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Lunch and Learn

Lunch and Learn. LOOKING AT 2012 A YEAR OF STABILITY OR STORM?.

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Lunch and Learn

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  1. Lunch and Learn LOOKING AT 2012 A YEAR OF STABILITY OR STORM? Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  2. FIRST A QUICK LOOK BACK 2011 IN A “NUTSHELL” AND ... WHAT A “NUTSHELL” IT WAS! Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  3. 2011 IN A “NUTSHELL” NO – THE STOCK MARKET IN 2011 SEISMOGRAPH? Volatility was the word As “Headlines” ruled the day Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  4. 2011 IN A “NUTSHELL” • SOME OTHER“NOTABLE” MOMENTS • JAPANESE TSUNAMI • TERRIBLE TORNADOS IN SOUTH (RECORD 226 IN ONE DAY) • BUDGET STALEMATE • KILLING OF OSAMA bin LADEN • ARAB “SPRING” • KHADAFI OVERTHROWN (Libya) • MUBAREK OVERTHROWN (Egypt) • EUROPE – FINANCIAL PROBLEMS • ROYAL WEDDING • U.S. DEPARTURE FROM IRAQ • IRAN’S NUCLEAR THREAT Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  5. Prediction is very difficult… Especially about the future! SO WHERE ARE WE HEADED?? Niels Bohr – Danish Pysicist Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  6. LET’S START WITH A QUICK REVIEW OF WHERE WE ARE? • Market predictions for 2011 (S&P 500)* – • Low: 1300 > Average: 1379 > High: 1550 > Actual: 1257.60 • Housing situation remains stressed • Unemployment remains an issue – currently at 8.3%** • We did not face another recession but growth is slow ≈ 1.8%*** • Interest Rates ended the year at generational lows • Europe’s debt/financial crisis caused high market volatility • Our deficit/debt issues remain problematical • Political gridlock is alive and well • State and municipal governments face debt/budget issues • U.S. corporate balance sheets at all-time highs** • The politics of an election cycle have begun • Many unknowns loom: Iran/North Korea/China etc • Uncertainty is still the theme Source: *Seeking Alpha ** St Louis Fed ***BEA Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  7. THINGS TO TALK ABOUT….. • U.S. Economy • Unemployment • Inflation • Debt • Housing • Oil • Politics • Europe and Beyond • Gold • The Dollar • The Stock Market Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  8. THE U.S. ECONOMY: What the Federal Reserve Predicts REAL GDP The Fed range is 2.3% to 3.5% for 2012 Source: Federal Reserve 1/25/2012 Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  9. U.S. Economy: OUR ASSESSMENT: We feel the tendency will be to the MID-RANGE of the spectrum for six reasons: UNEMPLOYMENT and SLOW WAGE GROWTH will pressure consumers. EUROPE will steadily slide into recession with some impact on our GDP. *Note: Europe only accounts for 3.3% of our GDP 3. More important will be the drag from FINANCIAL ISSUES affecting Europe 4. U.S. BUDGET ISSUES will cause more political friction and discontent. 5. CHINA – the world’s largest growth engine faces slower growth. 6. ENERGY PRICES will rise, affecting consumer expenditures. Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  10. Employment: What the Federal Reserve Predicts UNEMPLOYMENT The Fed range is 7.8% to 8.6% for 2012 Source: Federal Reserve 1/25/2012 Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  11. Employment: OUR ASSESSMENT: We believe the number will trend in the mid-range > 8.2%: There are more people are LEAVING THE WORKFORCE The POPULATION DEMOGRAPHIC is changing as “boomers” retire There has been steady improvement in the WEEKLY JOB CLAIMS Businesses will want to HIRE and have plenty of cash ELECTION YEARS usually mean heroic efforts FISCAL and MONETARY stimulus will remain Most sectors of the economy are IMPROVING The economy is operating well below capacity so we can add jobs easily Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  12. Inflation: What the Federal Reserve Predicts INFLATION FED range is 1.3% to 2.5% for 2012 Source: Federal Reserve 1/25/2012 Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  13. Inflation Some Observations: Inflation is a when question….not if. It’s always a threat despite best efforts to avoid Problem is usually miscalculation in monetary policy Some inflation is OK – Key words are LOW and STABLE so we can adjust Federal Reserve “target” range 1.7% to 2%...but have discussed an explicit target rate. 4. Two types PCE - Personal Consumption Expenditures CPI – Consumer Price Index ADDS TO THE CONFUSION Source: Bloomberg, St Louis Fed, Richmond Fed *Through Nov 2011 FRB Dallas Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  14. Inflation – Two Measures: What do they mean? PCE CPI Personal Consumption Expenditures Consumer Price Index Produced by BEA Produced by BLS Based on Business Surveys Based on Household Surveys Fed Uses PCE Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  15. INFLATION – GOING FORWARD • Going Forward – Our Opinion • Inflation should remain relatively tame for 2012 • Two reasons for inflation • •Demand Pull – Consumers want/pay more • •Supply Push – Cost of producing rises • The problem: • →Consumers will resist • ›Unemployment high • › Housing Values cause angst • ›Retirement accounts have suffered • →Producers “hold” costs because of cost conscious consumers Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  16. DEBT The Consumer: GETTING BETTER! Household Debt Service Ratio Ratio of Debt to Disposable Income Source: Federal Reserve Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  17. DEBT The Government: GETTING WORSE! AND AS OF 1/20/2012…..U.S. DEBT IS Now OVER 100% GDP ( $15.255 TRILLION-DEBT vs 15.176 TRILLION-GDP) Source: usdebtclock.org Source: Federal Reserve as of Q3/11 Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  18. Debt: Total – Public & Private Total Credit Market Debt = $53.824 trillion or 354% of GDP Source: Bureau of Economic Analysis/Federal Reserve Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  19. HOUSING PRICES HAVE FALLEN CONSIDERABLY BUT SEEM TO BE STABILIZING HOUSING MEDIAN SALES PRICE – NEW HOMES - 14% - 13.5% MEDIAN SALES PRICE – ALL HOMES Source: Fed Reserve Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  20. HOUSING And … Default rates are still persistent! But getting better from recession lows Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  21. HOUSING • …THERE ARE SIGNS OF IMPROVEMENT • According to the National Association of Realtors and the Census Bureau: • The national housing stock has fallen to the lowest since Feb 2007 • Interest rates remain at generational lows • The rate of decline in home prices and sales has declined • New housing starts were up 2% at last reading • Prices are back to more reasonable levels • There is higher “foot traffic” – highest since May 2008 • The NAR predicts a strong “Spring Buying Season” Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  22. OIL • → There are three primary oil BENCHMARKS….yes THREE! • First – Brent Crude (North Sea) • Second – West Texas Intermediate (WTI) – high quality • Third – Dubai Crude • The ones we hear about most often are Brent & WTI • There is always a price “spread” between them • Normally Brent trades at a discount to WTI • In 2009 – Brent went higher due to global demand • Increased U.S. supplies have made WTI cheaper • Gas prices are more closely aligned with Brent • Brent reflects global demand • WTI reflects U.S./Canadian demand • Price you hear on the news is WTI Sources: Seeking Alpha/Wikipedia Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  23. SOME CHARTS TO TELL THE STORY OIL • WHERE DO WE GET OUR OIL? • Almost 50% from Western Hemisphere • Largest single supplier → Canada 25% Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  24. OIL SOME CHARTS TO TELL THE STORY THE 7 FACTORS IN OIL PRICING Organization of Economic Cooperation & Development Source: EIA Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  25. OIL SOME CHARTS TO TELL THE STORY • U.S. CONSUMPTION • #1 world consumer > 22% • 4.6% of world population • Over 19 million barrels/day • ≈20% of the world’s GDP Sources: CIA Fact Book for 2010/EIA Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  26. OIL SOME CHARTS TO TELL THE STORY • WHERE DO PRICES GO? • Always a chance for high/low • But a fairly steady forecast Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  27. OIL SOME CHARTS TO TELL THE STORY • HOW ABOUT GAS PRICES? • Not cheap but steady • $115/barrel ≈ $4.00 gas Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  28. OIL OIL FACTS • THERE ARE 42 GALLONS IN A BARREL OF OIL • AVERAGE TAX PER GALLON OF GASOLINE: 48.8₵ (TX 38.4₵) • ONE BARREL OF OIL PRODUCES ABOUT 19 GAL OF GAS • BREAK-OUT OF TOTAL COST FOR A GALLON OF GAS • > 66% = Cost of Crude • >10% = Refining Costs • >12% = Distribution Costs • >12% = Fed and State Taxes • AVERAGE COST TO PRODUCE A BARREL OF OIL: ≈ $34.00 • >DRILLING - $12.00; FINDING - $22.00 Source: Energy Information Administration Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  29. POLITICS WE DON’T LIKE ‘EM…...BUT THEY’RE ALL WE’VE GOT! Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  30. POLITICS SOME QUOTES FROM THE NEWS Outside of the payroll tax cut bill, no major legislation is expected to make it through Congress this year. However, each party promises a series of bills to advance what it thinks the public wants from Capitol Hill in response to the weak economy. For both sides, these efforts will be more about political messaging than actually legislating because few, if any, are likely to become law. Source: CNN News Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  31. EUROPE • THE PROBLEMS: • DEBT • POOR FISCAL RESTRAINT • SLOW ECONOMIC GROWTH • BANK SOLVENCY/LIQUIDITY • GOVT’S SLOW TO RESPOND • INTEREST RATES Source: Christian Science Monitor, otherwise as noted. Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  32. EUROPE AND BEYOND And……..NOT TO BE FORGOTTON: • KOREA– HARSH POLITICS AND NUCLEAR CAPABILITY • IRAN – OIL AND POLITICAL DISRUPTIONS. SANCTIONS • IRAQ – TURMOIL WITH U.S. GONE • ISREAL – HATED BY MANY IN THE REGION • EGYPT - POLITICAL DISRUPTION • LIBYA –OIL DISRUPTIONS & POLITICAL INSTABILITY • RUSSIA– OIL AND POLITICAL DISRUPTIONS • VENEZUELA– OIL DISRUPTIONS & UNSTABLE POLITICS Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  33. GOLD SOME GOLD FACTS: HOW MUCY GOLD IS THERE? 166,600 Tons (Source: World Gold council 2010) ABOUT THE SIZE OF A SMALL OFFICE BUILDING Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  34. GOLD WHERE IS ALL THAT GOLD? SOME GOLD FACTS: Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  35. GOLD SOME GOLD FACTS: • MOST U.S. GOLD IS AT THE NEW YORK FED –NOT FORT KNOX • LARGEST NUGGET EVER FOUND – 2316 OZ(t) – CALLED “WELCOME STRANGER” • PURE GOLD IS 24 KARAT • 60% OF ALL GOLD MINED BECOMES JEWELRY • IT IS RARER TO FIND A 1 OUNCE NUGGET THAN A 5 CARAT DIAMOND • GOLD IS EDIBLE???? Source: World Gold Council Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  36. GOLD AND…THE PRICE IS “RIGHT” - SOMETIMES THEN NOT SO GOOD AS WITH ANY INVESTMENT IT’S IMPORTANT TO KNOW “WHEN” GOOD ON THE WAY UP!! Source: GoldMoney.com Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  37. GOLD WHAT’S THE PRICE FORECAST IN 2012? • Current Surveys • Average Price/Reuters = $1,765* • Average Price/London Bullion Mkt Assoc - $2,000** • Several large banks (UBS, Morgan Stanley) = $2000* (average) • Price will zig-zag versus fast upward trend* • Forecast for 2013 = $1,835 (average)* *Source: Reuters 1/26/2012 **London Bullion Market Assoc 1/6/2012 Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  38. GOLD WHAT AFFECTS THE PRICE? • Key Factors Affecting Price: • What happens in Europe • India/China Demand • Central Banks Buying Patterns • Investor Outlook • Word Crisis Levels • Quantitative Easing Policy Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  39. THE DOLLAR THE GREAT SEAL OF THE UNITED STATES OF AMERICA Literal Translation: “He approves of the undertakings” The “Eye of Providence” Pyramid with 13 layers – referring to original states 1776 in Roman Numerals Literal Translation: “New order of the ages” Source: Wikipedia Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  40. THE DOLLAR • SO WHAT ABOUT THE DOLLAR? • Became World Reserve Currency in 1944 with the Bretton Woods Agreement* • Over 60% of the world’s “allocated reserves” are in dollars** • Next closest is the Euro at about 25%** ALLOCATED WORLD MONETARY RESERVES Source: *Yahoo Answers **Wikipedia Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  41. THE DOLLAR SO MAYBE YOU’VE HEARD THAT THE DOLLAR WILL “COLLAPSE” What’s that? •Value falls so fast everybody panics and sells What could cause that? •Underlying weakness – does exist as our debt increases dollar tends to decline •Is there a good alternative – not really: Euro under pressure/China not trusted What could trigger a dollar collapse? •Foreign debt holders start “dumping” (Read China and Japan) Will this happen? •Certainly possible but not probable •They need us as major trading partner – U.S. is the best market in the world •Abandoning the dollar would hurt them Source: about.com Guide Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  42. THE DOLLAR • SO…..What’s Likely Near Term? • The dollar may well continue to decline • U.S. debt will move higher – hurting the dollar • In reality a weak dollar benefits the U.S. • The dollar remains the world’s safe harbor currency • And remember…..oil/gold denominated in dollars • The demise is overestimated at this point. Source: About.com U.S. Economy Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  43. STOCK MARKET WHAT ABOUT THE STOCK MARKET IN 2012? Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  44. STOCK MARKET PREDICTIONS ARE SOMETIMES NOT PREDICTIVE? GROWTH IS FORECAST IN MOST SECTORS Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  45. STOCK MARKET EARNINGS FORECASTS CAN BE WAY OFF – THEY LEAD THEN LAG THE AVERAGE QUARTERLY FORECAST ERROR IS ABOUT 2.1%AND THE DEVIATION ± 18.9% PRETTY LARGE! Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  46. STOCK MARKET WE DECIDED TO USE VERY CONSERVATIVE DATA TO LOOK AT 2012 TO GET A RANGE BASED ON SEVERAL ASSUMPTIONS CXO Advisory Group publishes this chart: THIS DATA WOULD SUGGEST THE S&P 500 (LOW TO HIGH) AT 1377.07 TO 1421.88 IN THE NEXT SIX MONTHS BUT REMEMBER: PREDICTIONS AREN’T ALWAYS PREDICTIVE!! Value Approach Forward Looking Earnings/Inflation Lagging Data Future Earnings Lagged Inflation Earnings/Inflation Forward Data Source: CXO Advisory Group Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  47. WHERE TO FROM HERE?? SO THERE YOU HAVE IT – OPINIONS ON EVERYTHING ….AND WE KNOW THERE ARE SO MANY OUT THERE! THE BEST THING WE CAN DO IS FOLLOW ABRAHAM LINCOLN’S ADVICE: “THE BEST THING ABOUT THE FUTURE IS THAT IT COMES ONE DAY AT A TIME” Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  48. THANK YOU SO MUCH FOR COMING TODAY! IF YOU WOULD BE SO KIND AS TO FILL OUT OUR SURVEY QUESTIONNAIRE IT WOULD BE VERY HELPFUL! Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

  49. QUESTIONS AND COMMENTS Again! - Thank You So Much for Coming! Securities offered through Triad Advisors, member FINRA/SIPC. Advisory services offered through Lee Johnson Capital Management, LLC (LJCM). LJCM is an independent Registered Investment Advisor and is not affiliated with Triad Advisors.

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