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2Q2011 - Ambassador Financial Group

2Q2011 - Ambassador Financial Group

2Q2011 - Ambassador Financial

AMBASSADOR FINANCIAL GROUP, INC . 2011 • 2nd Quarter AMBASSADORALERT IN THIS I S SUE Lessons from the Beach – Allen Collins, Managing Director Lessons from the Beach ....................... 1 Second Quarter Market and Economic Recap .............................. 2 When Does Transitory Become Permanent? .............................. 6 Opportunities in the Corporate Bond Market ...................... 8 Portfolio Benefits of Bank ¯Qualified Bonds ................... 10 Never Ignore Your Bank’s Cost of Equity ........................................... 11 ABOUT AMBASSADOR FINANCIAL G ROUP Ambassador Financial Group (AFG) provides fixed income sales and trading and investment banking services to a range of clients. AFG’s business model, team of seasoned professionals, and expansive network of 100+ broker/ dealers mean that clients benefit from complete objectivity, expert guidance, advantageous pricing, and superior execution of transactions. It’s summertime and I can’t help but think back about happy days walking on the beach with my little boys. Those walks are now far away, those little boys are all grown up, but thankfully the memories are still as bright as those sun splashed days. Of course a big part of walking on the beach with three year old boys is collecting shells. It didn’t really matter what the shells looked like, if it was a seashell it was worth throwing into the sand pail. Big clunky shells and tiny delicate shells. Razor clams and oysters and scallops and snails. Some were smooth and perfect and beautifully colored. Others were coarse and jagged. It didn’t matter. The fun was in the collecting. The more the better. By the end of the week there was a pile of seashells on the deck and little boys who wanted to take them home. So we did. The boys got older and shell collecting lost its luster. So did walks on the beach with their dad. After those few years of quantity over quality shell picking, walks on the beach were usually with my wife, Annette, and the shells we kept had to be perfect…and unique… and usually they were only held for as long as we walked, thrown back into the surf before we headed back to the blanket. Then came the morning when Annette really didn’t want to get up early so I walked across the wet sand all by myself. The rising sun sprinkled gold on the water. Seagulls squawked. Shells tumbled in the surf. If one really looked interesting I’d bend down to pick it up, remembering those walks with the boys. Usually it looked to be a snail or a scallop half buried in the sand. Usually it wasn’t half buried. It was broken. Sometimes with edges worn soft by surf and sand. Sometimes jagged and sharp. I’d take a quick look, drop it on the sand and keep on walking. Now I’ve always been partial to snail shells and there I saw one with its distinctive curl sticking out of the sand. As usual, it was just a part of a shell, split pretty much right down the middle, the edges soft and rounded. At first I was disappointed. I was about ready to try to skip it across the calm morning ocean but then I looked again. It occurred to me that this shell was pretty much like everything else in the world, not perfect, but wonderful in its own way. At first rather than seeing the beauty of the smooth, swirling shell I saw a broken one. How many times in life did I look at something and rather than seeing everything that was good I saw the flaws? I saw the broken edges. I saw the imperfections. How many times did I look at people and rather than seeing strengths and talents, it was the character flaws that jumped out at me? Why was that? After all, everyone is a broken shell in some way or another. I put that half of a snail shell into my pocket and took it home. Now it sits on the top of my dresser. Every once in awhile I pick it up and remember to look at people for what is good about them rather than for their flaws. Curious how it took a quiet walk on the beach to drive that home for me. Enjoy the summer. AMBFG.COM 1

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