2007-01-22 : A LETTER FROM ERNIE WIDMANN
The Stock Market: Lower Rate of Gain Forecast

At this time last year we stood back and surveyed the economic and financial scene and decided that the stock market would increase by 8% to 10%.

2006-10-26 : A LETTER FROM ERNIE WIDMANN
THE RALLY IN STOCKS HAS LEGS

The stock market went into advance mode starting this summer right up until this week.

2006-07-27 : A LETTER FROM ERNIE WIDMANN
INVESTORS GET A GIFT: LOW P/E RATIOS

Price/earnings ratios have been declining steadily for many years including over the term of the current stock market rally, bedraggled as it currently is, that began in October of 2002.

2006-04-26 : A LETTER FROM ERNIE WIDMANN
THE STOCK MARKET: STILL THE BEST BET

The main news is that the stock market is up. This despite sharply higher energy costs and substantially higher interest rates.

2006-01-25 : A LETTER FROM ERNIE WIDMANN
STOCK MARKET FUNDAMENTALS REMAIN POSITIVE

One of the strongest arguments that the optimists make concerning the stock market is that the economy is doing very well.

2005-10-19 : A LETTER FROM ERNIE WIDMANN
THE INFLATION GENIE UNFETTERED
INTRODUCTION AND SUMMARY

We noted in our April quarterly report (4/28/05) that while stock prices rose in 2004 the market capitalization rates were under pressure and declined even though profits were stellar.

2005-07-27 : A LETTER FROM ERNIE WIDMANN
GREENSPAN’S LAST HURRAH
A STOCKPICKER’S MARKET

If one examines the stock market performance in the first half of the year one would find flattish results for the Standard & Poor’s 500 Index and negative returns for the Dow Jones Index and the NASDAQ.

2005-04-28 : A LETTER FROM ERNIE WIDMANN
WHAT WORRIES WALL STREET

What exactly worries investors? We have seen the market react to a number of different influences such as weak economic data, evidence of strengthening inflation, or even political risk such as the sell-off last week after news that North Korea might test an atomic weapon. Coming into this year investors had a pretty optimistic set of assumptions.

2005-01-27 : A LETTER FROM ERNIE WIDMANN
WIDMANN, SIFF & CO. CELEBRATES THIRTY YEARS OF SUCCESSFUL INVESTMENT MANAGEMENT

When the market closed on Friday, December 31, it marked the completion of the thirtieth year of investment management for Widmann, Siff & Co., Inc. Appropriately, 2004 was a successful year in which we achieved a meaningful return on average and one which surpassed the major indexes that measure the performance of the overall market.

Over the entire thirty years of management, Widmann, Siff & Co. is proud of achieving a 14.6% annual average return in its discretionary accounts. Happily this rate of return achieved over three decades has supported many clients’ plans for building a nest egg or financing a retirement.

2005-01-27 : EQUITY COMPOSITE INVESTMENT PERFORMANCE
WIDMANN, SIFF & COMPANY
EQUITY COMPOSITE INVESTMENT PERFORMANCE
(NET OF COMMISSIONS AND NET OF MANAGEMENT FEES)

Since Inception Annualized     13.7%     14.6%     12/31/74 - 12/31/04
Ten Years Annualized     12.1%     14.1%     12/31/94 – 12/31/04
Five Years Annualized     -2.3%     6.8%     12/31/99 – 12/31/04
Three Years Annualized     3.6%     8.1%     12/31/01 – 12/31/04
Two Years Annualized     19.5%     23.3%     12/31/02 – 12/31/04

2004-10-28 : A LETTER FROM ERNIE WIDMANN
PROSPERING IN AN OIL-INFLUENCED STOCK MARKET

As occurred in the second quarter, we are again in for a markdown of the economy’s growth statistics during this fourth quarter. The culprit is high oil prices which tend to pinch the consumer who has to dig deep in the pockets to pay for gasoline and heating oil. It appears that the annualized growth rate of Gross National Product will be around 3.5% in the fourth quarter, roughly a 0.5% reduction due to high energy prices. The annualized GNP number for the third quarter (yet to be announced) may be in the area of 4.0%. How long this drag will remain in effect will depend on how long energy prices remain high. If the price of oil remains in the $50 area or above for any period of time during the first half of 2005 the effect will be felt throughout most of the year.