We were audited by the State of Wisconsin, and for the umpteenth audit by various regulatory authorities, questions were raised about whether the composition of the Model Portfolio represented the activity in all accounts we manage.  In order to eliminate questioning in future regulatory audits (we are too old to deal with them) we will no longer present the Model Portfolio. Over 31 years The Model grew from $50,000 to $773,000. That is a compound rate of return of 9.23%.

PAST PERFORMANCE OVER 31 YEARS IS NOT INDICATIVE OF FUTURE PERFORMANCE OVER 31 YEARS - WE'D BE 102.





Model Portfolio Yearly Performance
Inception 12/31/1983 thru 12/31/2014

 

Date
Ending

Market
Value

Portfolio
%Return

12/31/1983

$49,934

Started

12/31/1984

$50,294

1%

12/31/1985

$68,299

36%

12/31/1986

$81,538

19%

12/31/1987

$96,472

18%

12/31/1988

$108,947

13%

12/31/1989

$119,298

10%

12/31/1990

$107,885

(10%)

12/31/1991

$144,418

34%

12/31/1992

$152,125

5%

12/31/1993

$152,654

0%

12/31/1994

$153,553

1%

12/31/1995

$177,382

16%

12/31/1996

$200,666

13%

12/31/1997

$220,832

10%

12/31/1998

$245,951

11%

12/31/1999

$353,461

44%

12/31/2000

$356,212

1%

12/31/2001

$429,804

21%

12/31/2002

$460,305

7%

12/31/2003

$525,365

14%

12/31/2004

$570,633

9%

12/31/2005

$556,147

(3%)

12/31/2006

$604,610

9%

12/31/2007

$582,294

(4%)

12/31/2008

$503,988

(13%)

12/31/2009

$587,004

16%

12/31/2010

$623,479

6%

12/31/2011

$525,668

(16%)

12/31/2012

$688,130

31%

12/31/2013

$745,666

8%

12/31/2014

$773,264

4%





Model Portfolio Closed Transactions (Realized Gains and Losses) for 2001
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2002
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2003
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2004
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2005
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2006
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2007
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2008
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2009
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2010
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2011
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2012
Model Portfolio Closed Transactions (Realized Gains and Losses) for 2013

 

The 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 period shown.



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 upon request.


PAST PERFORMANCE IS NO INDICATION OF FUTURE PERFORMANCE

309 W Johnson Street Apt 544 Madison, WI 53703 312-925-5248
The factual statements herein have been taken from sources we believe to be reliable but such statements are made without any representation as to accuracy or completeness or otherwise. From time to time the Lemley Letter, or one or more of its officers or employees, may buy and sell as agent the securities referred to herein or options relating thereto, and may have a long or short position in such securities or options. This report should not be construed as a solicitation or offer of the purchase or sale of securities. Prices shown are approximate. Past performance is no indication of future performance.