Greetings, last year in this letter I was bullish on the prospects for 2002. Turns out I was mostly wrong. If your business is in or related to semiconductors, telecommunications, or financial services, 2002 was not a good year. On the other hand, the economy has continued modest growth; the outlook for 2003 is cautiously positive; moreover, it seems unlikely that we will see the dreaded "double-dip" recession. Count your blessings and keep reducing your costs.