Mr. Rayner: It has been very good. In the last four years, our performance has been better than the S&P 500. We've had some good growth stocks. We've also had a few problems. Several of the growth stocks that have performed well had been hit by mismanagement, accounting discrepancies and other problems. We had about three or four of those, but most of our stocks are doing very well.
TWST: Who are the clients you serve?
Mr. Rayner: We have mostly high net worth clients. We also have several
pension and profit sharing plans, as well as endowments and foundations.
Most of our business is living trusts.
TWST: How do you differentiate yourselves from other money managers?
What do you consider to be your strengths?
Mr. Rayner: We're unique in that we try to make sure that every account
is individually oriented. We attempt to ascertain the client's
objectives. After that, we set up an investment policy and strategy for
each account. Then we have the clients approve it. Upon acceptance, we
go to work and invest in individual bonds and stocks.
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