CFO Commentary — Quarterly Economic Update for 1Q 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote for the quarter. “Employ thy time well, if thou meanest to get leisure.” – Benjamin Franklin

The quarter in brief. The first quarter of 2009 saw a new bear market low, but also an impressive March rally and a real sense of optimism as spring started. During the first 100 days of the Obama administration, we saw revisions to the bank rescue plan, efforts to heal the consumer credit market and ailing U.S. automakers, and new federal aid for AIG and Citigroup. The key interest rate was untouched; mortgage rates remained low. Overseas markets soared in March but struggled for the quarter, and the commodities sector improved a bit after two bad quarters.

CFO Commentary — Monthly Economic Update for April 2009

Edited by J. Michael Stolp.  These views should not be construed as investment advice.

Quote of the month. “When your work speaks for itself, don’t interrupt.”– Henry J. Kaiser

The month in brief. Stocks gained ground as investors gained back some confidence in the economy and the markets. The Obama administration rolled out a detailed plan to heal banks, and told GM and Chrysler to shape up or be prepared to struggle on their own. The Federal Reserve revealed a plan to buy as much as $1 trillion in securities. Good news emerged from the real estate sector, and oil and precious metals had a good month.