Investment Strategy   continued

   Economic conditions and federal monetary policies significantly impact the stock and bond markets and sometimes stocks and bonds loose value. There is an element of risk in investing that separates it from savings, but historically, stocks have significantly greater returns than certificates of deposit or savings bonds. 
   Even in a market downturn, SCM Associates seeks to invest in blue-chip stocks and high-quality fixed-income investments that have the potential for a substantial rebound in share price when investment conditions improve. SCM Associates believes that a long-term investment outlook and the commitment to tolerate declines in market values during unfavorable investment conditions provide the foundation of a successful investment program.