July 15, 2009

I wish you a belated happy 4th of July. I am grateful to live in this great country. I have been working hard to keep up with the changes in our markets and have just completed contracting with two new providers, Morningstar and SEI. Both are excellent money managers with fair pricing, excellent reporting, services and investment research. They will bring significant investment resources to us as providers of information and as investment managers. They along with our relationship with TD Ameritrade allow Integra Financial to provide you services and expertise usually only found in large investment advisors.

As we hit the halfway mark for 2009 it is amazing to see what has happened in the US. To list just a few we have the government heavily involved in our banking system, it has become the largest owner of GM, and the June unemployment numbers just hit a 26 year high with 9.5% unemployment. Our deficit has soared and we may be getting a form of nationalized health care.

There is now a split among economist. Those who feel that we are ending the recession and those who think we are in for what they call a “W” recession, meaning we are done with the first of a double bottom, I am hoping the latter are wrong. I’m concerned they are not. On the investment front I am recommending a conservative stance and still like overseas and bonds. It is hard to see what the future holds if some of the proposed government plans are implemented and unemployment goes higher. The effect on the dollar and inflation would be very troublesome. The Chinese are discussing the introduction of a new “Global” currency, while I doubt it will happen the very act of bringing it up is of concern. To close on a more positive note we have always had our challenges and the above are just the latest. We have always worked thru them and are better for the experience. We will get thru these and be better than before. Have a great summer and as usual I thank you for your continued trust.

Yours truly,

Willis

Willis Ashby

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