Thank you for your continued support and loyalty. We take our role as your financial consulting and investment management firm very seriously. Some might say that we should spend more time analyzing investments than baking cookies for our meetings. We say, why can't we do both!

INVESTMENTS AND PORTFOLIOS:

As I wrote in the memo in June, the ASAM philosophy has been to protect the downside and let the upside take care of itself. Our strategy has been quite effective over the past six years and we make every effort so that it can continue to be successful. Most will agree that 2006 was a strong year for their investments. Returns this year, experienced high single-digit or low double-digit numbers. This is in spite of roughly a 10 percentage point decline in the S&P 500 index from May to July. This was a result of the investment strategy we employ which involves intentionally adding various stabilizing investments which tend to hold us back in very good years but keep the bottom from falling out in bad years.

Although the market crash of 2000 through 2002 seems like yesterday, the reality is that we have had four consecutive positive return years from 2003 to 2006. My crystal ball cracked the other day, so I am not in a position to predict what 2007 will bring to the portfolios. I hope to have that crystal ball fixed soon but in the meantime….. Let's stay positive and keep our expectations reasonable. We are due to have negative return years. We must stay focused on our long-term goals and not get too shortsighted when things aren't looking as great as 2006.

This time it's different! How many times have I heard that this year? Here are a few of the reasons why we people may have believed the stock markets might crash in 2006: - Oil is at $75+ per barrel and going to $100
- It costs $40+ to fill up our gas tanks at $3.50 per gallon
- The crisis in the Middle East is getting out of hand and may start World War III
- There may be a major terrorist attack against the U.S. - no more water bottles allowed through security checkpoints at major airports.

So, in the upcoming years, when the political and economic landscape isn't so wonderful, let's not panic and overreact with regards to our investments and financial goals. Staying the course is probably the best thing that you can do during difficult times. If you are sure you can't stomach years where your portfolio actually loses money, then it may be time to re-examine your portfolio and re-address your financial goals.

WHAT HAPPENED IN 2006 AND WHAT TO EXPECT FROM ASAM IN 2007:

2006: In the 3rd quarter of 2006, we rolled out the first edition of "The ASAM News". This quarterly newsletter brings to light interesting facts and information that affect many of us. It also gives us the opportunity to spotlight an ASAM team member so you can get to know them a little better. We will feature one client per quarter, with their written permission of course, and share their story to keep this feeling like more of a family and less of a business.

Our website has been updated several times this year and we will continue to keep it fresh and interesting. If you haven't visited the site, check it out at www.andrewstuart.net.

In October, we published our first book "It's Not So Funny When It's Your Money". It has been a success. We hope that clients and colleagues have found it to be a great holiday gift for friends and family and a comfortable way to introduce others to ASAM.

2007: It should be clear to all that we are always trying to improve. In an effort to deliver even higher quality service and advice, we have decided to assemble an ASAM Board of Advisors. This board will consist of a select group of clients that represent all segments of our client base. It will also include key professionals in our community that can bring sound business advice to the table from various perspectives. This will be a revolving board that will keep fresh ideas flowing from new members each year and giving others an opportunity to participate.

Succession Planning - this is not something that we like to think about but must be considered. As immortal as Andy and I like to think we are, we must be prepared for the worst. We have put in place agreements between the partners should something happen to one or the other. We also have made it a policy to fly separately when we attend various conferences and due diligence meetings.

This year we are establishing a succession plan beyond the partners in the event that something should happen to the both of us. Since we believe what you value most from your relationship with ASAM is the compassion and quality of services across the board, the foundation would still be in place even without the partners. We must be sure that there is continuity for you and for our team. A formalized plan should be completed by the end of the 1st quarter of 2007.

We are also planning quarterly symposiums on various topics with guest lecturers. Topics such as Long Term Care, Advanced Estate Planning, and Personal Vault (for valuable documents) are a few topics being tossed around………. Rather than having one large appreciation event for clients, In our experience clients seem to prefer more frequent, smaller and intimate gatherings.

ASAM TEAM:

Much time and effort is given behind the scenes to bring the whole package to each and every client. Our competent and dedicated staff makes this all possible. I feel privileged to work with each and every member of the ASAM team. We have developed an exceptional group of talented individuals who bring years of experience to the firm as well as a passion for client service and satisfaction. However, it is the chemistry amongst the group that is most evident to clients. That is not by accident but by design. Every link in the chain is critical to delivering world class service and as we all know, one weak link…. We have consistently delivered big firm service with a small firm feel.

As a consultant to other financial advisors across the country, I have had the opportunity to observe the make-up of many other advisor teams. I am very proud to say that the team we have assembled at ASAM is one of the best I have come across or worked with.

As we have in years past, in lieu of holiday gifts, we have made donations to the two charities near and dear to our hearts - Gilda's Club of South Florida and Juvenile Diabetes Research Foundation. Thank you for your business, your continued loyalty and your trust in us.