During these exceedingly volatile times, the Goelzer investment team continues to adhere to our disciplined investment philosophy. Our rigorous process of security selection, managing portfolio holdings and analyzing threats or opportunities generated by economic, industry, or political events has continued to serve us well; never more so than during these difficult times. In fact, this process led us to take several steps to reduce the risk in the portfolios last year and earlier this year, acting proactively, rather than selling into the panic we are witnessing today.
Unfortunately, we believe we will continue to see heightened volatility for some time as we move into the earnings season and until we have addressed the crisis of confidence and restored proper functioning of our credit markets. As mentioned on many occasions, the global economy is in the midst of a massive de-leveraging cycle, and just as it took time to get into this mess, it will take time to resolve. Again, we think it is important to stress the quality of your holdings, the disciplined process guiding our investment strategies and the experienced team leading us through these turbulent times.
Over the course of the last 39 years, we have been very fortunate in attracting and building an extremely experienced team of dedicated and prudent career professionals. Our firm has grown from its roots in 1969 to now include 20 bright, talented individuals with an average of 30 years of investment experience to serve the needs of our expanding client base. This professionalism and attention to client satisfaction is showcased by our six 2008 FIVE STAR Wealth Manager Award recipients. We are very proud of this award and have inserted the article that appears in the October 2008 issue of Indianapolis Monthly highlighting this honor.
As always, we would welcome the opportunity to discuss current market conditions and your specific circumstances anytime at your convenience. Should you have any questions about the enclosed report or require additional information, please do not hesitate to give Sherri or me a call. You can reach Sherri directly at (317) 264-2618 or, if outside the Indianapolis calling area, (800) 428-1618.
Sincerely,
GOELZER INVESTMENT MANAGEMENT, INC.
Brett D. McKamey, CFA