American Investment Services, Inc.

Disciplined, Diversified, & Cost Effective

2002

Aug. 2002 – CEOs Might Lie – Dividends Don’t

Corporate malfeasance has shattered investors’ confidence in corporate America. The great bull market that began in the early 1980s exacerbated a trend whereby anticipated and announced quarterly earnings were trumpeted by Wall Street above all other considerations. With only three mild recessions, earnings grew steadily, as did stock valuations. But recent corporate revelations and the …

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Sept. 2002 – News of War

While politicians and pundits ponder the merits of war, investors too must consider its consequences. Dire warnings, from higher oil prices to the costs of protracted U.S. involvement, are everywhere. At bottom, however, the pertinent question is whether the probability of war and its impact are discounted in the markets. Our investment approach is predicated …

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