Protect Your Credit

As most of you know by now, the credit reporting agency Equifax was the victim of a massive hack recently. As a result, almost half of all Americans may have had their most sensitive information, including social security number, date of birth and home address, exposed for all the (criminal) world to see. If someone has this information, they can easily steal your identity, allowing them to open an unlimited amount of credit in your name, potentially leaving you exposed to a lifetime of misery. The only good news is that you can protect yourself from financial ruin.

If you haven’t already done so, I strongly suggest that you immediately contact the three main credit reporting agencies and request that they freeze your credit information. This will prevent anyone from accessing your personal information without your explicit consent. Depending on what state you live in, this process will either be free or cost you a modest fee. You should do this for every member of your family with a credit history, including your teenage children.

Here are the phone numbers to call. In order to put a freeze on the credit of multiple people, you will have to place multiple phone calls. So allot yourself sufficient time to call all three agencies as many times as necessary to protect the credit of every member of your family. And make sure you have the date of birth, social security number and home address for each person BEFORE you make the phone calls.

Equifax: 800-685-1111 (automated system only)

Experian: 888-397-3742 (automated system only)

Transunion: 800-916-8800 (human or automated system)



The Importance Of Philanthropy

“Living well has at least two parts to it: living a life that makes you happy, and living a life that is of service to others…To find an activity truly fulfilling, you must both take pleasure in it and feel a strong sense of connection between it and a larger purpose for your life.” 

~ Christopher Eisgruber, President of Princeton, referencing the work of Kwame Appiah, in his welcome address to the incoming class of 2017 on September 8, 2013.

This blog is going to be a departure from my usual financial or investment discussions. Instead, I want to talk about something even more important, something that has been integral to my life since I was a child, and something that has become more even imperative over the past few years.

Living a life that is of service to others, as Mr. Eisgruber cites above, is one of the best pieces of investment advice I can give you. It is a very powerful phrase, and one I take to heart. As some of you may know, I am honored to serve on the Board of the Food Bank for Westchester #FB4W. I say honored because I truly believe that I’ve been very fortunate in my life and I feel a powerful imperative to give back to those members of our community who haven’t shared the same blessings.

Hopefully some of you also know that September is Hunger Action month #HungerAction. Last week I had the good fortune to participate in the press conference that formally kicked-off our efforts to raise awareness of the pervasive problem of hunger in Westchester, and the rest of the country #GoOrange. As I was writing my speech it again hit home to me how important it is that I can do whatever I can, both with my money and my time, to make a difference in my community.

I can tell you from personal experience that the act of giving is incredibly powerful and life affirming. There is so much need in the world that it can be hard to know how to start. So I recommend that rather than focus on the enormity of the problems, think instead how you can help one single person. You can serve a meal, help build a house, provide a mosquito net, teach someone to read, mentor a child, dig a well, etc. The ways in which you can help someone are limited only by your time and imagination. When you put philanthropy in those terms, it becomes much easier to see how the efforts of one person can make a real difference in the life of someone in need.

If you are inclined to make a donation, you can enjoy the tax benefit of that contribution. Recent tax laws enable giving directly from a retirement plan, which also has great tax implications. Please discuss this with your tax professional before doing anything.

Whatever you decide, I urge you to do something today. Pick your favorite charity and send them some money today. Then try to make philanthropy a core part of your life. And make sure to talk to your children about what you’re doing, and try to involve them as much as you can so that it becomes part of their lives. The time is now to begin living a life in service to others. #GiveBack.

Thoughts after the RNC and the DNC

(Disclaimer – I am a moderate, centrist Democrat; seemingly an endangered species.)

The parties are over in Cleveland and Philadelphia as both the Republican and Democratic National Conventions have have packed up and gone home. The cameras are gone, the balloons and confetti have been swept away and the placards have been sent out on the campaign trail. All that’s left now is the sprint to election day. Each side has their passionate  and detractors, whose votes are unlikely to be swayed, no matter what is said or done in the next three months. As a result, both candidates must now search in the middle for enough votes to put them over the top.

Before the conventions began I already knew that I would be voting for Hillary, which was as much a vote against Trump as for Hillary, but I still wanted to hear what the candidates and their supporters had to say, and to get a feel for the mood of each party. I believe you can glean a lot about a candidate, and what type of president they will be, by the agenda they lay out in their stump speeches, assuming of course, that anything they say can be believed. Like him or not, agree with him or not, President Obama laid out the objectives for his candidacy at the convention, and that’s basically what’s he’s attempted to accomplish over the past eight years. It has been similar for past presidents. So what do we make of Donald Trump and Hillary Clinton after the conventions?

I watched the speeches by all of the main players on both sides of the aisle, including, obviously, the candidates themselves. My overriding impression from the RNC was one of hate, ugliness, divisiveness and fear. Without being able to present any record of achievement in governance, or public service of any kind, Trump and his supporters chose to appeal to the lowest, most primal instincts of the disaffected members of our society. Rabid dog snarling fits from Rudy Giuliani and non-stop nastiness from pit-bull Chris Christie set the negative tone for the entire convention. Only the speeches from Trump’s wife and children leavened the proceedings at all. And while I thought that his children all did a very good job, it did not alter my perception of the man or his supporters.

Then there was Trump’s long-winded homage to himself. I think it’s pretty amazing that he plans to solve all of the world’s problems all by himself. He is so delusional, and egotistical, that he appears to truly believe that he, and he alone, has all of the answers to all of the problems that we face. If it weren’t so scary it would be laughable. And yet his supporters, some of whom are good friends of mine, eat it up. And I just can’t understand it. Are they not listening to the same words, spewing forth from that same orange face, that I am? Do they not hear the bile, the anger, the hatred, the intolerance, and the extravagant love of self in everything that he says? It’s a good thing we have a First Amendment to protect freedom of speech, at least until Trump sues someone for saying something negative about him. Even now. Trump has gone on the attack against Michael Bloomberg, a former mayor of New York that Trump formerly supported, for having the audacity to speak ill of The Donald at the convention. Never before has a candidate slung so much mud at his detractors.

After all the yelling, pontificating, name-calling and finger-pointing during the RNC, dispensed with almost a complete lack of any substantive proposals for how to fix all of the problems they decried, I was ready for a change of pace from the DNC, and they did not disappoint. I found the speeches, particularly those of Cory Booker, Michelle Obama, Joe Biden, Bill Clinton and President Obama, to be positive, inclusive, empowering and uplifting. The messages were forward-looking and upbeat, which was in severe contrast to the dire, negative and often hateful words being shouted at us in Cleveland. In truth, after four days in Philadelphia, I found myself feeling much more positive about voting for Hillary than I did before the convention began. And even more convinced, if that is possible, that electing Donald Trump, would be an unmitigated disaster for our country.

Trump has made a career out of self-promotion, flouting the rules whenever possible, looking out only for himself and showing interest only in his net worth. He has driven numerous businesses into bankruptcy. In fact, his entire empire teetered on the verge of collapse before being saved by some sympathetic lenders. He has also attempted to cheat on his taxes here in Westchester Country by claiming that his golf courses are worth almost nothing for property tax purposes, while at the same time lauding their tremendous value when boasting about his net worth. All this does is hurt the communities in which those properties reside by withholding necessary funds that would otherwise go to social services or school programs.If he’s so proud of the billions that he claims that he’s worth, he shouldn’t be so callous as to skim needed funds from the towns and cities that he works with. And speaking of his purported billions, when is he going to make his tax return public, like all the other candidates?

There is no question that Donald has done a great job creating the “Trump” brand, building golf courses around the world and developing and branding luxury properties. And while not all of his ventures have succeeded, that shouldn’t be held against him as failure is often the result of entrepreneurial effort. Unfortunately, none of his successes in business, such as they are, qualify him to be the President of the United States. The truth is that he is short-tempered, mean-spirited, thin-skinned and ego-maniacal. None of these characteristics are what you want in a president.

Can you imagine him trying to negotiate a bill with Congress, or a treaty with Mexico or China? What rapport do you think a man born into significant wealth, who hasn’t done anything for anyone other than himself his entire life, has with the middle-class or Middle America? What has he done to support workers, people of color, or those without enough education to apply for a job at a Trump construction site, or enough to eat to afford a phony Trump education? What kind of man says the misogynistic, racist, ugly and bullying things he says, then threatens to sue anyone who confronts him? Again, is that really who we want to lead our nation for the next four years?

Contrast all of this with Hillary Clinton, who is by no means a perfect candidate. And for some reason, many people (myself included, to some extent), just dislike her. I can’t put my finger on exactly why that’s the case, but it seems to be true. Could it be the qualities in her that we don’t like would otherwise be acceptable if she was a man? Or perhaps it’s that she has simply been in the public eye for so long and it’s easier to find fault with her than appreciate her good qualities. Either way, her seeming lack of “likability” certainly doesn’t disqualify her from the job as there have been many highly unlikable people that have held elected office and done a very good job. And she has certainly made her fair share of mistakes over the past few years, most notably with Benghazi and her emails. But let’s put that aside for a moment as the issues have been beaten to death. And remember, show me any public figure who has not made decisions, or taken actions, that they would later regret. That’s simply the nature of the beast. I believe candidates should be viewed not for a single event, but for the totality of their service.

So let’s put aside the negatives and instead consider a woman who has dedicated her entire adult life, more than 40 years, to selfless public service. Ponder that for a moment, and contrast it with a lifetime of self-promotion for Donald Trump. She has battled to give a voice to the voiceless and to help the helpless. She has fought for education, healthcare, women, children, minorities and virtually every other citizen of our country. She has worked with our military as well as the leaders of almost every country in the world. Is she perfect – no. But I would take her 40+ years of service against his 40+ years of self-aggrandizement any day.

So who do you want negotiating trade deals on our behalf? Who do you want working with Congress (notice I said “working with Congress”, rather than trying to do it all by himself) to create more jobs? Who do you want with their finger on the trigger of our nuclear arsenal? Who do you want to speak for your daughters, sisters, wives and mothers? Who do you want to protect your right to love whoever you want? Who do you want to fight for some reasonable, enforceable gun legislation, so that we can begin to minimize the almost daily occurrences of horrific mass shootings?

The Democrats do not have all the answers, and I don’t agree with all of the planks of their platform. I would prefer a different approach to taxes and business, but I can live with it as Congress will prevent anything too extreme from being passed. I also don’t agree with a free education; there should be some cost involved so each student feels accountable for their efforts and actions. But there’s no question that higher education should be more affordable and shouldn’t leave student deep in debt upon graduation. But looking at the big picture – climate, Supreme Court, women’s rights, human rights and more – I believe Hillary and the Democrats are on the correct side of the key issues that transcend the individual; that affect all of humanity.

Finally, I strongly believe that we must vote for Hillary Clinton in the upcoming election. There is simply no justification for a Trump presidency. He is not a symbol for change. He is a vote for division, isolation, bullying, chaos and nastiness. And that is not an environment in which I want to live, or raise my family. I hope that, over the course of the next three months, the majority of Americans will really listen to what Trump has to say, and how he says it, so that they will wake up and see him for who he truly is. If they do, then his candidacy is doomed and Hillary Clinton will be our next president.

I Hope You Listened

My last two blogs were written on February 13 and February 29. In the former I wrote:

“It is not time to panic. Things are not nearly as dire as they were leading up to the crash in 2008. Outside of the negative consequences of a too-strong dollar, corporate revenues, profits and balance sheets are in very good shape. It is part of the normal and natural part of the stock market cycle that after a prolonged period of gains that we must experience a year or two of negative returns. Then, when the gloom and despair have peaked, it will be time for the next rally to begin.

So stick with your plan. In the world of virtually zero interest rates, owning a diverse basket of blue-chip, dividend-paying stocks, returning an average yield of at least 2%, is your best way to secure your financial future. So buckle up and prepare for a bumpy ride. I’ll try my best to guide you along the way.”

As it turned out, my message was particularly well-timed as the market had hit bottom only two days earlier. Since closing at 15,660.18 on the 11th, the #DJIA has surged 12.4% in only 25 trading days. Over the same period, the #S&P500 has gained a similar 12.0%. Even better, the Dow Jones Transportation Average (#DJTA), which suffered mightily on the way down, has jumped a stellar 17.3%, leading the way for the rest of the market.

On the 29th, I wrote the following two points (out of a much larger blog):

  • I would substantially overweight, or even limit, your investments to blue-chip, dividend paying, U.S.-based equities as most of the rest of the world is a mess and income is at a premium.
  • When times get scary, and you aren’t sure what to do, it’s ok to do nothing. Outside of some family accounts, in which I bought some stocks during the downturn in January (which proved too early), I have made next to no trades in 2016. And that’s just fine. Sometimes the best trades are the ones you don’t make.

Again, I believe these suggestions had, and still have, a lot of merit. I basically have done next to nothing so far this year, other than make a few acquisitions to round up existing positions that had been unfairly beaten down during the correction. More to the point; I sold nothing! Now, virtually every stock that had been down has rallied and recouped most, if not all, of the earlier losses. By doing nothing, buy ignoring the noise from the media and the panic of traders and nervous investors, we experienced no losses and have been made whole again. And the stocks we sat with continued to pay us a steady stream of above-average dividends while we waited.

So where are we today and what’s my current thinking? The #DJIA remains 750 points below the high of 18,312 set almost exactly 10 months ago, so there is still room for growth. The central bankers of the world, including our own Federal Reserve, remain highly accommodative, lowering rates to at, or in some cases even below, zero. These policies basically force investors into equities as investing in government bonds guarantees little or no income whatsoever.

I would continue to overweight your investments in primarily blue-chip, dividend-paying, quality U.S.-based companies. Look for businesses with strong brands, pricing power and competitive advantages and a history of paying dividends through good times and bad.

I believe that market will remain positive for at least the next two months, before we head into the traditional summer selling season, and into the Republican and Democratic conventions. I’ll comment more on the election cycle later. For now, let’s rejoice that Spring has arrived and, at least for now, the market is coming up roses.

What I’m Thinking Today

In honor of the extra day in February this year, and on the eve of Super Tuesday, I thought it was a good time to jot down some random thoughts on the market, the economy and the election. So, in no particular order, here goes . . .

  • I hope you listened to my pleas in the last few newsletters not to panic and sell your quality holdings into the correction. If you didn’t, you’ve enjoyed a gain of almost 1,000 since a bottom was made on February 11.
  • I don’t think February 11 was “the bottom” for the year. We’re likely to have at least one, if not two more, corrections this year. That being said, I do believe the market will be higher over the next few years.
  • I would substantially overweight, or even limit, your investments to blue-chip, dividend paying, U.S.-based equities as most of the rest of the world is a mess and income is at a premium.
  • Although I’m happy to see oil prices firming above $30 I don’t think the pain is over. There is still way too much oil sloshing around the world and not enough demand to soak it all up. When the stories of bankruptcies in the oil patch begin to dominate the national media, that will be time to start buying stocks in the energy sector.
  • Large-cap pharmaceutical and biotech stocks have been too beaten up; some great values are starting to present themselves.
  • There is almost zero chance the Federal Reserve will raise rates this year. The greater chance is that they’ll cut rates, although I don’t think that will happen either, at least not in the next few months.
  • When times get scary, and you aren’t sure what to do, it’s ok to do nothing. Outside of some family accounts, in which I bought some stocks during the downturn in January (which proved too early), I have made next to no trades in 2016. And that’s just fine. Sometimes the best trades are the ones you don’t make.
  • When you’re an investor, it’s paramount that you recognize that markets go up and down. There are good times and bad. Up cycles and down cycles. The sooner you accept reality the better. Then you’ll be able to accept the down down with some equanimity and the good times with humility. Investing properly is a marathon, not a sprint.
  • The stock market does not like uncertainty and one of the greatest uncertainties right now is the election. Notwithstanding Bernie’s surprising resilience, I think most people would agree that Hillary will be the Democratic nominee for President.
  • Less certain, though increasingly likely (and I can’t believe I’m writing this), is that Donald Trump will be the Republican nominee. If he sweeps the majority of the #SuperTuesday states tomorrow, his coronation will be virtually assured. And no sane person could really want that to happen. The closer Trump gets to the presidency the more likely the stock market is to be rattled. And that’s not good.
  • All of the Trump supporters out there who think a vote for Trump is a vote for change (“throw the bums out”) and that he will “Make America Great” again, should stop for a minute, listen closely to what he’s actually saying (or more to the point, what he’s not saying) and ask if he is really the person we want leading this country for the next four years. Perish the thought.
  • Tell the important people in your life how much they mean to you. Spend more time with your friends and your kids. Go out and do the things on your bucket list. Don’t wait to drink that great bottle of wine. Life is too short and too precious to waste a moment of it.
  • Give more of your time and/or your money to those less fortunate and count your blessings for how lucky you are; I do every day.

I’m Back – Time To Speak Some Truth

After a long absence from blogging, it’s time for me to return to writing more frequently. Between the upcoming election and the turmoil in the stock market, there is plenty to write about. So let’s get to it.

To start things off, I’d like to comment briefly on the election. I will certainly be writing at greater length and frequency in the coming months.(Disclaimer: I am a registered Democrat with fiscally conservative leanings, so nobody is speaking for me in this process.)

On the Republican side, I must admit that I’m surprised that The Donald has made it this far. I completely discounted, and underestimated, the appeal of this loudmouthed buffoon. That being said, it looks like he’ll stick around for a while. I’m also surprised by the appeal of the religious zealot, Ted Cruz. There is very little hope for a centrist candidate in this field of “how far right can we lean” candidates. Iowa and New Hampshire managed to winnow away almost all of the pretenders; Ben Carson remains the only Walking Dead remaining in the Republican Field. I imagine he will be gone by the end of the month. That will leave Trump, Cruz, Rubio, Kasich and maybe Bush to wage battle into March. My intuition says the Bush will be the next one to go, leaving the Final Four to duke it out over the remaining few months until the nomination.

The picture on the Democratic side isn’t much better. All of the pretenders have already dropped out of the race, leaving the equally unappealing Hillary and Bernie. Notwithstanding his big win in New Hampshire, I still don’t think Bernie has any chance of getting the nomination. Which means a very flawed Hillary Clinton will likely oppose an equally flawed (and potentially very scary) Donald Trump or Ted Cruz in the general election. The prospect of having to choose between either one, knowing that the winner will become President of the United States has me rethinking my citizenship.

So what is a fiscally conservative, socially liberal voter to do? Well, outside of the slim possibility that Michael Bloomberg will run, I honestly don’t know. I’m not optimistic. And I believe that collectively, the stock market feels like I do. I think a lot of the poor stock market action can be attributed to the uncertainty surrounding a presidential election with no good candidates. And if that’s true, we could be faced with months of market turmoil ahead. Add to that the slowing growth in China, the plunging price of oil, currency devaluation around the globe and a relatively weak domestic economy and you have a recipe for stock market disaster.

That being said, I want to be clear about something. It is not time to panic. Things are not nearly as dire as they were leading up to the crash in 2008. Outside of the negative consequences of a too-strong dollar, corporate revenues, profits and balance sheets are in very good shape. It is part of the normal and natural part of the stock market cycle that after a prolonged period of gains that we must experience a year or two of negative returns. Then, when the gloom and despair have peaked, it will be time for the next rally to begin.

So stick with your plan. In the world of virtually zero interest rates, owning a diverse basket of blue-chip, dividend-paying stocks, returning an average yield of at least 2%, is your best way to secure your financial future. So buckle up and prepare for a bumpy ride. I’ll try my best to guide you along the way.

The Awesome Power Of Compounding

This week will be a simple blog, yet it could be one of the most important things you’ll ever read. And while the concept may seem rudimentary, it is extraordinarily powerful. This is how true wealth is created; not by excessive trading or via arcane investment strategies. No, true wealth is built by compounding your money over time. It’s really as simple as that.

For the purposes of this illustration, we’re assuming two college friends, each of whom just turned 21. Investor A (Bob) decides to spend his extra money on new clothes and parties each month for the ensuing seven years, while Investor B (Mary) lives more conservatively and instead starts each year by putting $2,000 in her discount brokerage account.

Next, we’ll assume a compounded annual rate of return of 10%, which is a bit high I understand, but you’ll get the idea. After seven years, Mary’s portfolio is worth almost $21,000, while Bob has nothing. Upon hearing of her accumulated wealth at a New Year’s Eve party, Bob finally gets with the program and starts to save that same $2,000 each year. At the same time, Mary decides it’s time to start enjoying herself a little more, so she no longer saves that $2,000. 40 years goes by, after which time Bob and Mary get together over drinks to compare notes on their lives. Mary’s portfolio was then worth $930,641 with only the original $14,000 invested, whereas Bob’s portfolio is worth a smaller $893,704, even though he had put in $80,000 over those 40 years!

So as you can see, thanks to the incredible power of compounding, Mary made 66x her money, while Bob only made 11x his money, simply because Mary started sooner and allowed her money to compound. That is how you build wealth.

Now I realize that it’s not possible to earn a constant 10%, or any percent for that matter, every single year. Some years you’ll make more; others years less. Yet the concept, and the math, is both powerful and irrefutable.

So what does this mean for everyday investors? The first takeaway is to start saving early; the earlier the better. The second is to reinvest your interest and dividends. Third, and related to the last point, is to invest in companies that pay dividends, and preferably, increase those payments every year. One of the greatest investors of the last 50 years, Warren Buffett, built his fortune by compounding his investments.

I have tried to incorporate the same basic strategy into the way I manage investments on behalf of my clients: I buy solid, dividend-paying stocks, reinvest the income, and continue to hold the stock for as long as the investment thesis remains intact, thereby deferring taxes, which also helps you compound your income.

This isn’t rocket science. But it does require discipline and patience. It isn’t sexy but it is the surest way to accumulate wealth. So if you haven’t already done so, get started right away.


The Power Of Compounding
(Assumes a 10% compounded annual growth rate)
Investor A Investor B
Age Contribution Year-End Value Age Contribution Year-End Value
21  $               –  $                    – 21  $        2,000  $             2,200
22  $               –  $                    – 22  $        2,000  $             4,620
23  $               –  $                    – 23  $        2,000  $             7,282
24  $               –  $                    – 24  $        2,000  $           10,210
25  $               –  $                    – 25  $        2,000  $           13,431
26  $               –  $                    – 26  $        2,000  $           16,974
27  $               –  $                    – 27  $        2,000  $           20,872
28  $        2,000  $             2,200 28  $               –  $           22,959
29  $        2,000  $             4,620 29  $               –  $           25,255
30  $        2,000  $             7,282 30  $               –  $           27,780
31  $        2,000  $           10,210 31  $               –  $           30,558
32  $        2,000  $           13,431 32  $               –  $           33,614
33  $        2,000  $           16,974 33  $               –  $           36,976
34  $        2,000  $           20,872 34  $               –  $           40,673
35  $        2,000  $           25,159 35  $               –  $           44,741
36  $        2,000  $           29,875 36  $               –  $           49,215
37  $        2,000  $           35,062 37  $               –  $           54,136
38  $        2,000  $           40,769 38  $               –  $           59,550
39  $        2,000  $           47,045 39  $               –  $           65,505
40  $        2,000  $           53,950 40  $               –  $           72,055
41  $        2,000  $           61,545 41  $               –  $           79,261
42  $        2,000  $           69,899 42  $               –  $           87,187
43  $        2,000  $           79,089 43  $               –  $           95,905
44  $        2,000  $           89,198 44  $               –  $        105,496
45  $        2,000  $        100,318 45  $               –  $        116,045
46  $        2,000  $        112,550 46  $               –  $        127,650
47  $        2,000  $        126,005 47  $               –  $        140,415
48  $        2,000  $        140,805 48  $               –  $        154,456
49  $        2,000  $        157,086 49  $               –  $        169,902
50  $        2,000  $        174,995 50  $               –  $        186,892
51  $        2,000  $        194,694 51  $               –  $        205,581
52  $        2,000  $        216,364 52  $               –  $        226,140
53  $        2,000  $        240,200 53  $               –  $        248,754
54  $        2,000  $        266,420 54  $               –  $        273,629
55  $        2,000  $        295,262 55  $               –  $        300,992
56  $        2,000  $        326,988 56  $               –  $        331,091
57  $        2,000  $        361,887 57  $               –  $        364,200
58  $        2,000  $        400,276 58  $               –  $        400,620
59  $        2,000  $        442,503 59  $               –  $        440,682
60  $        2,000  $        488,953 60  $               –  $        484,750
61  $        2,000  $        540,049 61  $               –  $        533,225
62  $        2,000  $        596,254 62  $               –  $        586,548
63  $        2,000  $        658,079 63  $               –  $        645,203
64  $        2,000  $        726,087 64  $               –  $        709,723
65  $        2,000  $        800,896 65  $               –  $        780,695
66  $        2,000  $        883,185 66  $               –  $        858,765
67  $        2,000  $        973,704 67  $               –  $        944,641
Less Total Invested:  $           80,000  Less Total Invested:  $           14,000
Net Earnings:  $        893,704  Net Earnings:  $        930,641
Money Growth Multiple: 11      66