Lead Article
The next time you encounter a "talking head" pontificating about "where investors should be during this phase of the business cycle," reach for the remote.  During recessions the financial media invariably fixate on whether the recovery has begun and what that portends for investors.  However, economic indicators in fact provide no information that is useful with regard to the future direction of the capital markets, and wise investors will ignore them.

This is not to say that the business cycle data, such as the economic indicators tracked by our parent, AIER, are of no value.  To the contrary this information can be quite useful. For example, a small business owner might hire or invest in inventory or equipment depending on whether expansion is underway.  Similarly, an individual contemplating a career change or weighing full time employment versus attending college would be wise to consider whether the economy is expanding or contracting . . .

Inside this Issue
Quarterly Review of Investment Policy
Tax Swapping Time
Capital Gains Tax Rate Changes Coming
The High-yield Dow Investment Strategy
Recent Market Statistics
Recommended Investment Vehicles