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T H E INDEPEND EN T
AD V IS O R
April 2009 Quarterly Newsletter of The Fiduciary Group®
The RoaD aheaD
Malcolm L. Butler, J.D. for creating wealth. It is based on a marketplace that
President works as an efficient mechanism for allocating resources
among competing uses. Over two centuries ago,
In my normal workday, I am economist Adam Smith used the term “Invisible
bombarded by information. Hand” to describe the self-regulating nature of the
From market data screens to free marketplace. In The Wealth of Nations, Smith
talking heads on CNBC to tried to show that in a free market, each participant
journalists in the Wall Street is driven by human nature to pursue the maximiza-
Journal, the universal message is tion of his or her own self interest. In so doing, he/
pretty bleak. Businesses con- she will interact with other market participants to
tinue to report weak revenues, exchange goods and services in the most mutually
unemployment numbers are on the rise, consumers have beneficial manner because that is a better result than
reduced consumption spending, and the government producing everything him or herself. Though largely
has passed more measures to assist the financial an unintended consequence, individuals pursuing
system. Does this mean that capitalism is on the their own self interest end up benefitting society and
decline? Are we heading into The Great Depression II? the economy as a whole. (As a footnote, considerable
societal and legal structure as well as adherence
“
Too often we get caught up in the immediacy of the to moral norms were assumed as part of a properly
moment and fail to recognize the bigger picture. functioning economy in Smith’s writings.)
People tend to think that life plays out in linear fashion,
to believe that whatever is happening today will
continue happening into the future. These days, it
seems that most news has been filtered to accentuate Too often we get caught up in the
the negative. The negative nature of the economy
and the pessimistic outlook of many prognosticators
immediacy of the moment and fail
can disrupt our fundamental beliefs. I contend that to recognize the bigger picture.
the newsmakers have been overlooking time
honored principles that ultimately
work to the positive and will Timeless ideas of Adam Smith did not just die. The
set the stage for economic Invisible Hand has not disappeared. The foundation
recovery. of modern economics continues to support our
CONTENTS
economy, because it is grounded in fundamental
THE ROAD AHEAD Capitalism is human nature. The events of the past year have not
MAlCOlM l. BUTlEr, J.D.
the most changed human nature. Recent events may have
THE RIGHT MINDSET effective changed some of the players, restructured some of
jOEl p. gOODMAN, CFA
environ- the debts and assets, and revised some of the rules
CAPITALIZING ON FIXED ment governing our economy. But they have not changed
INCOME OPPORTUNITIES
SCOTT B. McGHiE, CpA the fundamental principles that drive, and have
driven, our economy for hundreds of centuries.
OWNING YOUR
INVESTMENT STRATEGY continued to p.2
Julia l. Butler, J.D., MBA
3
CONSERVE. PLAN. GROW. ®
ABOUT FACE
PAGE
C. lEE BUTlEr, llB
The RIGhT MINDSeT
Joel P. Goodman, CFA
Chief Investment Officer
R
ead all about it. The world has changed. The
market has resembled an Acapulco cliff diver,
free falling from DOW 14,000 to DOW 7,000.
continued from p.1 Even the recent bear market rally of over 20% off of
the March 9 bottom felt illusory. The front page of
Humans have a positive bias and so do markets. It the Wall Street Journal reported gloomily on Friday,
is an essential part of our DNA to create, produce, March 13 that “the wealth of American families fell
and improve our conditions. There have been many by $11 trillion (in 2008), a decline in a single year
revolutionary businesses started during economic that equals the combined annual output of Germany,
downturns thanks to bright people who have a desire Japan and the U.K.” Peggy Noonan, the famed Rea-
to succeed. Hewlett Packard, Intel and Microsoft gan speechwriter, proclaimed the following day in the
Journal, “There’s no pill for this kind of depression.”
were all started during recessions. Businesses,
She writes, “An aspect of the story given less attention
households, and local governments are all restructuring than it is due, perhaps because it doesn’t lend itself to
operations to survive the current downturn. As they statistics, is the psychic woe beneath the economic
reduce expenses, they find ways to be more productive. woe.” (WSJ, A9, 3/14/09). There is no question that
And as the economy improves, these organizations people feel differently.
will all be positioned to generate much higher profits.
While all companies take necessary steps to survive, John Rogers, president and CEO of the CFA institute,
some may fail. Those which fail do so because their gave a fitting assessment of the new reality in a recent
business model is not sustainable, and they are update to members. He wrote:
replaced by companies that will succeed. This During the past year and a half, we have all witnessed
creative destruction serves in an evolutionary manner the emergence of a new investor landscape. Trust in
to improve the quality of surviving businesses. financial institutions may have been damaged for a
generation of investors. Many investors may now be
Looking out over the long term, I have no doubt preparing to sell on market rallies rather than buy on
that the economy will recover and business condi- dips as in the past 20 years. Cash is king and debt
“
tions will improve. The issue that we face today is bad. Saving may again be perceived as the key to
in these unsettling times is how to handle the near prosperity; skepticism rather than suspension of disbelief
term. It is essential that investors not lose this long is the new norm. These major secular changes in
behavior could be part of our new financial reality.
term focus while enduring short term hardship. It is
vital that all investors establish and follow a plan for
the investment of their savings. This plan must take ...in every case where a rolling ten-year
into account their personal objectives, tolerance for period had returns of less than 5% per
risk, and need for income. Their portfolios must
be allocated between cash, bonds, and stocks
year, the 10 years that followed produced
in a manner appropriate for their short and long returns averaging about 13% per year.
term needs, and ability to weather volatility. This is
a subject to which we have devoted considerable We all are adapting and managing in the new reality,
attention in this newsletter, and we urge everyone to but even as we right-size our lives, we must maintain the
take the time to evaluate the appropriateness of their right mindset with respect to our investment portfolios.
investment strategy. As we attempt to make good decisions, we have to
understand the context in which we are making them.
Certainly, the current investing environment does
By establishing and following an appropriate investment not inspire confidence. The housing-led credit crisis
plan, investors should be able to successfully has evolved into a broad based economic recession,
navigate the bumps ahead. The “Invisible Hand” which is the longest in seven decades. Gross domestic
will ultimately work its magic, the bumps will be product (GDP) fell 6.3% in the fourth quarter and
paved over, and the road will be much more solid.
a survey of economists projects a 2.5% decline for business operations. Although I expect that sales
2009. Unemployment has reached 8.5%, and we growth rates will slow and margins will compress,
expect it to reach double digits. Visible signs of the the company will still generate healthy cash flow.
recession are evident. “For sale” and “for lease” This cash can be used to make acquisitions, strengthen
signs are starting to dominate commercial real estate its balance sheet or reward shareholders through
fronts. dividends. During these times, we need to remember
that the stock market consists of real companies that
In these times, answers and clarity are not easy to have real intrinsic value; they are not just pieces of
come by. Yet, in our view, it is critical that investors paper.
“return to the basics” and make investment decisions
that are based on: We continue to focus our equity research on companies
that:
Their own staying power as investors
Have strong competitive positions (market leaders)
The intrinsic value of their investments
Generate enough cash flow so that they do not
The cash flow that their investments are expected
have to rely on external (debt) capital to fund
to produce
operations
assess Your Staying Power Pay shareholders an attractive dividend
In our view, stock market valuations are not Trade at pre-2003 prices and valuation levels
unreasonable, and opportunities to make money at
these values are present. This is not surprising, given Keep the Cash Flowing
the market’s decline of about 50% from its peak
in October, 2007. According to a recent analysis A vital component to managing through turbulent
by Davis Advisors, the ten-year period ending this times is cash flow. In our view, cash flows enhance
coming December will likely prove to be the worst the stability of portfolios and provide a buffer against
decade ever for stock returns. The market has lost volatility. When building a portfolio, cash flow targets
3.6% per year for the last nine years versus the 1.7% can be reached through a combination of interest
annual loss suffered from 1928-1938—to date the from bonds and cash and dividends from stocks.
largest recorded annual loss on a rolling 10 year basis. Our fixed income research is focused on generating
Even with a positive return in 2009, this decade will optimal cash flows by balancing a security’s yield with
surely take the record. the risk of default. Dividend payments are made at a
company’s discretion, so determining the sustainability
The interesting statistic is that in every case where a of distributions is critical to achieving anticipated
rolling ten-year period had returns of less than 5% cash flow. Dividends have historically represented a
per year, the 10 years that followed produced returns significant portion of an equity security’s total return.
averaging about 13% per year. Even though long According to Standard and Poor’s research, dividends
term returns may be promising, we cannot predict have constituted 35% of the monthly total return of
short-term market movements. For this reason, investors the S&P 500 from 1926 to 2008. For these reasons,
must appreciate their own ability to weather continued we prioritize achieving cash flow targets in our portfolios
volatility and declines in the stock market. This is through both dividends and interest.
where adherence to an investment plan which allocates
investments between cash, bonds, and stocks appropri- We are certain that we can not predict the future.
ate to one’s ability to survive downturns is necessary. The economy is in the seventeen month of the reces-
sion. Financial leverage is being withdrawn from
the system by consumers and businesses, while the
Look for Value
government fights deflation by injecting trillions of
Intrinsic value represents what a firm is worth. A dollars of liquidity through direct investments in fi-
textbook definition is the present value of future cash nancial institutions, monetary, and fiscal actions. We
flows, discounted by a required rate of return. Intrinsic expect the economy ultimately will recover, but we
value represents not only the future earnings power do not know how current events will unfold. Peter
of a business, but also includes tangible and intangible Bernstein, a well known scholar and risk manager,
assets, and quality of management. gives sound advice for navigating these markets: “In
making decisions under conditions of uncertainty,
As investors, we must attempt to understand the value the consequences must dominate the probabilities.
of what we are purchasing. I was reading through We never know the future.” To our mind, having the
a company’s 10K (annual report to shareholder’s) right mindset and an appropriate investment strategy
recently to review its 2008 financial statements and is the best way to approach these circumstances.
PAGE 3 THE iNDEpENDENT ADViSOr April 2009
CaPITaLIZING oN FIXeD
INCoMe oPPoRTUNITIeS
Scott B. McGhie, CPA
Investment Manager
Investment-grade corporate bonds maturing in five
years are yielding on average 3.5% to 5.0%. While
the yields are attractive in this environment, there are a
S
everal clients have asked us about record corporate number of risk factors we evaluate:
bond yields, and whether corporate bonds repre- Record government spending will likely produce
sent a good investment opportunity. We thought higher inflation in future years. The challenge in fixed
it would be useful to discuss our process for evaluating income investing is assessing whether the return will
and investing in fixed income assets, and our outlook adequately outpace inflation (“real return”). If inflation
for corporate bonds and the fixed income market in returns to normalized levels of 2.5%, a 1% real return
general. While this article focuses on corporate bonds, is not worth the default risk for most corporate bonds.
corporate bonds are only one component of our fixed
income portfolio construction. Just as we build While conditions in the debt markets have
diversified equity portfolios, we build fixed income improved recently, many firms with commercial paper
portfolios that balance duration and quality. programs face refinancing risk, which is the risk that the
firm will not be able to rollover existing debt with new
We invest in instruments across the high quality fixed debt, leaving the company at risk of default.
income spectrum, which ranges from risk-free assets Corporate default rates may rise to levels last
such as U.S. Treasuries and CD’s, to Agency Securities witnessed in the 1930’s.
which have an implied government backing, Municipals
which have a history of low default rates, and corporate We address these risks through our preferences when
bonds. Corporate bonds, as the name implies, are purchasing fixed income assets. We focus on high
issued by corporations and have higher comparable quality companies, in which the predictability of cash
risk. Relative value and the associated risk/return flows remains intact despite the current conditions.
tradeoff drive our allocations across the fixed income We prefer shorter maturities (less than 7 years) because
spectrum. visibility of a firm’s operations declines significantly
beyond this point. Shorter maturities also provide
As a starting point, a bond’s price determines its yield- reinvestment opportunities should inflation increase
to-maturity (“yield”), or the return an investor would in the coming years, allowing us to generate higher
receive on the bond if it were held until maturity. real returns. Some firms simply have too much debt.
“Spread” is the difference in yield between any bond Despite some great businesses that are available in the
and a U.S. Treasury bond having a similar maturity bond market, too much debt increases default risk.
date (i.e., a corporate bond maturing in 2014 would be We will be opportunistic on a case-by-case basis. Our
compared against a Treasury bond maturing in 2014). analysis in these cases may lead us to extend maturities,
The whole story involves understanding the risk/return or invest in firms where the market has priced in
tradeoff. When selecting corporate bonds, we less optimistic outcomes than we believe will occur.
individually assess the risk/return tradeoff for each The risk/return tradeoff is vigorously evaluated prior to
bond issue. Multiple bonds from multiple issuers are purchasing these securities.
analyzed before we indentify those that meet our Although all investors should maintain an appropriate
investment criteria. We focus first on the risk of default level of cash to meet their immediate needs, we also
by scrutinizing the cash flow drivers for each firm, the believe that cash should be put to work. An important
firm’s probability of sustaining or growing cash flow component of generating returns on a consolidated
through maintaining its competitive advantages, and portfolio is interest on fixed income investments.
the overall prospects of its industry. There are significant opportunities in the fixed income
As of the end of the first quarter, investment grade market, and yields are certainly more attractive than on
(high-grade) corporate bond spreads were around 3%, cash. Fixed income markets are constantly changing in
versus an average of 0.59% five years ago. In the fixed this volatile environment, which is why we believe the
income world, a nearly 3% spread on investment grade work we do in the area of fixed income is so important
corporate bonds represents a multi-decade high. In for our clients. We consistently challenge ourselves
the below-investment grade space (high-yield or junk to buy bonds of the right firms, to take advantage of
bonds), spreads are currently above 10%, which is also market opportunities as they develop, and maintain the
a multi-decade high. risk/return tradeoff as our beacon in providing balanced
solutions for our clients’ fixed income portfolios.
oWNING YoUR
INVeSTMeNT STRaTeGY
Julia L. Butler, J.D., MBA
Chief Operating & Compliance Officer
assets, but that allocation will be influenced by the
amount and nature of other assets. Investable assets
I
n our July 2008 newsletter, we published an are often the most easily liquidated to meet cash
article entitled “An IPS for All Seasons.” Our main and income needs, but other assets may play a role
message was that an Investment Policy Statement in meeting future needs or managing the downside
(IPS) is the best tool an investor has to make the markets in times of severe market decline. Also, other assets
serve his or her needs rather than direct his or her may be inversely correlated with investable assets,
decisions. Without an IPS, investors risk reacting to serving to reduce the volatility of an investor’s overall
market changes rather than positioning themselves to portfolio. The size of the portfolio may also influence
manage risk and achieve desired outcomes. allocation decisions, as the personal consequences
of market downturns may well be more severe in
An IPS is an investor’s personal strategic investment smaller portfolios.
plan based on an understanding of his or her short-
and long-term needs and objectives, as well as Income
tolerance for volatility. The latter factor is particularly The next step is to generate a realistic picture of an
relevant at present, as nothing tests an investor’s investor’s income as well as investment income
aversion to risk like a bear market. At the time of requirements. Here we consider the investor’s annual
our prior article, the S&P 500 had dropped 12.8% wages, average investment income from dividends
year-to-date, and in the face of such volatility we and interest, and other income such as from trusts,
reminded everyone to revisit their IPS to make sure it incursion into principal, rental income, partnership
corresponded with their current circumstances, long- income, and so forth.
term goals, and personal risk tolerance. To the extent
our advice had relevance then, its importance has One of the key determinants of the relative priority of
probably multiplied considering that the S&P 500 conservation of principal versus appreciation of capital is
has since declined an additional 36%. an investor’s reliance on investment assets to live. In
this regard, the nature of an investor’s other income,
A client recently said on a visit, “I can get through how much, and for how long are significant factors.
anything, as long as I have a plan.” An IPS is an inves- Also of importance are any notable future sources
tor’s plan. Considering its importance in navigating of income an investor will receive such as social
volatility and maximizing the likelihood that an security or a pension, and when that future income
investor’s assets will be sufficient to meet his or her will start.
needs at the time he or she needs them, we take this
opportunity to share how we think about constructing To the extent that an investor is retired and already
(or refining) an investor’s IPS. living on investment assets, either in the form of
distributed income or incursion into principal, any
assets allocation in equity must be carefully considered
We start with an assessment of an investor’s current (even in cases where equities have historically paid
assets. We consider not only the investor’s total dividends), as the consequences of portfolio depreciation
investable assets (equities, fixed income, and cash), have an immediate and sometimes irreversible negative
but also their other assets such as real estate, insurance impact on one’s ability to survive the downturn and
policies, annuities, partnership interests, notes meet current living expenses.
receivable, and investment commodities.
With the above information, one can make a realistic
The IPS guides allocation decisions for “investable” assessment of the relative importance of conservation
PAGE 5 THE iNDEpENDENT ADViSOr April 2009
of principal and generation of income (distributed will likely be able to service the debt out of annual
dividends and interest) versus growth of capital. It income. If not, we encourage investors to consider
also allows the investor to gauge both the consequences what portion of investment assets might be needed
of depletion and the requirement for growth of assets as “collateral” for the debt as a back-up position, so
over time, which in turn allows a more realistic risk/ that those assets might be allocated appropriately for
return trade-off to be made. such a contingency. An unplanned sale of investment
assets to pay off debt can negatively impact an inves-
Liquidity Needs tor’s returns, and the risk of having sufficient assets to
Most investors think about how much money they cover identifiable needs can be managed effectively
will need to have accumulated in order to retire in through an appropriately conservative allocation
the lifestyle they seek, or in terms of what their income strategy.
requirements from investments are in order to fund
their current spending. Beyond that, however, it’s Time horizon
important to consider one’s liquidity needs over the Time horizon has two aspects. The first is over what
next 5-20 years (sums that will need to be available for period of time (in years) an investor anticipates allowing
expenses that fall outside of normal living expenses) in his or her investable assets to accumulate and grow.
order to gauge one’s risk tolerance relative to those To the best extent possible, investors should identify
future amounts. Tolerance can be measured by both contributions they plan to make to their capital
“
considering what the consequences would be to an base over that time, as well as the likelihood of having to
investor of a downturn in the market at the time he deplete it for income or liquidity needs. The closer
or she needed those funds. an investor is to needing or using investment assets,
the less tolerance an investor likely will have for
losses (which usually translates to limiting exposure
The more complete an investor is able to equities).
to paint a realistic and comprehensive
The second aspect of time horizon is the time period
picture of his or her needs and risks, the over which an investor expects to draw on his or
better able we as advisors are to shape her investment assets to cover expenses. Longer life
expectancies and higher care and maintenance costs
an appropriate investment strategy. will influence how long an investor likely will need
to continue building his or her asset base. Equally
We encourage investors to identify all of their major important is the notion of managing expenses, especially
liquidity needs and the associated time frame, such when one is living off of investment principal and
as for private school or college tuition; weddings; income and is not contributing further to the asset base.
capital purchases such as homes, cars, and boats;
and capital projects such as a new business, a major Unique Circumstances
renovation, or private investment opportunities. We ask investors to identify any other unique factors
which they think might influence their primary
There may be a different time horizon for different investment objective such as unique family issues
portions of an investor’s assets. For example, if an (for example, a parent or child with particular care
investor requires hundreds of thousands of dollars requirements); legacy objectives (for example, having
to pay for college tuitions, a more aggressive growth sufficient assets to fund a trust or charitable cause
strategy may be appropriate 15 years before those or leave assets to the next generation); future assets
funds are required, whereas a more conservative likely to come into play (for example, an inheritance,
allocation strategy might take its place 5 years out. the future sale of a business); unique retirement
The allocation strategy governing those earmarked objectives; or particular tax considerations such as a
funds may be quite different from the strategy low cost basis in concentrated positions. The more
governing an investor’s retirement assets, which may complete an investor is able to paint a realistic and
not be needed for 20+ years. comprehensive picture of his or her needs and risks,
the better able we as advisors are to shape an appro-
Debt priate investment strategy.
We encourage investors to itemize their outstanding
debt such as a mortgage, loan, or note. Every in- Risk Tolerance
vestor should identify over what period of time the Investment theory and historical capital market return
debt runs, and realistically assess whether he or she
data suggest that over long periods of time, there is overriding objective into a strategy statement, with a
a relationship between the level of risk assumed and corresponding equity allocation range.
the level of return that can be expected in an invest-
ment program. Risk tolerance relates to the degree For example, one such primary objective might be
to which an investor is willing and able to accept the preservation of capital with income, emphasiz-
volatility (frequency and magnitude of loss) in order ing generation of current income over growth. The
to meet return goals. We ask investors to identify his range of equity exposure in this strategy is normally
or her personal tolerance to risk. 10-30%. Another primary objective might be the
preservation of purchasing power (keeping pace with
An investor with low risk tolerance is someone inflation), emphasizing income over growth of capital.
who seeks lower volatility, even if it means lower This investment strategy normally allocates 30-50%
long-term returns. An investor with moderate risk in equities. Where the overriding objective is the
tolerance can be described as someone who seeks preservation of purchasing power (keeping pace
moderate long-term returns, but also prefers moderate with inflation), emphasizing growth of capital over
valuation swings. An investor with high risk tolerance income, the range of equity exposure is normally 50-
seeks higher long-term returns but also is willing to 70%. Finally, where the investor’s overriding objective
accept higher volatility. is long-term growth of capital while managing risk
over a period of years, the equity allocation is normally
Putting it all Together 70-90%.
The goal of the foregoing exercise is to make an
investor’s needs and objectives transparent in order We encourage every investor to own his or her IPS.
to come up with the most appropriate investment All investors need to take the time to walk through
strategy. By considering the composite of an investor’s an assessment of the relevant factors to determine
assets, income, debt, liquidity needs, time horizon, whether he or she is positioned to let the markets
tax situation, unique factors, and personal risk tolerance, serve his or her interests rather than drive his or her
we can define with an investor the most appropriate decisions. The relative allocation of assets among
investment strategy, which in turn will govern the equity, fixed income, cash, and non-correlating alter-
allocation of portfolio assets to equity, fixed income, natives is perhaps the biggest factor in determining
cash, and non-correlated alternative assets. Through both the likelihood that an investor’s objectives will
this process, we are able to synthesize an investor’s be reached, as well as whether the risk of volatility
will be managed appropriately for their circumstances.
2008-09 SILVeR aDDY We are pleased to announce that The Fiduciary
Group won a 2008-09 Silver Addy award for its client
”
development campaign entitled “Ask Us. The campaign
appeared throughout 2008 in South Magazine, The
Skinnie, and Savannah Magazine, among others. The
ADDY’s is the advertising industry’s largest and most
representative competition, recognizing and rewarding
creative excellence in the art of advertising.
PAGE 7THE iNDEpENDENT ADViSOr April 2009
aBoUT FaCe
C. Lee Butler, LLB
Chairman
political system and the largest national economy
I
t is time to turn lemons into lemonade. When in the world, driven by creativity, spirit, and entrepre-
losses are substantial on the way down, it is important neurship. The U.S. economy is constantly evolving
to realize that at some point there is just as much and producing goods and services that meet the
money to be made on the way up. In prior market changing needs of the global economy. One well
retreats there was always a time when devaluation known example is the emergence of Internet search
bottomed out and the long road back up was probable into our daily lives. It’s hard to imagine getting
and in fact did occur. The question is what horses through the day without searching for something on
“
are right to mount for the climb. Some past leaders the Internet. Google was conceived in a dorm room
will never recover. The dynamics of the market are in Stanford University just ten years ago, and now is
in play. one of the most widely used verbs in our lexicon and
has a current value of $116 billion.
Selection of the probable winners The bottom may be longer and lower, but at some
in a resuscitated economy demands point the winners will emerge and the riders will
profit. I have as much faith as I ever have had in the
great attention among investment American economy. As that great Civil War cavalry
general Phil Sheridan in his historic ride from
managers and will surely test their Winchester to Cedar Creek yelled to his retreating
expertise like nothing else in a long troops, “About Face, boys. We are going back.”
time.
Selection of the probable winners in a resuscitated
economy demands great attention among investment NOTE FROM THE EDITOR:
managers and will surely test their expertise like
nothing else in a long time. This ought not to be a
time of despair but one of opportunity to recapture We hope you have enjoyed this edition of The Fi-
the greatness of the American economy. We have duciary Group newsletter. We are interested to hear
every right to assume that our Government recog- your thoughts and suggestions. Please feel free to
nizes that the strength and direction of the economy send me your feedback at julia@tfginvest.com. If you
depends on our entrepreneurs who lead the way in have family or friends who you think might enjoy
their small and medium-sized businesses. our newsletter, please e-mail me their name and ad-
dress. Thanks, and we look forward to enhancing our
The U.S. annual economic output was estimated at service to you with each edition.
$14.2 trillion in 2008, which translates to almost
$50,000 per person. The U.S. is the most stable -Julia L. Butler, Editor
Chief Operating & Compliance Officer
Office: 310 Commercial Drive
Savannah, Georgia 31406
® Mailing: p.O. Box 13688
Savannah, Georgia • 31416
T 912-303-9000 • F 912-303-9001
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