Our Monthly Letter for April 2008:

The first quarter of 2008 was the worst for the US equity markets in five years.  The S&P 500 was down over nine percent.  Along with a slowing economy and probable mild recession, we witnessed a liquidity crisis in the bond markets, the rescue of the fifth largest commercial bank by the Fed and J.P. Morgan, and an unprecedented discounting of municipal bonds.  No wonder there was panic.  We believe cooler heads will prevail. 

No matter how many bear markets one endures they seem to feel the same, horrible.   Here are some thoughts to help us brave the economic storm: 

1)    From a technical standpoint, there is a good chance that March 17^th was the low. 

2)    According to Phil Orlando, Chief Equity Market Strategist with Federated Investments, it takes nine months for the Fed’s easing of interest rates to begin having an effect on the economy.  In May it will have been nine months since the current easing cycle began.  This coincides with when the majority of eligible taxpayers will receive their economic stimulus tax rebate checks.

3)    There is a lot of money on the sidelines.  As of last week, the total value of money market funds exceeded $3.5 trillion, an all-time record high. The total is up $1.1 trillion in the last twelve months. (source: Investment Company Institute)  With money markets and treasuries offering such low yields, stocks look like an attractive choice.

Regarding Bear, Stearns Securities Corp as our custodian for much of our holdings, it appears J.P. Morgan is fully committed to continuing to support the former Bear, Stearns custodian business.  We will make a change of custodian if we detect this support waning.  Otherwise, your accounts are safe, secure, and protected where they are.

Thank you for your business and referrals. 

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Our Monthly Letter for March 2008:

Your holdings at Bear Stearns are not going away!

No doubt you are aware that Bear Stearns is under duress.  The company is suffering from “liquidity problems” as a result of their sub prime loan exposure and the ensuing problems in the financial industry.    We believe Bear Stearns will be taken over by another large bank, such as JP Morgan.  The questions is: what does this mean to all of us who have holdings at Bear Stearns?

First, we do not fear any loss of assets because Bear Stearns has adequate insurance protection between SIPC and CAPCO.  Also, your securities are held at Bear Stearns Securities Corporation, a separately capitalized, guaranteed broker-dealer subsidiary of Bear Stearns. However, in order to continue providing the best possible service, our Broker Dealer, First Allied Securities, said today that they are negotiating  with another clearing firm, probably Pershing, a subsidiary of the bank of New York Mellon.  They believe it will be several months before any such action is completed.

Many clients have concerns about their money market positions.  The money market positions in our Bear Stearns accounts are with BlackRock, a completely separate company.  We are sorry for any stress caused by this news and hope that this explanation has been helpful. 

As always, thank you for your business and referrals.  We will keep you informed regarding the Bear Stearns situation and please don’t hesitate to call if you have questions or concerns.

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Our Monthly Letter for February 2008:

Very little has changed in the economic backdrop since our last letter dated January 18^th.   In fact, as volatile as the equity markets have been, the Dow Jones Industrial Average is actually several hundred points higher than it was just six weeks ago.  Whether we are in a recession or experiencing a “rough soft landing” is still yet to be determined but we believe the more time that passes without a significant drop (another 1,000 points?), the less likely it is that one will occur. 

Year-to-date numbers reflect a stock market that is struggling for direction.  The commodity index is the leader so far, up over seven percent, with bonds the only other index with a slight positive return.  Value stocks are outpacing growth stocks with the MSCI International index sandwiched between them, down close to nine percent.  The Fed has been proactive in an attempt to boost the economy with interest rate cuts and tax credit so we are optimistic regarding economic recovery. 

Tax season is upon us so if you need any help with cost basis or gain/loss figures for 2007 please don’t hesitate to call and please don’t wait until the last minute.  It seems like anything operational requires much more time and many more steps than a few years ago.

By the way if you have called the office and heard a new voice answering the phone, that is Lacey Wright, Rob’s daughter.  Lacey is helping out in the office a few days a week while attending college. 

Thanks you for your business and referrals.

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Our Monthly Letter for January 2008:

Recession.  What does that mean? 

The fourth quarter of 2007 was very disappointing.  It now appears that the Fed was unable to adequately stave off the negative effects of the credit crunch caused by the sub-prime mortgage mess.  As a result we believe we could be in a recession, which explains the significant drop in the equity markets.  It is certainly nerve-wracking when the media forecasts troubled times ahead, ~ but it’s not cause for panic. 

Two very important things to keep in mind are 1) we will not know for sure whether or not we are in a recession until it is well under way.  And 2) Fed Chairman Bernanke, on behalf of the Fed, announced today that they forecast slower growth in 2008 but not a recession.  Again, only time will tell.

The average recession lasts just over a year, and generally ends about the time most people call for things to get really worse from there, and as a result they completely miss the turnaround.  And that is our biggest concern.  It is still very possible that we are experiencing the “rough” soft landing that the Fed has been working to achieve, or even a mild recession. 

Since the Dow Jones Industrial Average is already down about 14% from the highs set in October, if this truly is a Bear Market, much of the damage may have already been done.   If we have done our job correctly you are well diversified across several asset classes, including fixed income, international equities, and commodities, which should lessen any future volatility.  

With all that said, we will be contacting many of our clients in the near future to discuss some fund changes and strategic recommendations that we think are appropriate under the present circumstances.

Thank you for your business and referrals.

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Our Monthly Letter for November 2007:

We are pleased to welcome Bill Fowler, the newest member and Investment Advisor of the Schannep Investment Advisors team.  Bill will be working in a new office near Camp Lowell and Swan.  He is about to complete his Certified Financial Planner (CFP) designation and has valuable experience in both estate planning and taxes.  Bill is married with two children.  Welcome aboard, Bill. 

It’s hard to believe the holidays are upon us.  We are especially grateful to have you, <Owner>, as such a wonderful client.   If you are in Tucson please join us for Holiday Nights 2007 at Tohono Chul Park on Saturday, December 1^st located at 7366 N. Paseo Del Norte, just northwest of Ina and Oracle Road.  This year they will feature a half-a-million lights with holiday cookies, cider, music and the very popular ornament auction, all from 5:30pm to 8:30pm.  As always you are welcome to bring guests.  Please RSVP to Candace as we need to buy your tickets in advance.

Surely you have noticed the equity markets whipsawing up and down this fall.   Economists and investment professionals are well aware that the last recession in the USA ended November of 2001.  The six years since that date represent the fifth longest economic recovery in the last seventy-five years.   It seems like everyday economic news is released that contradicts the previous day’s news.  We expect this to continue until the scope of the sub-prime mortgage debacle is played out. 

Whatever the case may be, we recommend staying the course by following the allocation models and rebalancing when appropriate.  The fed is doing what it can to create a soft landing by lowering interest rates and supplying liquidity (cash).

Thanks again for your business and referrals.  As we count our blessings, we hope you get plenty of time with friends and family over the coming holidays. 

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Our Monthly Letter for October 2007:

What a wild summer!  The sub prime mortgage debauchery caused a chain reaction in the credit markets, damaging several financial institutions and driving local housing lender, First Magnus, completely out of business.  The stock market reeled in fear that the liquidity crunch would bring the already slowing U.S. Economy to a screeching halt.  Then, like a comic book super hero, the Fed came to the rescue cutting the fed funds rate by one-half percent spurring the equity markets toward new highs.  What a ride!

According to Fortune Magazine, the US economy is $14 trillion in size or 28% of the world’s economy and US stocks comprise 45% of the total capitalization of all equities in the world.  Global equity markets have been on a tear with many U.S. listed companies benefiting from the global growth trends. In fact, we believe that the big story is not the weakening housing market, but the growth of foreign economies and their lessening dependence on the U.S.  This phenomenon has propelled earnings and revenues for the past year, and it shows every sign of maintaining its momentum.

As we mentioned in our previous letter, we expect the equity markets to finish the year at new highs.  Here are some reasons why: Seventy-two percent of the total return for the S&P500 over the last 17 years (1990-2006) has occurred during the four months from October –January.  Historically the S&P500 gains 13.7% after each “first rate cut” according to BTN Research.  This is consistent with recent government reports that the U.S. economy grew at a slightly slower, yet brisk 3.8% annual rate in the second quarter, with fresh signs of a surprisingly buoyant job market.

 We hope you are enjoying the cooling temperatures as we are.  Can you believe the holidays are just around the corner?  As always, thank you for your business and referrals.

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Our Monthly Letter for August 2007:

Wow!  We are half way through the third quarter and things have certainly been anything but boring.  Although the Dow Jones Industrials is presently about 7% off its high of 14,000, these events are not particularly extraordinary.  So far, we categorize this as volatility, which may or may not lead to a normal correction.  Most of the volatility appears to be due to the sub prime loan problems, which we think is yesterday’s news.  At this point, we believe we will end the year with positive returns.    

For those of you unfamiliar with the story, the astonishing growth in the real estate market led to some moneylenders offering attractive loans with a small down payment to borrowers (many of them speculators) with less than good credit.  As interest rates rose and the real estate market weakened dramatically, many of these lower credit borrowers began defaulting on their loans, thus the market for these sub-prime loans came to a screeching halt, pushing values down.  To make matters worse, many of these sub-prime loans had been packaged into mortgage products that were subsequently sold to investors. 

As a result, many of these mortgage products, some of them hedge funds offered by Bear Stearns, have suffered significant losses.  Some of the lending institutions that were unable to sell the loans are also facing problems.  This is certainly unfortunate, but we do not believe it will be enough to derail our currently strong economy.

As for Bear Stearns, please remember that all of your investments held by Bear Stearns as custodian are not affected by the hedge funds managed by Bear Stearns Asset Management.  You are not invested in Bear Stearns Asset Management, nor are they using your money for their purposes.  In addition, through us, none of our clients own any of the investment products in question.

In summary, we are still bullish on the equity markets at least through the end of 2007.  Thank you for your confidence and referrals.

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Our Monthly Letter for July 2007:

Although June was slightly off, times are good in the market and second quarter returns look great!  July is off to a good start.  As of this date, the Dow and the NYSE broader index are close to all time highs and the FINRAAQ is at a six-and-a-half-year high.  And once again International markets are leading the way!

With International stocks having led the way for several years now we are finding that, as a result, many portfolios have grown “out of balance.”  This in not an issue with IRA’s or other retirement accounts, but in regular taxable accounts rebalancing may result in capital gains, which, in turn, may generate some tax liability.  We wish to remind you that rebalancing is important in controlling risk.  Besides, as Bernard Baruch said, “Nobody ever lost money taking a profit.”

As for news around here, we are adding a new service.  Through our Broker/Dealer First Allied, we have recently teamed up with Franklin Templeton Bank & Trust enabling them to serve as a Trustee or Successor Trustee for a trust.  Family members are often uncomfortable as trustees.  Indeed, dealing with family conflicts and dynamics while remaining impartial is often a stressful and thankless job.   By using Franklin Templeton Bank & Trust, Schannep Investment Advisors can continue to manage your investments within the parameters you have chosen, in the unfortunate event of your death or incapacitation.

These are the dog days of summer here in Southern Arizona but it looks like the monsoons have finally arrived.  We hope you all get a chance to get out of the heat for a while, and wish you all safe and relaxing vacations.  If you plan on being in Tucson on September 9^th come on out to Reid Park and enjoy the free concert put on by The Tucson Pops.  Rob Wright will be the guest artist.  Bring a picnic dinner and listen to great music under the stars.  The concert begins at 7pm.

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Our Monthly Letter for June 2007:

Schannep Investment Advisors, Inc. recently celebrated its six-year anniversary.  During that time, many clients have asked us to speak with their friends, relatives, and colleagues regarding our services.  We have always considered this a great compliment and have happily talked with these individuals about the work we do.  Many of these individuals have become clients as well. 

As part of our ongoing relationships, we thought you might like to know how we approach these requests and the standards we adhere to in making these contacts.

Client confidentiality is our highest priority and the cornerstone of our business.  We maintain each relationship as completely private.  Additionally, since relationships are our business, so is timely, courteous, and professional service.  Last, we take the time to learn each person’s situation, and tailor our financial advice to offer meaningful solutions.

Our goal is to let you know that if and when you would like us to speak with someone you know, we would be happy to meet your request, and will maintain the highest professional standards in doing so.

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Our Monthly Letter for April 2007:

We are very thankful for the many referrals we have received since the first of the year.  Our goal is to provide the best service and individual unbiased advice to our clients.  We truly appreciate the confidence you have placed in us and we do not take it lightly. 

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Our Monthly Letter for January 2007:

Happy New Year!  We believe 2007 will be another good year in the equity markets. As the lows for the year are usually in January, now could be the best time to add money or make 2006 and/or 2007 Roth or Standard IRA contributions.   

The U.S. stock market, as measured by the Dow Jones Industrials, continues to reach new highs entering the fifth year of an upward trend.  As in 2005, international markets were the best market performers for 2006.  These results continue to reinforce our belief in maintaining diversified portfolios of non-correlated assets.   

The economic “soft landing” we have been hoping for appears more and more likely.  The Fed has indicated the next move in short-term interest rates will be to either keep rates the same or possibly raise them.  Consumer confidence has improved and employment numbers are strong.  Although manufacturing is down worldwide, which contributed to falling oil prices, the service sector grew.   As usual, identifying the next leading sector is difficult at best! 

With that in mind, we are introducing a new asset class to our investment models, Natural Resources/Commodities.  For years, we have been looking for a practical way to use commodities or some vehicle that would reasonably represent the commodities sector in our portfolios.   You can expect to hear from us early in 2007 with specific proposals depending on your individual situation. 

New for 2007:  Charitable gifts can be made from IRAs with considerable tax advantages.  Please call for more information. 

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Our Monthly Letter for October 2006:

As we embark on the fourth quarter of 2006, we maintain the hope for a strong finish in the equity markets.  The market is obviously counting on a soft landing for the economy as opposed to a much-dreaded recession.    With a back-drop of falling oil prices and the easing of world tensions, the Dow Jones Industrial Average recently closed above its previous all-time high set back on January 14, 2000.  This event signified that the bull market is not over yet.  The broad-based Wilshire 5000 is also at all-time highs and the NYSE is close, with the S&P500 having only a short way to go.   

We are optimistic about the coming year for the above reasons, and in addition, 2007 is a pre-presidential election year.  It’s amazing that in the 16 pre-presidential election years since World War II, there has never been a losing year in the US Equity markets.  Past performance is not a guarantee of future results.

If you are working, now might be a good time to review retirement planning.  If you do not have such a plan, please give us a call.  Our retirement plan projections might prove quite useful, which has been the case for many of our clients.

If you are over 70½, it is the time of year to calculate and take Required Minimum Distributions from your IRA.  If you do not receive a letter in the next few weeks, please give Donna a call.  Just a reminder, RMDs must be done by the end of the year. 

Now is a good time to review your investment portfolio. Before you know it the holidays will be here, and personal financial matters will move to the back burner. Please call for an appointment to review your investments before year-end to assure that we are doing everything possible to satisfy your investment needs.  We value your business and referrals and look forward to seeing you soon.

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Our Monthly Letter for September 2006:

In case you are wondering why your account hasn’t done much, it has been a very flat market.  It is possible that most of the gains for 2006 may be in the fourth quarter, as occurred in 2004 and 2005.  The growth equity sector has lagged for six years now, and at the risk of sounding like a broken record, we believe it is long over due to take the lead. 

The equity markets have stayed in a trading range and may continue to do so until we get a better picture of the Fed’s intentions.  Oil prices are falling and housing markets are slowing.  In addition, unemployment numbers are low and corporate earnings continue to rise.  Now, it even seems possible the Fed may continue short-term interest rate hikes.

On a personal note, the next time you call or stop by please say hello to our new receptionist/sales assistant Dyann Vaccaro.  Dyann is a native Arizonan completing her Bachelors of Science Degree in Computer Information Technology and is proving to be an excellent addition to our team. 

When working with Schannep Investment Advisors, together, we are following a financial plan or model.  You might assume that your family, friends and neighbors are also following their own financial plans or models, but frequently they are not!  Please introduce us to your friends and give us the opportunity to meet and help them as we hope you are feeling helped.  As always, please do not hesitate to call with questions.

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Our Monthly Letter for July 2006:

While foreign and domestic equity markets were both generous in the first quarter of 2006, domestic markets took it all back in the second quarter.  And then some! 

The Fed has continued raising short term interest rates in an effort to slow the economy.  Indeed, we are beginning to see signs of slowing.  The question is, will the Fed achieve the coveted “soft landing,” or are they leading us into a recession?  The answer is, We’ll have to wait and see.  Either scenario is good for bonds.  A soft landing would be great for stocks, too. 

In the meantime we will likely continue to see a rollercoaster-ride in equities until the status of our economy is more certain.  Unfortunately, in economic terms we rarely know where we are, only where we have been - like driving at night with the headlights on backwards.

In summary, the first half of 2006 has been flat with rising interest rates hurting bond prices and economic uncertainly squelching the stock markets.  Yet, if the Fed achieves a soft landing, which is the goal, the second half of 2006 could be positive all the way around.  Could this be the third year in a row in which all the gains were made coming down the home stretch?  Let’s hope so.

Thanks for your business and referrals, and have a great summer. 

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Our Monthly Letter for April 2006:

Happy Spring Time!   The first quarter of 2006 was a pleasant surprise after the previous two years of slow beginnings.  Despite continued record-high oil prices and bad headlines in the news, the U.S. and Global economies are moving along nicely.   

We think that the Fed will raise rates a few more times this year.  As you can see, international equity markets were strong again, however the domestic small/mid cap sectors led the market in performance.   Although recently the Dow Jones Industrials and the S&P 500 have been choppy, we think 2006 will continue to be a good year for equities. 

Now that we are past April 15^th, it’s time to look forward.  Please consider making any new investment decisions and IRA contributions early to take advantage of time in the market - not timing the market! 

On a more personal note, we are sorry to announce that Donna Constantino has left our company for health reasons.  Although she was only here for eight months, she will be missed.  With that said, after three weeks of interviewing we are pleased to announce the hiring of our new Sales Assistant, Febe Ballesteros.  Please say hello next time you call or drop by the office.  Febe will serve as receptionist and assist Donna Weber with Operations.

We are very thankful for the many referrals we have received since the first of the year.  It is our constant effort to provide the best service and individual unbiased advice to our clients that we hope sets us apart.  We truly appreciate the confidence you have placed in us and we do not take it lightly. 

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Our Monthly Letter for January 2006:

We hope 2006 has started well for you!

We are looking forward to a good year in both the foreign and domestic equity markets.  If eligible, please remember to fund your IRAs early to take advantage of time, the true key to investing.  In addition, as noted on your last statement, if you wish to pay your IRA fees by check we must receive it by February 7^th.

The US Economy continues to surprise on the upside despite eight interest rate hikes, oil prices as high as $70, three hurricanes and negative headlines regarding the war on terror.  The 3^rd quarter GDP was up 4.1%, yet the media continued to downplay the robust economic growth.  The Wall Street Journal called it the “Rodney Dangerfield Economy” because it “gets no respect.” 

Last year the Dow Jones Industrials were up 1.72%, mostly because of dividends, with the S&P 500 up 4.91%.  General Motors was the biggest drag on the Dow, losing 50% of its value.  The good news was our investment models out-paced the major US indices, handily.  The international asset class was the clear-winner with the MSCI EAFE Index up 14.40%.

We think growth style equity funds will outpace value going forward and hope for double-digit returns in 2006.  We also believe international mutual funds will continue performing well with Japan leading the way.  If history is a guide, there is a good chance that the year’s lows will occur this month, which means it is important to be invested now. 

We appreciate all the new clients that came to us in 2005, mainly due to your referrals.  Thank you.

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Our Monthly Letter for October 2005:

Our Monthly Letter for September 2005:

August is usually a slow time of year, but we have been very busy this year with our efforts to bring in a new colleague.  As a result, we are happy to welcome Roger Stubbs, a sixteen-year Financial Advisor and Estate Planning Consultant, formerly with Morgan Stanley.    We also have an additional assistant as well, Donna Constantino.  Donna recently moved to Tucson from New Jersey with her husband and their three teenagers.  Donna Weber will continue her role in Client Assistance, while Donna C. will be helping with operations.  As always our goal is to provide our clients with the best possible service and financial advice.  Roger and Donna C. bring many years of valuable experience to our team.

Our hearts and prayers go out to the victims of Hurricane Katrina.  In addition, the disruptive storm season has been a distraction and no help to the uncertainty in oil prices. The stock market continues to drift in a trading range mostly due to rising oil prices.  This year is looking more and more like 2004, which was flat for most of the year but managed to rally in the last seven weeks.  Fixed income investments have struggled as well in the Fed’s rising interest rate environment.  However, the economy is chugging along steadily so we’ll just have to wait and see what happens.   We do believe that, as in 2004, that there is room for a rally in the equity markets late this year.

There was an interesting article in the Sunday, August 28th edition of the Arizona Daily Star, which stated that, on an inflation-adjusted-basis, gasoline prices are cheaper now than they were in the 1980s.  Prices would have to be in the $3.25 to $3.50 range to be comparable.  So much for the gloom and doom predictions of oil over $60 a gallon! 

Thank you for your business and referrals.  As you can see, our business is growing, and we’re happy to welcome Roger’s clients to the Schannep Investment Advisors family!

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Our Monthly Letter for July 2005:

We just passed the halfway mark for 2005 and the markets have been a rollercoaster ride only to wind up about flat for the year.   The disconnect between the stock market and the economy has continued with a stronger than expected economy but lagging S&P 500, Dow Jones, FINRAAQ, you name it.  The International Markets struggled for the second quarter as well.  Record oil prices, the trade deficit, and the federal spending deficit appear to be the culprits.   However, we remain optimistic for the second half of the year.  Today as we write this letter the Industrials, Transports, and S&P 500 indices each made new recent highs. In fact, the S&P 500 just made a four year high.

As you know, from our previous letter, our Broker Dealer is now First Allied so Round Hill Securities is being phased out of all signage and correspondence.  We apologize for any inconvenience caused by the merger.   So far the First Allied back office and support staff appear to be an improvement.  That’s good for all of us!

If you are employed, has your employer announced the addition of allowing ROTH 401K contributions to your retirement plan beginning in 2006?  You heard right, ROTH contributions! The new rules will allow you to make up to the maximum allowable 401K contributions to a ROTH 401K account.  Like ROTH IRA accounts, your contributions will not reduce your taxable income.  However, all withdrawals taken from a ROTH 401K held at least 5 years and after age 59-1/2 will be tax free, including the earnings!  If you want to learn more about this exciting benefit, please call Tom Cariseo in our office or contact your Human Resources department at work.

Thanks again for your business and referrals and we hope you get a chance for a nice summer

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Our Monthly Letter for May 2005:

Recently you received a letter dated May 5, 2005 from Round Hill Securities informing you of their impending merger with First Allied Securities. We have received a number of phone calls and believe that this letter has caused some confusion regarding the status of our firm. 

First, Schannep Investment Advisors, Inc. is essentially unaffected.  Your investment team of Bart, Rob, Tom, Sherry and Donna is still in tact and still independent.  The changes that are taking place are solely to our Broker Dealer, Round Hill Securities, Inc.

Round Hill Securities is merging into First Allied Securities.  They will continue to provide our ‘back office’ services, which includes buying and selling securities as well as providing cashiering and compliance services.  We believe this merger will have no effect on our interaction with clients. 

Bear, Stearns will remain our custodian so there will be no change to your statements, other than the new broker/dealer name, First Allied Securities, Inc..

We hope this clears up any confusion that might have been created by Round Hill’s letter.  We thank you for your trust and your business.  If you have any questions or concerns, please don’t hesitate to call us.

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Our Monthly Letter for April 2005:

The first quarter was a struggle for stocks and the second quarter, so far, has been more of the same.  Investors have grown cautious waiting to see if the combination of Fed tightening and rising oil prices will drive us into a recession, or merely slow economic growth as intended.   Therein lies the rub.  Economic growth certainly has slowed but we won’t know for sure whether or not we are going into a recession until we are already there.   For investors, a properly diversified portfolio is the best way to face either scenario.

On a more personal note, our Broker Dealer, Round Hill Securities, Inc. has merged with First Allied Securities and as a result they are changing their money market funds.  We apologize for any inconvenience caused by this change as well as the additional paperwork required.  Please call for help if you have any confusion over the forms.

In response to a growing concern among baby boomers Schannep Investment Advisors is now offering short-term college planning for families who have children that will be attending college within a year or two.  Billions of federal aid dollars go unclaimed each year because many middle class families wrongly assume they do not qualify for government aid.  Please don’t hesitate to call for a free consultation if you or anyone you know has children ready to attend college.

Enclosed is our new brochure.  We hope you will pass it along to someone you know who would benefit from our services.  Your referrals are our best source for new business.  Thank you for your trust.

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Our Monthly Letter for January 2005:

Happy New Year!  And congratulations to Sherry Hall for earning her Certified Financial Planner (CFP^®) certification.  Sherry has been working on her CFP^® for two-and-a-half years.  Only 63% of those who took the exam at this time passed.  Way to go Sherry! 

Last year certainly exemplified the necessity for patience while investing in equities.  Although economic data was strong for the entire year, most of the stock market gains came in the last eight weeks – after the Presidential election.  We are pleased that you hung in there and, as a result, enjoyed reasonable gains for the year.  The economy is still growing steadily so we expect the equity markets to continue upward for 2005.

If you are contributing to a retirement plan, including IRAs, be aware that the contribution limits have been raised for 2005.  You will want to make your contributions early in the year to give your investments more time to grow.  You may now contribute $4,000 this year to an IRA, or $4,500 if you are over fifty.

Thank you for your business and we always appreciate referrals – the only way we grow our business.  Please call if you have any questions or concerns.  Your future is why we’re here.

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Securities offered through First Allied Securities, Inc.   A register broker/dealer.  Member FINRA/SIPC.
Schannep Investment Advisors is a registered investment adviser in the state of Arizona.  First Allied Securities, Inc. does not endorse or
support this web site, nor are they affiliated with Schannep Investment Advisors, Inc.