The Lemley Letter
Final Print Edition
June 1983 to June 2004
This is the final issue of the print edition of The Lemley Letter. We began writing the letter 21 years ago this month. For a number of years it was a monthly and after our
partner Don Yarling died in 1994 we eventually went to a Seasonal (four times a year) format.
With the advent of the computer and cell phone and instant communications as well as The Lemley Letter website we have reached the conclusion that
now is the time to fold the snail mail edition.
The world has changed since we first began the letter and so have the markets. There are many more investment products and speculative tools. We
have stayed with the tried and true, common stocks and Treasuries, and we are too old to change our investment tools now.
Nor would we want to since our investing formula has served us well. Since we began The Model Portfolio in December 1983 it has grown from a
value of $50,000 to a present value exceeding $530,000. Our record speaks for itself.
Past performance is not an indication of future performance.
We plan on continuing our management of funds in the same manner as we have in the past. The world and investment alternatives may have changed
but greed and fear remain the primary movers of individual stocks and overall markets. We will continue to try and profit from the inconsistencies these
two emotions engender in the marketplace.
We invite you to read past letters posted on the website.
And we invite you to continue to visit our website at
to read the daily comments.
Bud Lemley and Kathy Pinto
market value of the Model Portfolio is net of advisory fees, brokerage
commissions and other related expenses.
Model Portfolio results reflect reinvestment of dividends and other
earnings. The Model Portfolio column is
the overall return of the portfolio for the periods shown. The S & P 500 is an unmanaged S & P
composite of 500 stocks widely regarded as representative of the stock market
in general. Unless otherwise indicated,
index results include reinvested dividends and do not reflect sales charges.
Past performance is not indicative of future
results. Other methods may produce different results for individual portfolios
and for different periods and may vary depending on market conditions and the
composition of an individual portfolio. Care should be used when comparing
these results to those published by other investment advisors, other investment
vehicles and unmanaged indices due to possible differences in calculation
methods. A list of all recommendations made by Lemley, Yarling Management Co.
for the preceding one-year period is available to advisory clients upon