Nice Quarter- Three More Please!

Although a normal recovery from this recession is very difficult to discern, it does seem that we have at least stopped sinking. Because the damage to our financial system, our economy, and our personal balance sheets has been so substantial, this recovery will be slow going.

Unemployment and home prices will be a drag on the recovery as will consumer spending which is impacted by both of these and the need for consumers to work down debt built up over two decades. Billions of stimulus dollars have had debatable impact.

The area showing the most improvement, fortunately, is our own area of expertise, the stock market. Because stock values were so pummeled, they had lots of room for improvement. We have thoroughly enjoyed participating in this recovery after having largely avoided the 2008 debacle. Since February of 2009, our assets under management have increased from $38 million to over $57 million.

Quite a few of you will find enclosed a report newly available from Fidelity Investments which graphically and mathematically portrays how your investment accounts have performed going back to 2003. (We wish they went all the way back.) Comparison to the Standard & Poor 500 index is also shown. We are very proud of our track record and pleased to be able to share it with you in such a clear format

At the present time, this information is not available on all accounts. Fidelity Investments assures us this will soon change. Call us if you would like to discuss your report .

Very truly yours,

Michael F. Cantlon

Thomas E. Guyett