Dear Fellow Shareholders:
My comments this quarter will not differ much from my comments for the last several quarters. The bottom line is that our economy continues to chug along just as it has for the past decade. Many fear that the very length of the expansion we are enjoying will bring about its demise. But the end of our current expansion will not be due to its length. A recession is not on the clock. Instead, the expansion will eventually end due to excesses which have built up during the expansion.