Investment Policy Statement

After mutually agreeing upon how the account is to be managed, each of our clients receive an Investment Policy Statement which serves as documentation of that decision.

In addition to spelling out suitability constraints and adherence to asset allocation targets, this 1-page document goes a step further and illustrates (in plain English) the ramifications of those choices.

For example, it helps answer questions like:

• What sort of returns can I expect in a "typical" year?

• What percentage of years can I expect to have negative returns?

• How much can I expect to earn from my investments in my best 10% of years?

• In what percentage of years might I expect to sustain a $100,000 loss?

Though many of these questions are impossible to answer precisely, we believe that giving our clients estimates of what they can expect is far better than nothing at all.