Separately, please know that you may obtain a copy of Part II of Goelzer Investment Management’s Form ADV, filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940, at no charge upon written request to our office.

We at Goelzer remain as committed as ever to adding value to our relationship with you through everything we do on your behalf. As a result of our continued growth and investment in efficiency enhancing technology, we are pleased to announce that we are once again able to pass along an adjustment to our brokerage expense schedule. Specifically, the cost of equity trades under 1,000 shares has been reduced by 13% effective January 1, 2012, subject to a $20.00 minimum.

Once again, we want to take this opportunity to thank you for the confidence and trust you have placed in us this past year, and the referrals many of you have passed along as a testament to this trust. It is referrals from clients like you and our friends in the professional community that have allowed us to continue to grow as an organization. We are excited about our future together and look forward to serving you and your family for generations to come.

Should you have any questions or comments 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, sgrabhorn@goelzerinc.com or, if outside the Indianapolis calling area, (800) 428-1618.

As always, we welcome and appreciate your thoughts regarding how we are doing and what we can do better. Valued clients and friends like you are the foundation of our success.

Sincerely,
GOELZER INVESTMENT MANAGEMENT, INC.

Brett D. McKamey, CFA
President

Each December many articles tout forecasts for the direction of stock and bond prices in the year ahead.  While we regularly give our ten-year outlook for the markets, as we have done below, we mostly avoid attempts to predict returns over shorter periods such as a calendar year.  The reason for this is simple: it is an endeavor at which no one has shown consistent success.

READ FULL COMMENTARY HERE

Be fearful when others are greedy and greedy only when others are fearful. -Warren Buffett

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.  – Warren Buffett

The future is never clear, and you pay a very high price in the stock market for a cheery consensus.  Uncertainty is the friend of the buyer of long-term values. – Warren Buffett

These quotes from Warren Buffett reflect the well regarded wisdom about how and when to buy stocks.  It’s simple, right?  Everyone knows the object is to buy stocks when they are low and to sell them when they are high.  But surprisingly, very few investors actually accomplish this.  Most people get caught up in the enthusiasm of a rising market or more recently, the pessimism of a falling market.  More often than not, most investors let the attitude of the day drive their long-term investing decisions and eschew these time tested disciplines of investing.

READ FULL COMMENTARY HERE

In total, GIM has donated 170,000 meals to Hoosiers in need. This is an especially important time as the number of Hoosiers living in poverty has increased by over 50% since 2000.

Please help us in our support of Gleaners Food Bank by bringing canned goods to our tailgate on November 13, 2011.

Watch our November 6th broadcast on WISH (24 Hour News):

To learn more about getting involved in this humanitarian crisis in our community, visit our Gleaners Food Bank page.

Recent months have brought extreme volatility and sharply lower prices for stocks and commodities around the world.  Concerns about a possible debt default by Greece, and slowing economic growth in both the U.S. and Asia are all blamed as reasons for the declines.  But it is the situation in Greece, and the possibility of contagion throughout Europe, that seems to have the greatest impact on daily market volatility.

This leads one to ask, how can Greece be so important?  After all, Greece has a population five percent smaller than the State of Ohio, and an economy that is one-third smaller.  Indeed, if Ohio was struggling to pay its debts, investors around the world would not respond in such a way – if they noticed at all.  Further, why does a possible debt default by a relatively small nation matter at all to stock prices in the U.S. or other nations?

READ FULL COMMENTARY HERE

Goelzer Investment Management, a national investment firm headquartered in Indianapolis, Indiana, is proud to announce that eight Goelzer wealth managers were named as top investment managers in the prestigious 2011 Indianapolis Monthly Five Star Wealth Managers of the Year Award. The eight Goelzer investment managers are Andrew Concannon, Donald Hutchinson, Max Kime, Brett McKamey, Neal Smith, Douglas Wade, Walter Gross, and Christopher Ryker. These Goelzer wealth managers will be featured in the October 2011 issue of Indianapolis Monthly Magazine.

A distinguished honor, the 2011 Indianapolis Monthly Five Star Wealth Manager Awards are determined by surveying consumers, financial service professionals, and Indianapolis Monthly subscribers. Selected from more than 8,400 wealth managers in the Indianapolis area, the winners were ranked on the following criteria: customer service, integrity, knowledge/expertise, communication, value for fee charged, meeting of financial objectives, post-sale service, quality of recommendations and overall satisfaction. Only wealth managers with more than five years of experience in the financial services industry were considered.

“It is an honor to have eight of our associates selected for this high-profile award,” says Greg Goelzer, CEO of Goelzer Investment Management. “For the past five years, our firm has been recognized in the Five Star Wealth Management profile and several of our managers have received the award numerous times.”
Over the course of the last 42 years, Goelzer Investment Management has built an experienced team of dedicated and prudent career professionals. The firm has grown from its roots in 1969 to now include 20 talented individuals with an average of 30 years of investment experience. Today, Goelzer Investment Management is a leading investment advisory/portfolio management firm based in the Midwest and one of the larger Registered Investment Advisor (RIA) firms in the country, with more than $1.2 billion in assets under advisement for approximately 400 clients in 34 states and Europe. As an independent, fee-based firm, Goelzer provides comprehensive investment planning, advice and portfolio management services to affluent individuals and families and to institutional investors. For more information on Goelzer Investments visit: www.goelzerinc.com.

Contact:
Beverly Smith
317.571.9857
bkscom@earthlink.net

Over the course of the past 42 years, we have been very successful in attracting, retaining, and developing an extremely talented team of dedicated and experienced investment professionals.  This professionalism, founded on our keen attention to client satisfaction, is showcased by our eight 2011 FIVE STAR Wealth Manager Award recipients.  We are very proud of these awards. For your information, we have posted on our website (www.goelzerinc.com) related press releases as well as an article that appears in the October 2011 issue of Indianapolis Monthly highlighting these honors.

Should you have any questions or require additional information, please do not hesitate to give me or Sherri a call.  You can reach Sherri directly at (317) 264-2618, (e-mail) sgrabhorn@goelzerinc.com or, if outside the Indianapolis calling area, (800) 428-1618.

Sincerely,

GOELZER INVESTMENT MANAGEMENT, INC.

Brett D. McKamey, CFA

“The Committee currently anticipates that economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.”

The Federal Reserve Open Market Committee – August 9, 2011

The above statement was unwelcome news for income-oriented investors. With it, investors’ hope that Federal Reserve policy would allow for higher yields on high-quality bonds, bank savings accounts, and money market funds was put on hold for two more years. As yields on many short-term savings vehicles are at all-time lows, the Federal Reserve was in effect telling investors that they will need to look elsewhere to receive a reasonable income return on their savings and investments.

READ FULL COMMENTARY HERE

Complementing the individualized e-mail communications you currently receive from Goelzer pertaining to your unique needs and circumstances, we will now be providing clients with separate, periodic e-mail updates concerning topics of interest to all Goelzer clients.

Our new e-mail updates will include news about our firm such as the addition of investment professionals and staff, the introduction of new products and services, and our ongoing improvements to customer service and technology. Further, our updates will keep you apprised of Goelzer’s various community service activities, such as our involvement with Gleaners Food Bank and United Way. Also, from time to time we will provide interim commentary regarding the economy and investment environment and how events unfolding are shaping our investment strategy.

We are excited to make this new communications channel available to you and trust you will find it a useful addition to our current array of products and services. As always, we greatly appreciate your feedback and thoughts, so please let us know how we can better serve you.

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, (e-mail) sgrabhorn@goelzerinc.com or, if outside the Indianapolis calling area, (800) 428-1618. Thank you again for the opportunity to be of service.

Sincerely,

GOELZER INVESTMENT MANAGEMENT, INC.

Brett D. McKamey, CFA