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| 08/04/2008 |
Thomas O. Putnam
Optimism: “The glass is half full.”
The second quarter of 2008 proved to be frustrating for investors. The market’s attempt to stage a rally was thwarted in June predicated largely on the significant increase in the price of oil during the month. Investor anxiety continued to rise as many of the same factors present over the last 12 to 18 months remained. As a result, the market declined to lower levels for the year, and the stocks of the companies we follow were also affected. However, despite the media’s continued focus on the short-term economic challenges, our on-site visits to companies across the country provide a more optimistic outlook about the underlying economic progress of the businesses you own for the long-term.
We remain steadfast in our commitment to the investment criteria that have guided us successfully through past economic slowdowns and are confident that these same principles will help us invest your capital prudently well into the future. The companies in your portfolio are profitable and we feel they are all worth much more than their stock prices indicate. Thank you for your continued trust in our process.
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