3. Deschaine & Company, L.L.C.
CONTENTS
SECTION I: Firm Background
SECTION II: Our All-Cap Equity Income Strategy
“The Case for Dividend Investing”
SECTION III: Our Security Selection Process
An Example: Altria
SECTION IV: A Bear Market Case for Dividend Investing
SECTION V: Appendix, Current EIP Holdings
Deschaine & Company EQUITY INCOME Portfolio Strategy
4. Deschaine & Company, L.L.C.
Our Mission: ABOUT Deschaine & Company, L.L.C.
“DOUBLE OUR CLIENTS’
DIVIDEND INCOME
EVERY 5 YEARS” Founded in 1999, 100% Independent & Privately Owned
A Privately Owned SEC Registered Advisor
► $63 million in 3 investment professionals have more than 50-years of investment management experience
assets under investment Over 10-years of experience managing high yield and dividend growth portfolios
management for 130
clients.
SERVICE ORIENTED
Client portfolios are managed by a team of senior investment professionals
Clients have direct access to their Portfolio Manager
Clients include, foundations, endowments, pension funds and individuals
Client communications personalized to meet each client’s needs
Deschaine & Company EQUITY INCOME Portfolio Strategy Firm Background
5. Deschaine & Company, L.L.C.
ABOUT OUR TEAM OF PROFESSIONALS
Professional Highlights:
At Deschaine & Company, all client portfolios are managed by Matthew T. Powers
► Combined, our team of portfolio our team of investment professionals to provide consent super-
managers have more than 50 years Vice President & Portfolio Manager
vision and continuity of management in the event of any dis-
Matt joined Deschaine & Company in July of 2009, as a Vice
of investment & portfolio manage- ruption of personnel. President and Portfolio Manager. He has over 10 years of
ment experience. investment management experience starting at Edward
Mark J. Deschaine Jones where he worked of over three years before moving
► In addition, Mark Deschaine has to Smith Barney and then joined Lucco Financial partners
President & Chief Investment Officer where he served as a portfolio manager.
served more than 28 years in the Mark has over 30 years of experience in the asset
role of Chief Investment officer. management business, including over 24 as Chief
Investment Officer. From 1984 to 1997, Mark was Chief Jason M. Loyd
Executive Officer, President and Chief Investment Officer Vice President & Portfolio Manager
►The team has extensive taxable, of Investment Counselors Incorporated; a St. Louis based Jason joined Deschaine & Company in July of 2009, as a
tax-exempt, endowment and pen- investment advisor. Vice President and Portfolio Manager. He has over 10 years
At ICI, Mark was responsible for all aspects of the of investment management experience starting at Edward
sion, profit sharing and special fund Jones where he worked of three years before moving to
firm’s investment and corporate operations and was the
asset management experience. primary force in developing and implementing the firm’s Bank of Edwardsville prior to joining Lucco Financial Part-
investment philosophy and strategies. Under Mark’s ners where he served as a portfolio manager.
►The principles of Deschaine & direction, ICI grew from $20 million in assets and 20 clients
Company have extensive industry to over $650 million in assets and 120 clients before he sold Marnie E. Deschaine
his interest in January, 1997.
experience operating and growing From June 1981 to February 1984, Mark was an
Chief Operations Officer
Marnie is the majority owner of the firm and is responsible
an investment management busi- Assistant Vice President of Trust Investments for Boatmen’s
for supervising and directing the firm’s business and client
ness. They are not learning “on the Bank (now Bank of America) of Belleville, IL. From April 1979
administration. She has over 20 years of investment invest-
to Sept 1981 he was Trust Investment Manager for
job” as the firm grows. Lumberman’s Bank in Muskegon, Michigan.
ment industry experience including seven years
coordinating the marketing and client service activities at
Mark has a Masters of Business Administration from
Investment Counselors Incorporated in St. Louis where she
Southern Illinois University in Edwardsville, Illinois and a
served as Vice President of Marketing from 1992 to 1997.
Bachelors of Business Administration from Western
Prior to that Marnie served as the firm’s business manager
Michigan University in Kalamazoo, Michigan. Kalamazoo is
and firm’s client service and back office operations manager.
Mark’s hometown.
Deschaine & Company EQUITY INCOME Portfolio Strategy Firm Background
6. Deschaine & Company, L.L.C.
OUR INVESTMENT PHILOSOPHY
We are long-term investors in quality companies that pay a consistent and growing dividend. We seek to buy
them when they’re at trading unusually attractive yields. Successful investing requires the accumulation of quality assets at
bargain prices and the patience to see them realize their full value. We focus on stocks that have the ability to pay a consistent and
growing dividend, to provide cash for regular reinvestment and to build future income.
We invest our clients’ money as if it is our own. Our firm was founded on the idea that we would develop and refine in-
vestment strategies that meet our long-term investment objectives. We also invest our money right along with clients. In other
words, we believe in “eating our own cooking.” Put another way, we will never offer an investment or strategy to clients that we
would not be willing to put 100% of our personal assets behind.
We are committed to minimizing client fees, brokerage commissions and taxes. You see, we don’t like to pay
them either. We start with our fee, which is highly competitive with alternatives in the investment management industry. We also
minimize brokerage commissions by utilizing the most efficient internet trading platform available. Finally, we minimize commissions
and capital gains taxes by keeping portfolio turnover to a minimum. We really do believe in the long-term ownership of quality assets.
We employ a disciplined, consistent investment and security selection process. We believe successful investment
management requires a sound investment philosophy and a consistently applied selection process. Jumping from one investment
fad to the next will only produce mediocre investment results. We have developed an equity selection process based on more than
100 years of investment research and stock market history. Our decisions are based on an objective assessment of each invest-
ment’s individual merits based on detailed quantitative analysis—not on emotion.
We believe in personalized portfolio management and client communications. Each client account is managed
individually within our overall investment strategy to meet their personal investment objectives. We will limit our firm’s growth to
provide our clients with a highly personalized investment management service and communications to meet each client’s individual
needs.
Fixed income securities (bonds) do not create wealth. They can, however, provide additional current income, principal
protection and portfolio diversification.
Deschaine & Company EQUITY INCOME Portfolio Strategy Firm Background
7. Deschaine & Company, L.L.C.
WHY DIVIDENDS ARE IMPORTANT
Dividends are an important component of total stock returns. From 1926 through 2008, the reinvest-
ment of dividends accounts for 96% of the total return from common stocks. To ignore dividends is to ignore
the benefits a growing dividend can have on a stock portfolio’s long-term returns. The longer the time horizon,
the more valuable steady and growing dividends are to total return due to the power of compounding.
Dividends are a critical component of total stock returns in bear markets. While dividends are im-
portant in all markets, they are a critical component of total return for stocks in bear markets—like the one
we’ve experienced since 2000. Since 2000, capital returns from stocks are negative while dividends pro-
duced a positive return.
Dividends are an objective measure of profitability and a sign of financial strength. You can’t fake
dividends, either the company has the financial ability to pay the dividend or not. No amount of accounting
manipulation can make up for a lack of cash. A growing dividend is also a sign of a company’s financial strength.
Dividends provide cash for living expenses. Dividends of quality companies tend to grow overtime, pro-
viding purchasing power protection ahead of inflation
Dividends provide cash flow for reinvestment. Dividends provide cash for reinvestment. Growing divi-
dend income provides the ability to take advantage of buying opportunities without having to sell a stock. This
minimizes portfolio turnover and trading costs while maximizing portfolio investment flexibility.
Dividends are much more predictable than capital gains. Dividends are a more consistent and predict-
able source of investor return than capital gains. In these uncertain times, that’s reassuring.
Dividend yields are at levels not seen in many years. A carefully selected portfolio today could yield as
much as 7% and have the potential to grow dividends at the rate of 8 to 12% annually.
Deschaine & Company EQUITY INCOME Portfolio Strategy Firm Background
8. Deschaine & Company, L.L.C.
Investment Management Fee Schedule
An Annual Investment Management Fee of
1% on the first $2.5 million assets under management,
3/4 of 1% on the next $2.5 million
And 1/2 of 1% on the balance
The fee is payable quarterly in advance.
The State of Illinois and the Securities and Exchange Commission requires a written advisory agreement between the investment advisor and client. Deschaine & Company would be happy
to provide a standard investment advisory agreement for review and approval by the client at no charge. Deschaine & Company’s standard agreement is cancelable by either party with a
30 day written notice. The pro-rated portion of any advanced fee will be refunded in the event of a cancellation by either party.
In accordance with Rule 204-3 of the investment advisors act of 1940, a copy of the Form ADV-Part II, on file with the State of Illinois, is available upon request. The firm is registered
in Illinois and Missouri. Note: The fee quoted above is for investment advisory services provided by Deschaine & Company and does not include brokerage commissions, custody charges or
account expenses related to other service providers.
Deschaine & Company EQUITY INCOME Portfolio Strategy Firm Background
9. Deschaine & Company, L.L.C.
OUR EQUITY INCOME PORTFOLIO STRATEGY
The Benefits of a High-Yield, Dividend Growth Investment Strategy
High Current Income Principal Protection in down markets
Long-term Income Growth Inflation Hedge
Potential for Asset Appreciation Maximizes the Power of Money to Compound
“The greatest mathematical discovery of all time is the
power of money to compound.”
—Albert Einstein
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
10. Deschaine & Company, L.L.C.
WHY DIVIDENDS ARE IMPORTANT: THEY Maximize the Power of Money to Compound
THE CONTRIBUTION OF DIVIDENDS TO TOTAL RETURN OVER TIME
120%
100%
80%
“Dividends are good because
four times a year they remind
the CEO that it’s not his company.” 60%
—Michael Goldstein, 96%
Professor Babson College 40%
63%
43% 50%
20%
0%
5 years 10 years 20 years 82 years
Note: common stock dividends are not assured payments. Dividends are paid at the discretion of the board of directors
and the amount of dividend can change at any time. From 1926 to 2008, reinvesting dividends accounted for 96% of the
stock markets total return after inflation. Source: “The Future for Investors, Jeremy Siegel, 2007
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
11. Deschaine & Company, L.L.C.
DIVIDENDS REALLY MATTER: Dividend re-investment dramatically improves results over the long term
S&P 500 from 1966 to June 2009 $65.00
ANNUAL CAPITAL RETURN: 7.0 %
ANNUAL DIVIDEND RETURN: 3.4% Growth of a Dollar from Total Return 1966 to July 2009 ($37.59) $60.00
$55.00
The longer the time period, the greater dividends
and compounding from dividend reinvestment $50.00
contributes to the stock market’s total return.
$45.00
$40.00
$35.00
Growth of a Dollar from Capital Return ”Only” 1966 to June 2009 ($9.44) $30.00
$25.00
Growth of a Dollar from Dividend Return ”Only” 1966 to 2009 ($4.06) $20.00
$15.00
$10.00
$5.00
$‐
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
12. Deschaine & Company, L.L.C.
MAXIMIZE DIVIDEND INCOME (OUR GOAL: DOUBLE DIVIDEND INCOME EVERY FIVE YEARS.*)
Strategy to Achieve Our Investment Objective
Invest in High Yield stocks with a history of dividend growth.
Buying them when their current yield > their 5-year average yield.
Reinvest all dividend and investment income cash flows in a timely manner.
Secondary Portfolio Objectives
PROTECT PRINCIPAL by:
Creating a broadly diversified portfolio of quality stocks
And maintaining the flexibility to hold cash reserves
(*Assumes full reinvestment of all dividend income over the five-year period.)
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
13. Deschaine & Company, L.L.C.
OUR FORMULA FOR MAXIMIZING DIVIDEND INCOME
+ High Dividend Yield WHILE WE
FOCUS HERE
+ High Dividend Growth
+ Timely Dividend Re-investment*
MOST = Growing Income
INVESTORS
FOCUS HERE
+/– Gain/Lose on Capital*
= Total Return
*(Buy when the current dividend yield is above 5-year average dividend yield to maximize compounding.)
*(We think Capital Returns could be negative over the next ten years!)
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
14. Deschaine & Company, L.L.C.
WHAT WE HAVE TO EARN TO DOUBLE DIVIDEND INCOME EVERY 5 YEARS
Our EIP Actual S&P 500
Target Since 2000 Since 2000
+ High Dividend Yield > 5.0% 6.1% 1.7%
+ High Dividend Growth > 10.0% 12.8% 7.6%
+ Timely Dividend Re-investment*
= Growing Income (Annual Income Growth Rate) 15.0% 17.3% 1.8%
+/– Gain/Lose on Capital* 0.0 1.8% - 4.6%
= Total Return (Annualized Total Return Dec 2000 Sept 2009) NA 7.4% - 2.3%
*Buy when the current dividend yield is above 5-year average dividend yield to maximize compounding. Assumes full reinvest-
ment of all dividend income. *We think Capital Returns could be negative over the next ten years!
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
16. Deschaine & Company, L.L.C.
OUR EQUITY INCOME PORTFOLIO HISTORICAL RESULTS
Investing $1,000,000 on December 31, 2000, where would you be today?
Deschaine & Company
Vanguard S&P 500 Index Fund
EQUITY INCOME Portfolio*
Annual Income* Year End Portfolio Value Annual Income Year End Portfolio Value
2008 $ 176,366 $ 2,137,878 $ 22,975 $ 785,045
2007 $ 166,988 $ 2,821,164 $ 22,247 $ 1,239,545
2006 $ 122,904 $ 2,812,726 $ 18,964 $ 1,176,226
2005 $ 102,053 $ 2,300,422 $ 17,249 $ 1,018,397
2004 $ 93,697 $ 2,207,699 $ 16,696 $ 972,574
2003 $ 80,422 $ 1,767,432 $ 12,076 $ 879,075
2002 $ 84,468 $ 1,314,955 $ 11,295 $ 685,273
2001 $ 49,245 $ 1,216,400 $ 10,504 $ 879,452
*Represents the equity “only” total returns for the Equity Income Portfolio for the periods shown to compare to the equity returns of Vanguards S&P 500 index fund. Returns do not reflect the impact of the cash reserves held in the portfolio.
Annual total income growth rate for the Equity Income Portfolio is 17.3% compared to 10.3% for the Vanguard S&P 500 index fund. Note: past performance is not a guarantee of future results.
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
17. Deschaine & Company, L.L.C.
OUR POTENTIAL RETURN EXPECTATIONS
Potential Annual
Potential Annual Returns from: Return Range
Low High
From Current Dividend Yield (As prices go down Yields go up!) 5.0% 7.5%
From Dividend GROWTH (Estimated Annual Dividend Growth rate for EIP: 8-12%) 1.0 1.5
From Timely Dividend Re-investment (Buy when current yield is above 5-year average) 0.5 1.0
Return from Capital Appreciation (We think it will be negative!) -10.0 0.0
Interest income from bonds, cash and preferred securities 1.0 2.0
Equals a potential: 0.0 to 9% long-term expected annual return of: 0.0% 9.0%
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
18. Deschaine & Company, L.L.C.
Does EQUITY INCOME Make Sense Today?
STEADY, GROWING INCOME, PROTECTION OF PRINCIPAL, YOU DECIDE:
BULL MARKETS: Incremental returns gained from real, growing cash flow (dividends, interest income.)
BEAR MARKETS: Crucial in generating positive portfolio returns, insulates and protects capital.
GROWING INCOME + CONSISTENT = COMMONSENSE APPROACH
Positive Cash Flows Downside Protection For All Seasons
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
19. Deschaine & Company, L.L.C.
The Advantage to High-Yield Strategy in Down Markets
When stock prices go DOWN, dividend yields go UP Dividend
Yields
Go UP
When Stock
Prices Go
DOWN
Declining stock prices allow us to capture
higher and higher dividend yields all the
way to the bottom of the bear market!
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
20. Deschaine & Company, L.L.C.
Our EQUITY INCOME STRATEGY Total Return Vs. S&P 500 Index (December 31, 2000 to September 30, 2008)
$2.50
$2.25
$2.00
$1.75
EIP Total Return: Dec 31, 2000 to Sept 30, 2009 $1.50
$1.25
$1.00
$0.75
S&P 500 Total Return: Dec 31, 2000 to Sept 30, 2009
$0.50
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q
00 01 01 01 01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09
*EIP Total Return shown are net of management fees at 1/2 of 1 % annually and brokerage transaction fees of $7.00 per trade. Additional performance disclosures are on page 29.
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
21. Deschaine & Company, L.L.C.
OUR EQUITY INCOME Portfolio: Gross Annual Returns 2000-2008
Total
Cumlt Annualized
2008 2007 2006 2005 2004 2003 2002 2001 Returns Returns
EQUITY INCOME - 17.5 1.1 19.6 3.9 19.7 19.8 7.2 16.3 85.1% 8.0%
S&P 500 Index - 37.0 5.5 15.8 4.9 10.9 28.7 - 22.1 - 11.9 -20.9% - 2.9%
*Includes yield on money market funds held in the portfolio.
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
22. Deschaine & Company, L.L.C.
EQUITY INCOME Portfolio Annualized Returns (For Periods ending September 30, 2008)
3rd Total % Annualized
Qrt YTD One Three Five Returns Since % Returns
EQUITY INCOME Portfolio 2009 2009 Year Years Years Inception* Since Incept
Total Returns 7.4 3.4 - 12.8 - 3.1 2.5 89.9% 7.6%
S&P 500 Total Return 15.6 19.3 - 6.9 - 5.4 1.0 - 5.3% - 0.63%
* Inception of the Equity Income Portfolio is December 31, 2000
Performance Disclosure: The investment results presented here are for various periods covering the period of December 31, 2000 through June 30, 2008 for the EQUITY INCOME Portfolio strategy outlined in this presentation. The
equity “only” returns represent the results of the equity holdings of the portfolio and are calculated using AIMR complainant standards. The total returns represent the net returns for an actively managed portfolio of the recommended
holdings of the EQUITY INCOME Portfolio net of fees of .5% annually and $7.00 per transaction commissions but do not take into consideration the impact of taxes in the calculations. Tax consequences are not estimated, but annual
portfolio turnover was 20.69% for the nine year history of the portfolio. The results are for an actively managed portfolio of the firm’s EQUITY INCOME Portfolio holdings and are representative of actual client portfolio purchase and
sales, industry weightings and activity. Actual client portfolio results may differ from those shown here for any number of reasons, including account inception date, individual portfolio goals and objectives, cash reserves requirements and
other factors not in keeping with the recommended EIP strategy outline in this presentation. The information for market data has been prepared from sources deemed reliable, but its accuracy is not guaranteed. It should not be assumed that
any securities or strategy discussed in this presentation will be profitable or will equal past performance. Nor should anything in this presentation be construed as an offer to buy or sell any securities discussed herein. Deschaine & Company,
and/or one or more of its clients employees, family or friends, or related accounts as defined by the SEC may have a position in the securities discussed herein. @All rights reserved. Reproduction of this publication is strictly forbidden
without the expressed written consent from Deschaine & Company or it’s legal representative.
Deschaine & Company EQUITY INCOME Portfolio Strategy “The Case for Dividend Investing”
23. Deschaine & Company, L.L.C.
OUR EQUITY INCOME PORTFOLIO Security Selection Process
Typical Output
STEP 1): Screen domestic universe of 11,600 common stocks for stocks with a DIVIDEND YIELD above 3%. About 1,600 stocks
STEP 2): Screen for 1, 3, and 5-year positive DIVIDEND GROWTH. 300 stocks
Screen for ATTRACTIVE VALUATION (Price to Cash Flow, Price to Sales, etc.)
STEP 3):
And Positive and consistent EARNINGS GROWTH.
100 stocks
Track stocks with a Current Dividend Yield above their 5-year Average Dividend
STEP 4): Yield. (Final output is highly dependent on prevailing stock market conditions.) 30–60 stocks
We then construct a diversified portfolio from the selections with a current yield above their 5-year average dividend
STEP 5): yield. Sector and industry weightings are a direct result of the output of the process. We do over-weight industries and
sectors based on the output, subject to the usually portfolio risk controls and client portfolio constraints.
Deschaine & Company EQUITY INCOME Portfolio Strategy Security Selection Process
24. Deschaine & Company, L.L.C.
AN EXAMPLE: ALTRIA CORP (MO) Dividend & Yield History: March 1980 through December 2008
13% $1.30
12% NOTE: all date includes Kraft and Phillip Morris International. As of December 31, 2008, $1.20
MO was a buy (or an addition to with new cash) as its dividend yield (6.0%) was above it’s 5-year average 4.5%.
11% (As was KFT and PM) A current yield above the green line is a screaming BUY! $1.10
10% $1.00
9% $0.90
8% MO Dividend Yield: $0.80
Above 5.3% Is a Strong Buy Signal
7% $0.70
6% BUY $0.60
5% $0.50
HOLD
4% $0.40
SELL
3% $0.30
Quarterly $ Dividend (right axis)
2% $0.20
Dividend Yield is quarterly dividend rate annualized, divided by month end
1% share price. The peak? March 2000 when tobacco litigation concerns depressed MO’s stock price. $0.10
0% $-
Jan-80
Jan-81
Jan-82
Jan-83
Jan-84
Jan-85
Jan-86
Jan-87
Jan-88
Jan-89
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Deschaine & Company EQUITY INCOME Portfolio Strategy Security Selection Process
26. Deschaine & Company, L.L.C.
With Our EQUITY INCOME Strategy it’s: Buy High & Sell Low!
BUY HIGH: A stock is a buy when its current dividend yield is > its 5-year average yield.
HOLD: A stock is a hold as long as it maintains the current cash dividend.
SELL LOW: A stock is sold if it cuts its dividend (for whatever reason), or if the current yield
drops one standard deviation below the stock’s five-year moving average yield.
Deschaine & Company EQUITY INCOME Portfolio Strategy Security Selection Process
27. Deschaine & Company, L.L.C.
A VALUATION SELL EXAMPLE: KIMCO REALTY (KIM) BOUGHT December 29, 2000 Sold: April 16, 2007
$0.50 8.00%
Bought KIM at $10.38 Dividend Yield 7.70%. Yield was above the 5-year average of 6.88%.
6.88% 7.00%
$0.45
BUY
6.00%
$0.40
HOLD
5.00%
$0.35
SELL 4.00%
$0.30
3.00%
3.00%
$0.25
2.00%
Sold KIM on April 16, 2007. Dividend below 3.0% was an all time low and 86% below the 5-year average of 6.0%
$0.20
KIM Total Return: 366.5%, S&P 500 over same period 20.8% 1.00%
Since sale on April 16, 2007: KIM -- 74% S&P – 25%
$0.15 0.00%
Dec‐99
Dec‐00
Dec‐01
Dec‐02
Dec‐03
Dec‐04
Dec‐05
Dec‐06
Jun‐99
Jun‐00
Jun‐01
Jun‐02
Jun‐03
Jun‐04
Jun‐05
Jun‐06
Jun‐07
Mar‐99
Sep‐99
Mar‐00
Sep‐00
Mar‐01
Sep‐01
Mar‐02
Sep‐02
Mar‐03
Sep‐03
Mar‐04
Sep‐04
Mar‐05
Sep‐05
Mar‐06
Sep‐06
Mar‐07
Sep‐07
The same was true for the REIT industry in general for this period as they went from undervalued and underappreciated in 2000
(in the throws of the internet, tech “bubble” to record valuations in 2007 and 2008 at the heights of the real estate “bubble.”
Deschaine & Company EQUITY INCOME Portfolio Strategy Security Selection Process
