Dear Reader:

I’ve prefaced my last few NewsLetters with a quasi apology for writing such a light, and occasionally flippant communication during a time that it seemed the financial world was imploding. My thought process was that if, as I expected, we eventually recovered, a little pleasant distraction in the interim might make the wait more bearable and if the world really did come to an end, at least we could have some fun on the way. Well, no guarantees, but I’m feeling better about our collective financial future then I have in awhile. Although black
swans still surround us the green shoots seem to be slowly winning the day. So, with finger (and toes) crossed I launch into this issue a bit more optimistic then I was only a few moths ago; I hope you enjoy.

YOU NEED REALLY BIG NUMBERS TO BE #1
Although GM, with more than $82 billion in assets became the largest industrial company to file for Chapter 11 it wasn’t close to being the biggest loser. According to Money, it was only #4. The title for #1 belongs to Lehman Brothers with $639 billion in assets and it was followed by Washington Mutual and World.com

CORKAGE
I tell people that wine tasting is one of my hobbies but that’s really just an excuse to drink the stuff. Well my associate Josh introduced me to a web site that helps people like me (and you, if you like wine). It’s www.GoBYO.com. In addition to the normal restaurant review items like cuisine, prices and days open, it includes a unique feature – is the restaurant “bring your own wine” friendly and, if so, what is its corkage charge. I was amazed at how many wine friendly restaurants there are in every price level. Would you believe that in South Florida there are 141 pizza places that welcome BYO? Enjoy.

IT’S NOT TOO EARLY
I’m a big believer in the value of Long Term Care insurance (think of it as disability coverage for the retired). From Employee Benefit Advisor magazine some interesting statistics:

AT LEAST YOU’RE CREATIVE
I was always an abysmal speller, the only compliment I ever received was from my junior high school English teacher who told me, “Harold, your spelling is atrocious but you’re creative; you never misspell the same word the same way twice.” Well, I was pleased to learn that others also have trouble with spelling. According to a new study the most misspelled word in English is “definitely.” Other words making the top of the list were broccoli, phlegm, bureaucracy, indict, consensus, unnecessary, sacrilegious and prejudice. If you can remember
these, if you’re in a spelling bee, you’ll be one up on the competition.

OTHER EXPERTS CHIME IN
CFO Magazine (a publication directed at corporate Chief Financial Officers) asked its readers “When do you expect the U.S. economy to begin to recover?” The magazine received the following responses:

MD ECONOMICS
One of my thoughtful physician clients shared with me the American Medical Association’s diagnosis of the economic stimulus package. Here are a few observations.

• The Allergists voted to scratch it, but the Dermatologists advised not to make any rash moves.
  
• The Gastroenterologists had sort of a gut feeling about it, but the Neurologists thought the Administration had a lot of nerve.
  
• The Obstetricians felt they were all laboring under a misconception and the Ophthalmologists considered the idea shortsighted.
  
• The Pathologists yelled, "Over my dead body!" while the Pediatricians said, 'Oh, Grow up!'
  
• The Psychiatrists thought the whole idea was madness, while the Radiologists could see right through it, Surgeons decided to wash their hands of the whole thing and Internists thought it was a bitter pill to swallow, and the Plastic Surgeons said, "This puts a whole new face on the matter."
  
• The Anesthesiologists thought the whole idea was a gas, and the Cardiologists didn't have the heart to say no.
  
• In the end, the Proctologists won out, leaving the entire decision up to the a*!holes in Washington.
  

HATEFUL DISCIPLINE
Nick Murray is a well know writer in the financial services universe and one of our professions most insightful commentators. He was recently interviewed by Evan Simonoff, a friend and editor-in-chief of Financial Advisor magazine. In the interview Evan asked Nick, “After ten years of no return, climaxing in a 57% market decline, many advisors are re-examining their commitment to equities and modern portfolio theory, and especially to buy-and-hold…Aren’t they justified…?”

To which Nick responded, “…I still don’t see any way to fight off 30 years of rising living costs in retirement without the historical premium returns of equities over inflation. As for buy-and-hold, it is surely an onerous and at times hateful discipline, and I will cheerfully give it up just as soon as someone demonstrates a reliable way to gain a consistent timing advantage over the market. I’m not holding my breath.”

Although I may not be able to say it better, I did write a column for Evan that will be published next month titled “MPT RIP” (i.e., Modern Portfolio Theory rest in Peace) which addresses in some detail why I agree with Nick. If you’d like a copy just drop a note to martinaschramm@evenskykatz.com.

A NEW WORD
Hyperlocal – This is a term describing news sites that let people zoom in on what is happening closest to them, often without involving traditional journalists. According to the NY Times, there are a number of Web start-up companies creating these hyperlocal news. Current examples are EveryBlock, Outsidein, Placeblogger and Patch. They collect links to articles and blogs and often supplement them with data from local governments and other sources to provide information such as the news about an arrest a block away, the sale of a home down the street and reviews of nearby restaurants. I didn’t try them all but, as an example, I learned from Outsidein that Commissioner Marc Sarnoff's office is presenting the 2009 Sundance Film Festival Award Winner "The Cove" in an exclusive Miami premier at City Hall in the Grove and that Tom Moon with the Philadelphia Inquirer, a contributor to NPR and one of the country's most read and respected music critics, would be at Books & Books to talk about his new book,1,000 Recordings to Hear Before You Die

GURUs ANYONE?
I’m constantly amazed at how many people I speak to who “knew” the economy was cruzin for a bruzin. Sometimes I feel I’m the only person on earth who didn’t see the financial collapse well in advance of its reality. Unfortunately this 20/20 hindsight bias is a classic behavioral error. The trillions of dollars in losses suffered by financial wizards and global financial firms around the world is a not so subtle reminder that, at the time, the future was not so obvious. In reality life is far too complex to be predicted with any consistency. Next time you’re confident in your crystal ball, ask yourself the following:

Just two years ago, would you have confidently predicted that we would elect our first African-American president in 2008? Or that Citigroup would trade for a time under $1 or that General Electric would trade for a time under $6 or that Bear Stearns and Lehman Brothers would virtually vanish, or that a graduating class of law students would be unable to get jobs or that high-end M.B.A.’s would be unemployable?

Would you have guessed that we would have a fall of more than 50% in the broad stock indexes and that it would subsequently be up almost 30% in less than a month or that oil would triple in price and then fall by more than $100 a barrel?

PENALTY BOX
According to the Dow Jones News wire, Citigroup is giving its Smith Barney advisors an extra month to amp up production before relegating underperformers to the "penalty box." Smith Barney advisors in the game for more than eight years, but sliding to production of less than $350,000 this year, are downgraded to a lower payout schedule, receiving only 20% to 30% of their production compared with 24% to 33% of production on the regular plan. It’s this kind of “incentive” that leads many professionals (including me) to lobby congress to require
anyone providing financial advice to be held to a fiduciary standard (e.g., place the client’s interest first and disclose conflicts of interest). Hard to believe, but that’s not required today. You’ll see my pitch at the end of this letter for you to join with me and others to have Congress establish the fiduciary standard as a basis for all investment practitioners.

NOW THERE ARE SOME SMART PEOPLE AT AARP
I know because their recent Q&A was so perceptive.

Q: Why should 60+ year old people use valet parking?
A: Valets don't forget where they park your car.

Q: Where should 60+ year olds look for eye glasses?
A: On their foreheads.

Q: What is the most common remark made by 60+ year olds when they enter antique stores?
A: 'Gosh, I remember these.

HISTORICAL PERSPECTIVE
This will boggle your mind, I know it did mine! Here are some statistics from 100 years ago - the Year 1909:

• Average life expectancy was 47.
  
• Only 14% of homes had a bathtub and only 8% had a phone.
  
• There were only 8,000 cars and 144 miles of paved roads.
  
• The tallest structure in the world was the Eiffel Tower.
  
• 90% of all doctors had no college degree.
  
• The population of Las Vegas was 30.
  
• Crossword puzzles, canned beer and ice tea didn’t exist.
  
• Two out of every 10 adults couldn’t read and write and only 6% had graduated from college.
  
• There were only 230 reported murders in the entire country.
  

Again, gurus beware. The future is neither what it used to be nor what gurus predict it to be.

WE’VE COME A LONG WAY SINCE 1909
As I was born in Memphis and live in Miami I found a recent listing in Forbes of the 5 most dangerous cities pretty depressing. Based on violent crimes per 100,000 of population the results were.

# 1 Detroit, Mich.      1,220
# 2 Memphis, Tenn . 1,218
# 3 Miami, Fla.:            988
# 4 Las Vegas, Nev.    887
# 5 Stockton, Calif.      885

The good news is that Lubbock, Texas, my other home town, isn’t anywhere on the list. I’m not surprised; it really is a wonderful city.

TAX STRATEGY
I know it’s not quite what they had in mind but I couldn’t help doing a double take when I read the headline for Accounting Today’s “Tax Strategy” section:

PONZI SCHEME GUIDANCE: MORE DETAILS

Anyone expecting to find the inside scoop on how to develop a first class Ponzi scheme would have been disappointed. In spite of the title, the story only talked about tax issues facing victims of the Madoff scandal. I guess would be crooks will have to look somewhere else for advice.

PONDER

• Why do croutons come in airtight packages? Aren't they just stale bread to begin with?
  
• Do Lipton Tea employees take coffee breaks?
  
• What hair color do they put on the driver's licenses of bald men?
  
• At income tax time, did you ever notice: When you put the two words 'The' and 'IRS' together it spells.......... 'THEIRS'?

LOCATION, LOCATION, LOCATION
This is an excellent site for demographic data and school information should you be looking to move (or if you have friends, family or clients who may be on the move). http://www.homefair.com/real-estate/cityprofile/ index.asp

YUM!
Scientists at the University of Warwick (UK) unveiled on Tuesday what they hope will be one of the world's fastest biofuel vehicles, powered by waste from chocolate factories. Its makers hope the racer will go 145 mph and give manufacturers ideas about how to build more ecologically friendly vehicles.

4 OUT OF 20
Not necessarily a statistic you like to see your home city on when the list is Forbes 20 most overpriced cities. Florida leads the country with 4 cities; Miami is ranked #3. L.A. was #1 followed by Chicago at #2 with N.Y. trailing at #4. A few surprise members (at least for me) were Cleveland (#8), Portland (#12) and Memphis tied with Tampa for #13. Again, congrats to Lubbock for avoiding the list.

LOGIC IS THE BEGINNING OF WISDOM, NOT THE END
If you’re a Trekker you’ll recognize Spock but I’ll bet you don’t know the story behind the Vulcan salute. Even if you’re not a Trekker I think you’ll find the story pretty interesting.
http://www.crunchgear.com/2009/05/16/video-spock-on-the-origin-of-the-vulcan-salute/

MIAMI AGAIN
I look forward to seeing lists of good things where Miami is listed near the top. Well, I’m afraid as you’ve seen in earlier entries that recently I’ve seen us listed often but not where we’d like to be. The Milliman Medical Cost Index listed the 2008 average private-provider costs for a Miami family of four —$20,282 — as the highest among the 14 major U.S. cities it studied, adding that more than 40% of that amount came out of Miamians' own pockets.

STAY or GO?
According to the National Association of colleges and Employers job opportunities for 2009 graduates are looking bleak. Hiring is down 22% from the relatively low standard set in 2008. Even worse, according to a Yale School of Management study reported in the Wall Street Journal, graduates who begin work in recessions generally lag luckier graduates who enter the work force in better times. The study reported that a single percentage point increase in year-to-year unemployment correlated to an 8% reduction in earnings for new employees. Twelve years our from recession years the unlucky were still earning 5% less than their luckier peers and 18 years later there was still la 2% gap. So, if your child or grandchild says they want to stick around campus for another year or so, they may be on to something other than procrastination.

CAN YOU BELIEVE THIS????
A friend sent me a subscription to a nifty little weekly publication called The Week. Although I’m not sure it quite lives up to its modest tag line, “All you need to know about everything that matters,” it is a fun read. For example, I recently learned that New York City was rated the safest big city in the country in a new FBI crime statistics. New York’s crime rate was the lowest of the 25 largest cities, and also ranked 246th on a list of 261 cities with more than 100.000 residents.

LESS FRIENDLY WORLD
Again from The Week, if you’re traveling to our neighboring countries be aware of a recent change in the rules. Starting in June U.S. and Canadian citizens must produce passports or a sharply limited alternative list of documents when entering the U.S. from Canada, Mexico, or the Caribbean. Previously all that was required was a photo ID or driver’s license.

A GOOD FRIEND REMINDS US OF REALITY
As I wrote earlier, sometimes when I’m speaking to investors it seems everyone saw the market implosion coming. As my brother would say (he’s a professor and likes to sound sophisticated), au contraire. Roger Gibson, a good friend and one of the country’s preeminent financial planners looked at the 2008 Morningstar database and found that the 978 funds invested in non-U.S. stocks all lost money; the 144 domestic and foreign real estate funds all had negative returns and 128 natural resource funds all lost money. I looked at the entire
universe of those primarily invested in stock and found of 4,580 unique funds only one had a positive return (it was 0.39%). The average for all of the funds was -38.7% or about 1 ½% worse than the S&P.

SOMEONE NEEDS A LIFE
Conde Nast Portfolio reports that the 175 million members of Facebook spend an average of 3 billion minutes every day friending, poking, and otherwise messaging one another. I hate to think how much time it would be if we add in Twitter.

DÉJÀ VU ALL OVER AGAIN
“Every now and then the world is visited by one of these delusive seasons, when the “credit system’ ….expands to full luxuriance: everybody trusts everybody; a bad debt is a thing unheard of; the broad way to certain and sudden wealth lies plain and open…Banks …become so many mints to coins words into cash… Nothing is heard but gigantic operations in trade; great purchases and sales of real property, and immense sums made at every transfer. All, to be sure in promises calculates the aggregate as solid capital…..Now is the time for speculative and dreaming or designing men. They relate their dreams and project to the ignorant and credulous, dazzle them with golden visions … No ‘operation’ is thought worthy attention, that does not double or triple the investment… Could this delusion always last, the life of a merchant would indeed be a golden dream; but it is as short as brilliant.”

Sounds like something I just lifted from a recent Wall Street Journal but it’s not. It is a quote from Washington Irving who wrote referring to the Mississippi Company debt fiasco in 1719. Dallas Fed Chairman, Richard Fisher used it in a recent speech.

YOUR KIDS WILL LOVE THIS
According to The Week, researchers at Baylor College of Medicine conducted a study that found kids who chewed gum had a 3% increase in scores on standardized tests, and significantly better final math grades than non–gum chewers. Chewing gum appears to improve concentration through an unknown mechanism.

WATER WATER EVERYWHERE – AT A PRICE
I’m still adjusting to the fact that we pay for water in bottles when all I could ever want is as close as my tap. Shows what I know about marketing. Celebrated Indulgences spring issue alerted me to the fact that Fillico offers a 720ml bottle with Swarowski crystal components for about $168 (www.fillico.com if you can’t live with out it). If you’re more cost conscious, check out Evian’s Prêt-a-Porter Bottle by Jean Paul Gaultier. It’s only about $14 for the same size bottle.

CLOSING THE BARN DOOR
I’m sure you’ve hear the expression “closing the barn door after the horses have escaped,” well that was what sprang to mind when I read in the Journal of Indexes that Wisdom Tree investments is changing the investment strategy of its two dividend-focused ETFs so that they exclude exposure to the financial sectors. Also made me wonder why it’s called an index.

CHEAP
According to PC Magazine, Airefarewatchdog.com is unlike online travel agencies such as Expedia and Travelocity, whose computers automate searches for low fares. Airfare scours every airline website the old fashioned way and finds some amazing deals the others miss.

SOME CONSENSUS
One of the major publications in our profession is Financial Planning magazine. In each issue it reports the results of a question posed to subscribers. Recently it asked “Is the worst of the economic downturn behind us?” Well the response was classic and enlightening: 50% voted No; 50% voted Yes.

BIG NUMBERS
Also courtesy of PC Today

• 10 Million –According to the company, the number of Netflix subscribers recently passed 10 million.
  
• 45.6 Million – The Associated Press reported that South Korea now has almost as many cell phones as people. According to the Korea Communications Commission, there were 45.6 million mobile phone subscribers in December 2008 in South Korea, a country with a population of approximately 48.6 million.
  
• $14.6 billion - Juniper Research forecasts that global revenues for mobile music services will hit almost $14.6 billion by 2013.

A FUN TIP FROM MONEY MAGAZINE
For those of you who appreciate a nice drink when the market takes a plunge and your pocket book is on a diet, consider partaking of one of the winners of the 2009 San Francisco World Spirits Competition. The following won gold or double-gold awards in blind tastings at the Competition, beating some super-premium rivals that cost at least twice as much:

$16 Old Grand Dad Bourbon
$15 Smirnoff Vodka
$17 Mount Gay Rum

SO, WHO SHOT J.R.?
While whiling away the time on a recent flight I came across these interesting tidbits in the American Way magazine.

The third season finale of Dallas (3/21/1980) concluded with an unknown assailant shooting J.R. Ewing Jr., It was the second most watched TV episode of all time. The honors for first went to M*A*S*H – Goodbye Farewell, and Amen, February 28, 1983. After 11 seasons and more than 250 episodes M*A*S*H ended its reign, TV’s most watched episode in American history with 106 million viewers. I saw it and it was a winner.

THE PERFECT PINT
On another flight; this time from Continental’s Inflight Magazine, I learned something else new. According to Guinness, a perfectly poured pint takes time; a little more than 119.5 seconds, if you want to get right down to it – and should be done in two stages. Here’s the scoop:

1 – Pull the tap down and hold a clean glass at 45 degree angle; fill it to within three-quarters of an inch, slowly straightening the glass as you pour. Set aside and let the surge settle for 119.5 seconds.

2 – Push back on the tap for a slow pour and fill the glass until the foam crowns from the brim. If you can make a perfect dome without spilling over, you’ve got a proper pint.

If it was done correctly you should be able to count the lace. Don’t know what that means? Well “lace” are the rings of foam left on the glass after each sip. You should be able to count how many sips were taken by counting the rings of lace in an empty pint.

HAVE $500 TO SPEND?
Count on Smart Money to help you plan your next trip. For example, in Rome you could buy about 41 admissions tickets to “Bulgari: between Eternity and History“at the Palazzo delle Espozioni, which celebrates the company’s 125th anniversary and displays more than 500 rarely seen vintage jewels.

In Moscow you’d be down to two tickets to the Bolshoi Ballet for the premiere of the Russian Season.

In Buenos Aires you’d also be down to two, but this time for custom leather bikini’s, handmade by local designer Gloria Lopez Sauque and available at her new appointment only showroom.

A $10 HOUSE
I don’t know how it worked out but Business Week reported on one couple’s creative sales strategy. Seems the Ft. Lauderdale family purchased their $2.35 million home in 2005 but now the breadwinner is out of work. So, they decided to raffle off their six bedroom waterfront estate. They plan to pick a winner after 300,000 tickets have been sold at $10 a piece. If it works there may be a whole new market of $10 homes.

CLICKING ON THE PAST
Even if you’re not a history buff, you may find one or more of these Wall Street Journal highlighted sites fascinating.

• The British Library www.bl.uk – The library began a massive digitalization project in 2005 with Microsoft and plans to scan 25 million book pages. Key works : Mozart’s composition books dating and Leonardo DaVinci’s notebooks
  
• The Library of Congress “American Memory “http://memory.loc.gov.ammem/index.html - This archive of American manuscripts recordings, maps, film and images contains about 15 million items. Key works: The content of Lincoln’s pocket on the night he was assassinated and former slaves narratives audio files.
  
• The World Digital Library www.wdl.org/en - Recently launched by UNESCO this new online archive of significant artifacts and manuscripts from 30 collections around the world. Key works: Albert Einstein’s application for citizenship and Christopher Columbus diary from 1493, in which the explorer describes the lands he discovered.
  

WHO GETS WHAT
Have you ever wondered where the money goes when you pick up a copy of the newest best seller? Well Money provides us with an interesting insight to the financials of publishing. For a $27.95 bestseller here’s who gets what.

Author - $4.19
Pre-Production - 3.55
Printing - 2.83
Marketing - 2.00
Wholesaler - 2.80
Retailer - 12.58

AN ALTERNATIVE TO GUM
If you read the earlier entries you’ll remember that gum chewing seemed to help students concentrate. Well, if you don’t have any gum, doodling may be a potential substitute. Business Week reports on a study published in Applied Cognitive Psychology. A rambling voice-mail was played to 40 people, half of whom were given shapes to fill in as they listened. The doodlers recalled 29% more of the message than those who just listened. The conclusion is that idle scribbling may use just enough cognitive bandwidth to prevent daydreaming, so it may help us stay focused.

CORNELL CAN ONLY WISH
A recent article in Foundation & Endowment described an endowment that would make my old Alma Mater (or any university for that matter) swoon. It seems that King Abdullah University of Science and Technology, a new university in Saudi Arabia plans to open its doors in September and already has amassed a large endowment of roughly $10 billion! Our gas dollars hard at work.

IT DIDN’T COST ME ANYTHING
It’s not uncommon for an investor to tell me that when they purchased bonds in their brokerage account that “It didn’t cost me anything.” Unfortunately, free lunches are not really free. The problem is that unlike stock that trade with explicit commissions, bonds commissions are buried in the spread; i.e., the difference between the price the broker pays and the price the firm sells it to their clients. Generally spreads are a function of the bond quality, maturity and trade size; the higher the quality, shorter the maturity and larger the trade, the lower the spread. The size factor explains why institutional managers such as fund managers have such an edge over the retail investor. A recent study shows the differences in costs related to size:

Purchases of         Trade Cost
$25,000 or less             2.23%
$25k - $100k                 1.12%
$100K - $1mm               0.36%
Over $1 mm                   0.10%

COLLEGE $$$
I wouldn’t count on it going down, so as a rough guideline, when planning for college funding, consider the Annual rate of tuition increases over 10 years as reported by The College Board.

Public Schools             7.3%
Private Schools           5.5%
General Inflation rate  3.0%

DON’T BET HERE
Although not an attorney, I’m a long time associate member of the American Bar Association. Occasionally there is a particularly interesting tidbit in the ABA Journal; for example …Earlier this year a South Carolina judge upheld the 2006 arrest of five poker buddies for playing an illegal game of chance. The card players were arrested for violating a state law that bans games with cards or dice. Those arrests weren’t an aberration. Some 38 other states have similar laws barring games of chance. Better lock the door and close the shades before
sitting down to a friendly game with your cronies.

MORE STATISTICS

• Factor by which stocks under perform the broad market on a risk adjusted basis during the three-year period after a stock spilt : 50 percent
  
• Chance of an audit for taxpayers with incomes above $1 million in fiscal 2008: 1 in 18
  
• Amount of additional taxes demanded after the average face-to-face audit: $198,000
  
• Estimated number of people in China who can read and write English: 300 million; In the US: 252 million
  

All according to Registered Rep magazine

A REALLY BIG NUMBER
I thought I’d end with something really big so I stole this from Michael Nelson, an attorney friend who writes the Iowa Savings Bank Newsletter (the newsletter that gave me the idea for my own effort).

How much is a Trillion?

1. What it would cost to give $3,267 to every person in the United States
2. The total number of bacteria in the mouths of 167people. (Are you running for Listerine yet?)
3. One-third of the number of gallons of water contained in Lake Superior
4. Paris Hilton’s annual American Express bill
5. Assuming 7,500 blades of grass per square foot, a trillion would be the number of blades of grass on 3.061 acres.
6. A trillion is 33 times more than the IQ of everyone in the United States added together.
7. And, from my last news letter - A stack of a trillion dollar bills would be 67,866 miles high.

I wonder if our bailout mavens know how big a trillion is.

THE LAST WORD – POST MADOFF
After the subprime, Madoff and related scandals, Congress has decided that perhaps investment regulations need to be revisited. I’ve joined with a number of other professionals to form The Committee for the Fiduciary Standard in an effort to persuade our legislators to include the following core elements of a fiduciary standard in any proposed legislation.

• Put the client’s best interest first;
  
• Act with prudence; that is, with the skill, care, diligence and good judgment of a professional;
  
• Do not mislead clients; conspicuous, full and fair disclosure of all important facts;
  
• Avoid conflicts of interest; and
  
• Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts.
  

Assuming (and hoping) that you agree with these principals, I encourage you to participate by adding your name to a petition calling for the inclusion of these principals. It will only take a minute to add your name. The petition can be found at:
http://www.thepetitionsite.com/1/make-wall-street-put-investors-best-interest-first

Well, that’s it for this issue. As always, hope you enjoyed. For new readers who are trying to figure out what this NewsLetter is all about (at least to the extent it’s about anything), drop me e-mail care of martinaschramm@evenskykatz.com and we’ll e-mail back a copy of the first issue that explains the genesis of this current effort. Also, if you have any items that you think I should be sharing with other readers in future issues, please email them.

Cordially yours,
Herald Evensky, CFP®
President

(c) Evensky & Katz

www.evenskykatz.com