Markets Fluctuate. Stay the Course.



“Individuals who cannot master their emotions are ill-suited to profit from the investment process.”

Ben Graham,
Father of Value Investing

Successful Journeys Require
Patience and Discipline

Remaining Invested Can be Difficult
Through Inevitable Ups and Downs

Market High and Low for Each Year
S&P 500® 1982-20161



Past performance is not a guarantee of future results.

The Benefit of Staying the Course

Hypothetical $10,000 Investment
S&P 500® 1982-2016

Remain patient and unemotional
to benefit from the power of equities.

Past performance is not a guarantee of future results.

Markets Fluctuate. Stay the Course.

“As stewards of our shareholders’ savings, it is important to share the wisdom we have acquired over more than half a century of investing.”

Chris Davis
Portfolio Manager and Chairman