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Quarterly Letter to Clients 

April, 2014

Indices at quarter-end (March 31, 2014):

    Dow Jones Industrials:             16,457.66       1Q'14        -0.72%          YTD      -0.72%

    Standard & Poor's 500:             1,872.34        1Q'14        +1.30%         YTD      +1.30%

This quarter's letter will be rather brief.  I am looking for some way not to say it, but the fact is that my father died near the end of the period and I am having difficulty putting together a commentary on the markets.

So the numbers--which have been pretty good--will have to speak for themselves.

Dad lived a long and fruitful life, and even though, at 96, death cannot be unexpected, it is still a body blow, and the wound is still open.

It is at moments such as these, moments that we all experience, when we might stop to assess our own lives and what we have accomplished; to reflect on those whom we have loved, perhaps those whom we may have offended, or things that we might have done differently.  The importance of family and friends comes to the fore, and for me, the importance of my religion. 

I know that in time scars will form and the loss will no longer be foremost in my mind.  Good memories will eventually replace the sorrow, rather than triggering tears.

How will we ourselves be remembered?  I think we should all take a moment today to tell our loved ones what they mean to us, to let them know that we appreciate them.

Jim Pappas

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