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With this quarterly letter, our 68th, I wanted to alter the format from our previous 67 letters.  All of our letters have included our thoughts on the markets and a review of the current quarter or year and they have come from the company.  With this letter I wanted to write to you personally as the President of Wabash Capital.

2014 was another positive year for stocks as the U.S. economy continued its expansion.  We have now had six straight years of gains following the Great Recession of 2008-2009.  The bond market rallied following a difficult year in 2013 as interest rates dropped to new lows during the year.  The last half of the year was quite volatile as we saw conflicting economic data.  We expect more of the same in the upcoming year.

For me personally, 2014 was a milestone year as I turned fifty years of age.  Maybe it was getting the AARP application in the mail, but I have been reflective about the markets and our company and I wanted to share some thoughts with you.  During the past year, Wabash Capital celebrated seventeen years in business.  The day we started the company we had no clients and no assets under management.  Today, we have over six hundred clients and manage a little over $250 million.  We have also lived through two of the worst bear markets in the last one hundred years.  It has been an exciting and rewarding seventeen years for all of us at Wabash Capital.

The Dow Jones Industrial Average recently passed the 18,000 mark for the first time.  To put that in some perspective, on the day I was born, the Dow closed at 825, and on the day I graduated from high school, the Dow closed at 836.  During my lifetime the market has set roughly seven hundred record highs, and it is worth noting that all of this happened in spite of multiple wars, including the two longest in American history, seven economic recessions, three extended bear markets, and the worst terrorist attack on American soil in our history.  I have no doubt that in fifty years when I write this letter after turning one hundred we will all marvel that the Dow was at 18,000 when I was fifty.

I am a lucky man in that I make my living doing something I love.  Over my career, I have loved getting to know all of you and helping you invest for the future.  There is honestly nothing else I would rather do, and my partners and I plan to be here for many more years.  If any of you have questions or comments for me, I can be reached at 812-242-9113.  Please do not hesitate to call me.  I would remind you that our updated Form ADV is available.  Please call us if you would like to receive one.