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Q2 2009 Economic Update

Investment Summary-

The second quarter of 2009 continued to see the global economic “Great Recession” slow its decline and saw confidence grow that the GDP will turn back up in the second half of the year. Prices of stocks, bonds and commodities all rebounded sharply in April and May before
stalling in June. A tension exists between balancing the early signs of recovery with prospects of a “jobless recovery” and economically unhelpful government policies presently being proposed. Our near-term outlook is neutral with little expectation of further price appreciation. Our overall strategy continues to be focusing on low/medium risk income producing investments along with a smaller allocation to inflation/weak dollar hedges.

Second Quarter 2009 Newsletter