Musical Chairs January 8, 2007 Dear Investor: A sudden, disconcerting bullishness has thawed Wall Street like global warming on a winter’s day. After several years of bearish sentiment during which stocks climbed a wall of perpetual worry, most analysts are betting on good gains in the coming year. Contrarian as we tend to be, this leaves us increasingly concerned. As you know, we’ve been very bullish on equities for the past few years. We are...