Greetings Clients and Friends:

We are about to begin another week of uncertainty and social distancing.  My family is healthy and mostly sane; I hope you and your loved ones are too.

The S&P 500 Index of large US company stocks had a cumulative year-to-date decline through Friday of 28%. Our balanced, growth and aggressive portfolios are down 16%, 21% and 25% year-to-date respectively.

The coronavirus news is dire, and judging from the situation in Italy, it is going to get worse in the US.  This does not bode well for the stock markets, and we expect more panic selling.

Please consider whether you have adequate cash for upcoming expenditures and potential interruptions in income. If you feel that you have ample liquidity, then I want you to sit tight and ride this out with us.  Our assets will recover and grow sooner than we can now imagine.

Please do not hesitate to contact me.

Sincerely,

John