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Thanks to You

Posted on Monday, July 27, 2009 in Uncategorized

I absolutely believe Lakeside has the most intelligent, thoughtful and forward thinking clients in the investment business.

We owe you a great deal of thanks for your openness to unconventional wisdom, responsiveness to decisions needing quick action and for the tremendous ideas that each of you have offered to make this an even better wealth management and investment advisory firm.

Today, we want to share our appreciation for making Lakeside Capital Management successful.

In 1999, we articulated our vision of a wealth management firm – a place free from Wall Street and located outside the downtown financial district along the shores of Lake Washington. You loyally followed as we left our previous employers for a smaller, more personal experience.

Who could have imagined that a decade later Merrill Lynch, EF Hutton, Lehman Brothers, and Bear Stearns would all be gone?

In 2001, we shared less concern about the technology stocks that had fallen and placed our focus and concern about those that had yet to fall - including Cisco at $56, Sun Microsystems & EMC at $85 and Microsoft at $84. We sold millions of dollars of those stocks and helped protect your portfolios from further losses. For heeding our advice and patiently listening, we thank you.

In 2002, we asked some of you to take a leap of faith and invest in a new housing project in Seattle’s Central District. Welch Plaza was born along with Lakeside’s allocation to real estate. The new transit system assures the success of this property for many years and we thank you for your patience as a dilapidated hardware store was transformed into a model for the neighborhood.

In 2005, we began to focus on cash flow more than capital gains. Who knew that monthly income would become such a priority in these difficult times? Parting with your bank stocks and the annual dividends was difficult for some, yet the right thing to do in the long term.

In 2007, we reduced our stock market allocations substantially. Later, after a 30 percent decline we re-acquired some of those holdings. We thank you for understanding we are human and did not buy at the bottom.

Now, here we are in 2009 and a decade has gone by since Lakeside opened its doors. During this decade we’ve seen a lot - the tech bubble peaked and burst; the memory of 9/11 has faded but will never disappear in our minds; and Wall Street and Main Street bankers wanted salaries comparable to professional athletes and ended up handing their homes back to the banks. Now, you and I own those banks.

While this road will take a long time to recover from, we encourage you to be proactive now. Spend less, teach your children about money and character, invest for cash flow, meet with your advisors often, work hard and savor the rewards that come.

Thank you again for your loyalty and confidence in Lakeside. You inspire us to do our best work.

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