Objective: To have a diversified portfolio of companies whose prospects for price appreciation look attractive over the next 12—24 months.

Macro Economy	Overall Economy
Attractive Industry Groups	Over next 12-24 months
Micro Economy	Specific Companies
Fundamental Analysis	Balance Sheet Cash Flow EPS R&D
Technical Analysis	Relative Strength vs. Industry Group Relative Strength vs. S&P 500 Money Flow 200 & 50 Day Moving Average Point and Figure Analysis
Additional Research Coverage	Standard & Poors Morgan Stanley Goldman Sachs Merrill Lynch CIBC Oppenheimer	Special attention to specific analyst, including the number of years experience, All-American status, etc.
Equity Selection	Once these as well as other factors that principals/portfolio managers have been considered, the security is purchased/sold.
Realized Gain & Losses/Tax Consideration	For taxable accounts, will examine year-to-date realized gains and losses. For both taxable and non-taxable accounts will need to monitor position as to size compared to overall portfolio.