Happy New Year

On behalf of all of us at Sigma, we would like to extend our best wishes in this blog for a happy, healthy and prosperous New Year. We are reasonably constructive on the global and US economic outlook for 2011, expecting further moderate growth. We are mindful of the fact that common stock prices have recovered smartly the last two years and a pause in 2011 would not be unusual. Given that our investment horizon is beyond 2011, we do not feel compelled to alter our investment posture.

Robert M. Bilkie, Jr., CFA