Is the U.S. in a recession? Are stocks in a bear market?

Probably not, in our judgment.

Will growth investing continue to outperform value? And will the U.S. stock market be the best performer in 2008?

In our view, most likely.

And will we at Turner stick to our growth, core/value, and quantitative investment disciplines?

Absolutely.

Anything is possible with the economy and the capital markets, but with appropriate equivocation, that in a nutshell is our assessment of the prospects of the economy and stocks.

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The views expressed represent the opinions of Turner Investment Partners as of January 22, 2008, and are subject to change. They are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. There can be no guarantee that Turner will select and hold any particular security for its client portfolios. Earnings growth may not result in an increase in share price. Past performance is no guarantee of future results. All indexes referenced are measures of common market sectors and performance. It is not possible to invest directly in an index.

As of January 22, 2008, Turner held in client accounts approximately 1.0 million shares of Google, 22.8 million shares of Microsoft, 20.3 million shares of Cisco Systems, 5.2 million shares of Merck, and 2,300 shares of General Electric.

Turner Investment Partners, founded in 1990, is an investment firm based in Berwyn, Pennsylvania. As of December 31, 2007, we managed more than $29 billion in growth, value, and core stocks in separately managed accounts and mutual funds for institutions and individuals.