February 2010: Certainty in an Uncertain World

CERTAINTY IN AN UNCERTAIN WORLD

The recovery in the global equity markets is approaching its twelfth month. It was, after all, March 9, 2009 when the Dow Jones Industrial Average hit a low of 6,547. The magnitude of the unexpected credit crisis caused heavy selling of equities globally. To date however, a chart plotting the recovery resembles a “V” rather than the “W” or even “L” that some predicted, representative of the 63% rally in the Dow through the end of 2009. Long-term investors, including clients of Greenwood & Associates, have benefited from the resurgence – a function of resiliency in the face of panic and decisiveness when the market presented opportunity. Still, short-term uncertainty remains – it is ever-present. Warren Buffett put this in context in a recent interview when he said: “There was a lot of uncertainty on September 10, 2001, investors just didn’t know it.” This is the reality of the world in which we live and invest.



IMPORTANT DISCLOSURE
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Greenwood Gearhart Inc. (“GGI”), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from GGI. Please remember to contact GGI, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. GGI is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the GGI’s current written disclosure statement discussing our advisory services and fees continues to remain available upon request.