Trading Markets:

To Our Shareholders:

Our annual shareholder letter provides a timely opportunity to communicate the ideas and actions that we are pursuing at Papa Bello the logic behind them. I strive to explain, rather than promote, because doing so gives you a framework from which to evaluate your investment and our overall performance. We are creating a great company that can stand the test of both good and bad times.

This past year was a very difficult year for the world economies and for business in the United States, and 2010 needs to be the year of restoring confidence and trust in our financial system. We have witnessed the weeding out process or the cleansing that I believe is necessary from time to time and that inevitably accompanies a difficult economic environment.

Read full letter here.