Investment Recap Second Quarter 2018

We were able to match the second quarter gain in Russell 3000 average of 3%. On the interest
rate front, short term interest rates have moved up some, in line with the Federal Reserve increases in
the discount rate and as an affirmation that the US economy is making continued significant progress.

The major headline news of the quarter was, of course, the announcement by President Trump
of proposed tariffs on imported foreign goods. We believe there is a lot of misinformation on this
subject starting with the recent headlines that refer to a 200 billion dollar tax, and yet, the real proposed
tax is a 10% tax on imports of 200 billion dollars…a very different amount. These tariffs, which may or
may not be imposed, are far less concerning when compared with the much more substantial benefit of
fiscal policy stimulus, tax cuts, spending increases and repatriation. It’s not surprising to us that after the
first negative reaction to the headlines the stock market is resuming its rise. As we highlighted last
quarter earnings gains are terrific and both business and consumer confidence are at high levels.

We are pleased to announce Neil Malkin, CFA, has joined our firm as a research analyst. He
comes to us from the brokerage research firm of RBC Capital. At Winslow, Neil will be covering the real
estate and healthcare sectors. He is a graduate of Miami University and is a Cleveland native.