The second quarter of 2005 was moderately positive for stock and bond markets, and we continued our outperformance. Our original forecast was for high single digit returns for the year, and we have reached or are approaching those results, yet the S&P500 stock index is flat year-to-date. As we said in our last letter, earnings are good, but higher oil prices and Fed tightening have contributed to a degree of investment malaise. These two issues should ameliorate over the balance of the year and contribute to a better tone to the market.
We are pleased to announce that Renie Walters has joined us as a client service representative. Renie comes to us from Alliance Capital Management where she was engaged in administrative and marketing responsibilities, and prior to that she worked at two hedge funds; Verus Capital and Shaker Investments. We continue our commitment to add talented people to our staff as we grow.