Using our own independent research and a value-based philosophy, Griffon May crafts a portfolio for each client in accordance with that client's goals and risk profile. We constantly monitor each portfolio's performance and make changes when appropriate.

As value investors, we attempt to purchase companies for our clients at a discount. By doing so we believe downside risk is reduced and upside potential is enhanced. Our understanding of a company's value also helps us establish an approximate sales price that, if reached, will provide our clients with an ample return on their investment.

We purchase value wherever we find it. We do not limit our stock universe in any way. Portfolios can include small cap through large cap stocks, foreign companies represented by ADRs, REITs, royalty trusts and more. We move in and out of the corporate bond markets, and use Treasury bonds, bills and notes when necessary.

We at Griffon May are value investors. We use a time-tested formula to compute a company's intrinsic value. We compare the company's current value to its current stock price. When we find a company whose current stock price is significantly below its current intrinsic value, the company becomes the subject of further analysis.

A key to our process is determining the intrinsic value of a company. Griffon May has computed intrinsic values the same way since the mid-1970s.

Before we accept a new client, we must know that they understand and agree with our investment philosophy. Our approach may not be a fit for you if:

• You expect to be invested in the latest Wall Street darlings
• You want to be in on the latest and hottest new issues
• You believe you must be invested in young companies on the cutting edge
• You expect to get rich quick

Please contact us if you have any questions.