We are a full service, independent financial planning and investment management practice founded in 1981. Our expertise supports our clients in all aspects of their financial life and in the attainment of their goals. With our fee-only compensation, we are able to offer competent advice on an array of topics without any conflicts of interest. Our investment philosophy is value-oriented and conservative with a concentration on long-term returns. Our job is to help our clients enjoy life and minimize worries. We take pride in working with families and individuals who share our values and appreciate our many unique services.

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Update - March 12th at 9:00 A.M.

The performance data for the portfolio is as follows:

	Market	Our Portfolio
2008	-39%	-5%
2009	-16% ytd	-6%

      In the last 6 weeks we have added significantly to the common stock, energy and real estate holdings in the portfolio and they now, in aggregate, total over 50% of the portfolio. As prices have risen in recent days our buying, on a net basis, has tapered off but we will start to add to our positions again if prices decline. It is both an exciting and a very difficult time as it is always a great test to buy when "blood is in the streets".

      I encourage you to read the attached file, which has the most recent missive from Jeremy Grantham (one of our generation’s great investment theorists) on the current situation. (If you have any trouble with the attachment, we can send it to you by mail.)

      I agree with much of what he says and both of us, until very, very recently, have been quite negative on the values in evidence in the worlds asset markets. A decline, in many cases, of 60% takes care of a lot of overvaluation and starts to create interesting opportunities :)

      In his letter, he mentions career risks for advisers when they deviate from the accepted norms. On many occasions it is riskier to the do the right thing if it is unconventional than to do the wrong conventional thing. My goal is unchanged, and was well tested in the technology bubble, in that I would rather lose half my clients than half my client’s money following the conventional wisdom.

      The path will be bumpier now because we are more fully invested and the ups and downs will be more significant. I have a strong belief that we will be well rewarded for our recent investments and we are in the enviable position, unlike most of the investment community, of not needing a gain of 100% to return to our 2007 highs.

      I should add that I do NOT believe that all is well with the world and I do expect a lot more bad news, scares and chaos before we, eventually, emerge from this recession/depression. Opportunities and risks abound.

      I will remain calm and will continue to manage your funds using the methodology that I have employed, with some success, over the last 28 years.

      - Mike

 

 

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