Buford, Dickson, Harper & Sparrow, Inc.

Short Term Thrill or Long Term Gain

Sometimes the investing community can’t see the forest for the trees. With mounting pressure to meet actuary guidelines to pay current and future retirement benefits, short-term investing goals sometimes cloud the vision of long-term investing principles. With the addition of alternative investment strategies to portfolio allocations, many plans have embraced these more aggressive alternatives to augment lower returns of the traditional investment strategies. Every manager gives the disclaimer that past performance is not an indicator of future performance; however, some investors forget that investment discipline results in solid long-term gains.

We all have our role model, mine being the Wizard of Omaha. Mr. Buffett himself, shares an investment philosophy similar to our successful 16 year track record. He invests in companies that are dominant, with proven products or services, good management and making money. These are the same core principles that are the framework of our extensive research and stock selection process.

As the fourth quarter develops we continue to be confident that our strategy will gather momentum. Stock selection, earnings acceleration and multiple expansions will be key to market performance for the remainder of this year. Our firm’s long-term investment discipline, strategic stock selection and solid investment philosophy should continue to position clients to enjoy these positive trends.

William H. Young
President & COO