Market Commentary July 23, 2012 (Comments on Crummy Friday, AAII Sentiment, 9 European Bargains, MAN, Q2 Results, MSFT, INTC, IBM, 10 Lower Beta Stocks, 10 Higher Beta Stocks, WAG & TCB)

Kovitz Investment Group Partners, LLC is editor of The Prudent Speculator newsletter and is the investment advisor to individually managed client accounts and certain mutual funds. Investing involves risk, principal loss is possible, and there can be no assurance that investment objectives will be achieved. Past performance is no guarantee of future results. Registration of an investment adviser does not imply any certain level of skill or training.