CI Outlook - Archives

Newsletter - 1st Quarter 2003

April 4, 2003

Mr. and Mrs. Investor
123 Elm Street
Dallas, Texas 72345

Dear Investor,

We are happy to report results for the first quarter of 2003.  Our new approach is working well.  Although the markets swung wildly and ended about four percent lower your portfolio was far less volatile.  We have achieved these results by combining Exchange traded funds with a limited number of carefully selected equities.  This was the strategy we discussed in our year-end 2002 letter and, it appears to be working.  So what do we do for the rest of the year?

Assuming a favorable outcome in Iraq, our outlook remains unchanged.  We still believe the economy will maintain an erratic slow growth course.  This should result in a very volatile but upwardly biased stock market.  With that outlook in mind our investment posture has been defensive with a current income orientation.  When war worries are lifted market psychology will become more positive.  As that happens we will likely shift some of our investment ideas away from current income towards long term growth.  The recent purchase of JetBlue Airways (in those accounts where it is suitable) is an example of this type of shift.  We also plan to continue using the S&P 500 Exchange Traded Fund as a vehicle to manage your portfolios equity and cash allocation.  Although we will be making adjustments in the equity portion of your portfolio it is not our intention to change the overall allocation of bonds and stocks in your portfolio.  We intend to maintain that percentage as a long-term constant.

As you can tell, from this and our last letter, a lot of thought has gone into these new portfolio management techniques.  So far the results are gratifying.  Going forward our goal remains reduction of volatility in down markets and out performance in up markets.  Admittedly, this is a lofty goal yet it is one on which we intend to deliver.  The volatile markets that we expect should be a good test of our techniques and we look forward to reporting the results to you as the year progresses.

We look forward to helping you meet your financial goals.  We thank you for your continuing patronage and look forward to hearing from you in the near future.

 

C. J. Brott, Jr.                                                                                                 Karen Burns


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