Lead Article: Is there Alpha in Norway?
Norwegians have a well deserved reputation for sound stewardship of their substantial oil wealth, based on a recent study, they may have become further noted for making a significant contribution to the active vs. passive investment debate.

Funded by severance taxes and income from a 67% ownership stake in energy giant Statoil, a government-run petroleum fund (now known as the Government Pension Fund - Global) was first capitalized in 1996 and has become one of the world's largest sovereign wealth funds, with over NOK 2.5 trillion in assets ($430 billion) as of September 30, 2009.  The value of the fund exceeds NOK 1 million per Norwegian household, and the government has given a great deal of thought to the best way to manage this store of wealth for future generations. . . .

Inside This Issue:
The Stock-Bond Decision
Skill, Chance and Active Management
Good versus Bad Risk
A Tale of Two Car Companies
The High-Yield Dow Investment Strategy
Recent Market Statistics
Recommended Investment Vehicles