INVESTMENT PHILOSOPHY

Long-term account objectives and a conservative investment philosophy provide the basis for all investment decisions. Traditional methods of economic and financial analysis evaluate the business cycle and the risk and return prospects for each asset class of the security markets: cash reserves, bonds, and common stock. Portfolio risk is reduced by diversifying among the three asset classes with a balanced portfolio. The portion allocated depends on individual client objectives and our specific long-term projections. All investments must satisfy rigorous quality criteria.