Performance should be considered in the context of portfolio risk.  A hallmark of our approach has been our below-market risk, whether measured as incidence of experiencing a 12-month loss, number of double-digit 12-month losses, standard deviation, or odds of meeting return targets in 5-year periods. These risk measures are particularly relevant to investors seeking peace of mind, or whose investments are needed to support spending or budget requirements.

*All figures are since inception (January 1, 1986) through September 30, 2008. EIC's figures are for our composite of discretionary non-wrap All-Cap Value accounts. Net figures are net of EIC's management fees. Rolling numbers were calculated by linking monthly returns for 12- and 60-month periods.  Incidence of loss was calculated by linking monthly returns for every 12-month period. Number of occurrences of 12-month losses divided by number of periods equals the incidence of loss. Double-digit losses were the number of 12-month periods in which the return was less than -10%.  Standard deviation was calculated by linking monthly returns for every 12-month period.  % Rolling 5-Year Periods Below 8% were the percentage of 60-month periods in which the annualized return was less than 8%.