EXPECTATIONS FOR THE SECOND HALF OF 2010

A Commentary from Bob Kopf as referenced in the Summer 2010 Edition of Pittsburgh Quarterly Magazine:

“Elmer Fudd is, for some strange reason, my favorite cartoon character. Elmer famously admonished his audience ‘…be very, very quiet, I’m hunting wabbits…’ If Elmer were hunting investment returns instead during the ensuing six months and beyond, I am confident that he would, like me, substitute ‘careful’ for ‘quiet’ in his admonition.

“What does the word ‘careful’ actually mean for Elmer and Smithfield Trust Company in connection with the formulation of a prospective investment strategy? First, implement an asset allocation with an overweight to bonds and alternative investments with a concomitant underweighting of equities. Don’t worry about not catching all the upside in a rally in equities. Resist following any hard consensus from the chattering nabobs on Wall Street. And, above all, think of Elmer Fudd.”