Elections Have Consequences

Now that we are in the midst of the normal turmoil leading to the quadrennial presidential elections, it is important to remember that elections do have consequences and that we should all take the time to understand the issues before casting our ballots.

Investors should also be diligent in reviewing and voting proxies.  For the record, here at Sigma we maintain proxy voting guidelines and vote proxies with “best interest of the shareholder” as the key tenet underlying our decisions and judgements.

It’s equally important that we all work to maintain the integrity of the election process and recognize the challenges of very close results and recounts.

To that end, the words of Joseph Stalin may warrant some consideration.  While there is some question as to the precise wording, the gist of what he said is, “It’s not the people who vote that count, it’s the people who count the votes.”

All comments and suggestions are welcome.

Walter J. Kirchberger, CFA