Volatile Quarter- Not Bad for Us

Despite a substantial increase in volatility in the securities markets, the net result for the averages was a big zero. Our results, however, were quite good. We would be happy to see three more quarters just the same.

We do especially well in flat or down markets as our option and dividend income provides an adequate return to more than offset minor losses in market prices….Our superior results are even better on a risk-adjusted basis than they appear, as they are accomplished while providing above average-cash flow from the dividends and option income. This income can, in turn, earn additional return.

We have maintained higher cash (money market) balances than normal as we feel the markets carry greater than average risk while we find our economy slowing and residential real estate continues to be problematical.

The more assets you have with us, the more you are earning and the greater potential for achieving your financial goals. Idle or underperforming assets water down your average return and will, over time, provide fewer resources for your comfort and security.

We see more people reaching retirement and the difference in their prospects is staggering. Some will be able to travel and spend as they choose, while others must seek further employment and can spend on bare essentials only. You play the biggest role in which type of retirement you will experience. Make all of your funds work hard for you and make saving a high priority.

Very truly yours,

Michael F. Cantlon