CI Outlook - Archives

Third Quarter 2005

October 6, 2005

Mr. and Mrs. Client
123 Elm Street
Dallas, Texas 75123

Dear Clients,

The last three months have provided us with plenty to think about.  As expected, interest rates continued to rise and the markets remained concerned with inflation, energy prices and corporate earnings.   Looking forward, the next three months major uncertainties will be Alan Greenspan’s retirement in January and the aftermath of Katrina and Rita.  In retrospect our decision in February to reallocate some money from bonds to commodities is proving correct.  Rising inflation and interest rates have taken the capital gains potential from the bond market.  We have replaced that potential for gain with a position in the Pimco Commodity Real Return Fund.  Other decisions are evolving.  We sold part of our allocation to small capitalization stocks in August.  Our plan is to reallocate the funds to large capitalization stocks.  We are splitting these funds, putting part into domestic large capitalization companies, (the S&P 500), and the rest into large foreign stocks.  As usual we will accomplish this by purchasing exchange traded funds.  These investment decisions were designed to adjust your portfolio to the overall direction of the economy and the resulting market conditions. 

As you know we are also involved in specific stock selection.  Specific stocks we still own such as AirTran and Luby’s continue to perform and we will continue to hold them.  Some companies such as Symantec were sold when they did not perform as expected.  New ideas such as CalDive should do well as work in the Gulf of Mexico picks up.  We will continue to monitor companies selected for investment and dispose of those which fail to perform as expected. 

You know that we truly appreciate your continuing patronage and look forward to providing ongoing service to you and any one you might refer to us.

CJ Brott                                                               Karen Burns


 


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