As we reflect on the turmoil within the financial markets over the past year and the challenges that we as a nation and investors have faced, the fact that this year marks our firm’s 40th anniversary serves as a valuable reminder – that volatile periods in the market and economy have happened before and will happen again. Just after our founding in 1969, the market declined almost 50% and unemployment soared to double-digit rates while our country remained stalled in a deeply unpopular war. History has demonstrated time and again that periods of extreme market uncertainty often yield significant investment opportunities. While the short term is always unpredictable, we are confident that our proven philosophy and discipline will continue to produce rewarding long-term results.
Today, our organization has never been stronger and more committed. Our firm has always been managed in a conservative style preparing us and our clients for these more difficult times. We are employee owned, well capitalized and have no debt. Our investment professionals are focused on our disciplined approach to investing and navigating through this economic cycle. And, we are delighted to report a new addition to our investment team. Micah Weiland has recently joined our team as an Associate, assisting our portfolio managers in the analysis of investment opportunities.
Over the past 40 years we have gained a wealth of knowledge while working hard to embrace our Midwestern values of trust, integrity and commitment. However, we truly recognize that it has all been made possible by earning your trust in our capabilities. We sincerely appreciate the confidence and trust you have placed in us. We look forward to continuing our relationship with you for many years to come.
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