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:: April 2003 | Page 4 of
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We alluded earlier to a quantifiable change from the circumstances
we discussed six months ago. In the face of all of this uncertainty,
and perhaps surprising to many observers, major stock market
averages at this writing are up over 10% from their lows in
early October. We hope that, absent some disastrous development,
the October lows indeed may prove to have been the bottom
of this cycle.
THE LONG VIEW
As a concluding thought, we want to repeat an observation
we have made before in these letters: returns in a portfolio
for a particular period reflect decisions made a year or two
or three earlier. Expressed differently, tomorrow’s
harvest results from today’s tilling, planting and fertilizing.
We always remind ourselves of that and keep that simple reality
in mind as we make investment decisions.
For that reason, we tend to look over the valley, because
we take a longer view in assisting clients in meeting their
objectives. Helping clients to stay the course is an important
part of our responsibility. Fortunately, our clients were
spared the dot.com devastation, so we have not dug a hole
for ourselves and are in a position to stay the course in
pursuing the long-term plan or, if needed, to make some adjustments
to strategy to ease the client through these anxiety-provoking
times.
Your thoughts and comments are always welcome.
Sincerely,
Johann H. Gouws, CFA
President
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