Dear Client and Friend:
Recent events in the Middle East have stopped the stock market in its tracks. The fear of rapidly rising oil prices manifested through higher gasoline prices is causing renewed thinking about the economic strength of the United States.
Industries clearly dependent on oil will initially be hurt, but the inescapable fact is that oil “trickles down” throughout every economic sector after a while. In anticipation of others coming to this conclusion, we have been taking some profits by cutting our allocation to stocks. There simply is no way to analyze the situation, but the probability of a quick, positive solution is quite low.
As always, our attention to preservation of capital is overriding other bullish considerations in the immediate future.
In that regard, we recently received a very positive confirmation of the success of our investment efforts over the last few years. As a professional investment manager, we submit investment portfolio data to Informa Investment Solutions, one of the most comprehensive and independent manager databases on the market. “P.S.N. Data Select” provides detailed information on more than 2,000 investment organizations and 20,000 investment products to a clientele of over 14,000 large corporations and financial institutions.
Investment managers and products are evaluated by style similarity and ranked using several characteristics, including actual investment performance, consistency, dispersion and risk.
In the U.S. balanced products universe, we were ranked against 179 different investment management firms and 250 U.S. balanced products. The top ten firms selected comprise the prestigious “Top Guns” list in each universe. We’re very proud to be recognized in the “Top Guns” category (Top Ten) over the last five years and especially delighted about the affirmation that our efforts worked as well or better than most. As you are a client and friend of Cadinha & Co., we felt it important to share this news with you. It is your loyalty and support that helped us earn this recognition.