In Memoriam

Happy Memorial Day!

Formerly known as Decoration Day, Memorial Day commemorates the men and women who have died in battle while serving our country in the military. First enacted to honor Union soldiers after the Civil War, it was expanded after World War I to include soldiers killed in all American wars. Now notable as the unofficial start of summer and the running of the Indy 500, we do well to remember those who served and died on this day of barbeques and softball.

Without the brave sacrifices of our servicemen and women, the United States would not be a leader in free-market thinking. It is the freedom of our markets, in place since the founding of the Republic, that is the source of our prosperity. And it is these sacrifices, during wartime and otherwise, that preserves that freedom.

So remember that whether you decorate a graveside or a hot dog. The price of liberty is eternal vigilance. And thanks to all who have served.

Douglas R. Tengdin, CFA
Chief Investment Officer
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