A Note From Our Manager
"Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty."
- President John F. Kennedy, 1961 Inaugural Address
In the wake of the tragic events in Boston earlier this week, we thought the quote above from a Massachusetts native was imminently appropriate. Our thoughts and prayers are with the victims and their families and indeed all the people of Boston during this difficult time.
As a first-hand witness to the attacks of September 11th in New York, the images and news headlines from this attack bring back some difficult memories. Yet the brave acts of the first responders and bystanders alike in Boston remind us of what a great nation we live in, and how, as a country, we are at our best during times of crisis.
I wanted to just briefly touch on the financial market reaction and implications of these events given what we know right now. The stock market reaction was fairly swift on Monday afternoon with the Dow trading down over 250 points. However, we did see a nice rebound during the session Tuesday. Given that, at this point, this does not appear to be part of a larger terrorist plot or plan, we believe the financial markets can absorb this shock and refocus on the fundamentals of earnings season which is in full swing right now. While this is a reminder to investors that risks remain, even those you cannot anticipate, it is difficult to build a portfolio based on these types of exogenous shocks. Rather, it speaks to the value of a well diversified portfolio across multiple sectors and industries.If you have any concerns or questions, please feel free to call us.
Walter B. Todd, III
On behalf of the entire Management Team: Michael Nix, Walter Todd and John Wiseman
Greenwood Capital Associates Wins Top MarCom Award for The Crescent Funds Website
Greenwood Capital Associates (GCA) won the Platinum Award in the 2012 MarCom Awards for The Crescent Funds website, a family of mutual funds they manage. The MarCom Awards is an international competition that recognizes outstanding achievement by marketing and communication professionals.
The Platinum Award is the highest honor awarded. Other honors include Gold Awards and Honorable Mention Awards.
"We are thrilled that our Crescent Funds website is recognized as outstanding among the top professionals in the marketing industry," said Michael Nix, Chief Operating Officer of Greenwood Capital Associates. "Our team of experts is committed to helping clients get the most out of their investments, and we wanted our website to represent these ideals."
The MarCom Awards are administered and judged by the Association of Marketing and Communications Professionals. Winners were selected from more than 6,000 entries in more than 200 categories. Entrants included corporate marketing and communication departments, advertising agencies, PR firms, design shops, production companies and freelance professionals. A complete list of winners can be found at www.marcomawards.com.
Debating the Europe Debt Crisis, Strategy
Walter Todd, Fund Manager for The Crescent Funds participates in a debate on the outlook for the euro zone and investor sentiment on Bloomberg Television's "Street Smart."