Our 2012 objective, as a firm, remains to help our clients keep their heads about them… To maintain proper allocations, consistent with each individual/family’s unique circumstances, time horizon and temperament – and to rebalance as needed… To encourage them, as always, to keep the blinders (to short-term volatility) on and maintain their long-term focus… To remind them that the equity portion of their portfolios’ advances tend to (historically speaking) come in spurts (of varying lengths), and those who attempt to time the market’s ups and downs risk missing the advances, as well as the buying of declines (through rebalancing), and thus risk blowing permanent holes in their long-term results…

As a commentator, my aim is to aggressively promote commonsense reasoning in a world dominated by media hyperbole and political confusion… To illustrate the unseen costs of every proposition – to, in essence, promote the free-market ideology… To take notice of the opportunities that lie ahead and, in the process, help our clients understand the logic behind our specific investment recommendations…

All of us here at PWA are sincerely grateful for the opportunity to work with a most wonderful group of clients… Please never hesitate to call on us at any time during the year (i.e., no need to wait for your semi-annual review date) when we can be of any service, in any manner, whatsoever!!

Wishing you and yours a healthy, happy, and enlightening New Year!!!!