Mr. Williams: Clutinger, Williams & Verhoye has been in business since 1970. We have about 175 million under management between corporate pension, private pension, foundation and individual retail accounts. We have a value approach as I mentioned last year, but right now we feel we are at a major turning point in the market.
TWST: How has it been for your type of investing this past year and what you
think the outlook is for 2008.
Mr. Williams: Our clients' accounts have done very well since we still were
using many of the themes we mentioned last year, international telecoms,
international utilities and some of the international basic materials companies.
At the same time, we have a very negative outlook moving forward and we think
that the economy is probably already in a recession. Last year when we talked,
we were probably 80% to 90% equities. Right now we are 50% equities and 30% US
Treasuries. With the remaining 20%, we've used a few of the exchange traded
funds that ProShares offers that move in the opposite direction of the market.
We are using the ultra-short ProShares as a hedge position to protect clients'
assets at this point.
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