the sticking to it that most investors struggle with.  One thing that we have is a long-term [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2010/07/21/second-quarter-2010-client-letter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A &#8220;Fat-Fingured&#8221; Discount?</title>
		<link>http://www.aeriecapitalmgmt.com/2010/05/07/a-fat-fingured-discount/</link>
		<comments>http://www.aeriecapitalmgmt.com/2010/05/07/a-fat-fingured-discount/#comments</comments>
		<pubDate>Fri, 07 May 2010 14:48:37 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[BPL]]></category>
		<category><![CDATA[Buckeye Partners]]></category>
		<category><![CDATA[Citigroup]]></category>
		<category><![CDATA[Conoco]]></category>
		<category><![CDATA[ConocoPhillips]]></category>
		<category><![CDATA[COP]]></category>
		<category><![CDATA[EXC]]></category>
		<category><![CDATA[Exelon]]></category>
		<category><![CDATA[Frisch’s Restaurants]]></category>
		<category><![CDATA[FRS]]></category>
		<category><![CDATA[HYF]]></category>
		<category><![CDATA[NAFC]]></category>
		<category><![CDATA[Nash Finch]]></category>
		<category><![CDATA[P&G]]></category>
		<category><![CDATA[Proctor & Gamble]]></category>

		<guid isPermaLink="false">http://www.aeriecapitalmgmt.com/?p=165</guid>
		<description><![CDATA[I know what is going to be on the minds and lips of just about everyone for the next couple of days.  “Did you see that stock market?!”  Everyone, of course, will be talking about the nearly 1,000 point plunge in the Dow Jones Industrial Average around mid-afternoon on Thursday.  This is the largest single [...]]]></description>
		<wfw:commentRss>http://www.aeriecapitalmgmt.com/2010/05/07/a-fat-fingured-discount/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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