You Can’t Turn the Economic Ship Quickly

The economy is showing signs of recovery. Corporate cash is at all time highs, consumer debt is shrinking, inflation seems to be under control and interest rates will probably remain low for the foreseeable future. These are positive signs that the economic ship is slowly steering in a new direction.

The first three quarters of market action in 2009 rewarded lower quality stocks. These speculative issues rebounded with the hint of economic recovery. The fourth quarter shifted its attention and the market begin to pay attention to stocks that are best poised to lead the way as the new market cycle unfolds.

As Buford, Dickson, Harper & Sparrow celebrates our fifteenth anniversary and we look forward to the new decade, experience has taught us that staying true to core investment strategies has paid off. Our successful long-term investment strategy, philosophy and process produced positive results compared to our benchmark, since inception. Few managers can match that accomplishment.

Buford Dickson Harper & Sparrow continues to have a disciplined long-term perspective of the market. Stock selection, earnings acceleration and multiple expansions will be the catalysts to 2010 market performance. We believe that as the economic ship finds its new direction that our investment strategy positions us to provide our clients with positive returns.

William H. Young
President & COO