Although this monthly letter is to give market views, one cannot help but comment on the events of

C.F.G. HEWARD INVESTMENT MANAGEMENT LTD. THE GOOD, THE BAD, AND THE UGLY...DUCKLING INVESTMENT OUTLOOK OCTOBER 10, 2001 Although this monthly letter is to give market views, one cannot help but comment on the events of September 11, 2001. The most recent New Yorker's magazine conveys the current darkness that has enveloped the Western world markets with a completely black cover, and only shadows of the twin towers barely perceptible even to the keenest of eyes. Not one of their legendary cartoons dress the pages within. The period of economic conditions can only compare to a deep mourning. We have met with many strategists, economists, and analysts in the past few weeks to discuss possible scenarios for world economies and stock markets. The title of this monthly comment does not refer to them, but to something one of our New York friends had to say. In an effort for the New York based firm Arnhold & Bleichroeder to get back to business-as-usual , Bill Schmick was the first to come to Montreal to share his outlook - and yes, he did fly here! One of the most relevant comments which inspires this piece is that markets can take good news, and the markets can take bad news, but one thing that capital markets cannot tolerate is uncertainty. And uncertainty has raised its ugly thhead in the aftermath of September 11 . The fact that uncertainty exists is driven home by the following disclaimer which appeared ...