Investment Objective
Our
investment objective is consistent, long-term growth of capital with relatively
low risk. In furtherance of our objective, we believe balanced accounts
are appropriate for most investors. A balanced portfolio includes stocks,
bonds and cash. The percentage of the account invested in each of these
three asset categories is determined by the client's own particular needs and
ability to assume risk. Frequently, written guidelines are adopted and
periodically reviewed. All portfolios are managed separately and are not
commingled.