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614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com
David R. KotokChairman & Chief Investment Officer
Cumberland Advisors
May 11, 2006 ConferenceTerrorism Tomorrow
Malvern, PA
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 2
Terrorism Shocks
1994 1996 1998 2000 2002 2004 2006
Feb 1993:WTC Bombing
Aug 1998:Simultaneous
U.S. Embassy Bombings –
Nairobi, Kenya& Dar es Salaam,
Tanzania
Oct. 2000:USS Cole attacked in Aden, Yemen
Sept. 11
Mar. 2004:Madrid train bomb
Jul. 2005:London publictransportationbombings
Nov. 2002:bombing of Hong KongShanghaiBank
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 3
Financial Shocks
1994-1995:MexicanPeso Crisis
Jul. 1997:Thai Bahtcurrency
crisis
1998:Long Term Capital Mgt. /Russian Ruble collapse
1999:Y2K
Fears
2000:Global Tech Stock BubbleCollapse
1994 1996 1998 2000 2002 2004 2006
2002-2003:CorporateGovernanceFailures(Enron, WorldCom, Parmalat)
Nov. 2002:Argentinadefault
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Reactions to Shocks
1994 1996 1998 2000 2002 2004 2006
Feb 1993:WTC Bombing
Aug 1998:Simultaneous
U.S. Embassy Bombings –
Nairobi, Kenya& Dar es Salaam,
Tanzania
Oct. 2000:USS Cole attacked in Aden, Yemen
Sept. 11
Mar. 2004:Madrid train bomb
Jul. 2005:London publictransportationbombings
Nov. 2002:bombing of Hong KongShanghaiBank
1990s: Global Talks for Greater Cooperation begin
Apr. 1999: Financial
Stability Forum (FSF) Created
1994-1995:MexicanPeso Crisis
Jul. 1997:Thai Bahtcurrency
crisis
1998:Long Term Capital Mgt. /Russian Ruble collapse
1999:Y2K
Fears
2000:Global Tech Stock BubbleCollapse
2002-2003:CorporateGovernanceFailures(Enron, WorldCom, Parmalat)
Nov. 2002:Argentinadefault
1997-1998:Dialogue
Intensifies
1999: Global Prep for Y2K
Financial Stability Forumstarts regularly consulting with senior financial officials of other countries in Regional Meetings, including China,India, Korea, Indonesia, Thailand, Russia, Hungary, Poland, Brazil,
Mexico, Argentina, Chile, and South Africa.
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 5
0
200
400
600
800
1000
1200
1400
1600
1800
1998 1999 2000 2001 2002 2003 2004 2005 2006
Result: Global Bond Risk Premiums are ShrinkingOutside the United States
Source: JP Morgan and Cumberland Advisors. © Cumberland Advisors
Daily Spreads of JPMorgan's Emerging Market Bond Index (EMBI)+ Sovereign over US Benchmark Bond Yields
Bas
is P
oint
s
LTCM
9/11 Argentinadefault
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 6
Mar-06334
0
200
400
600
800
1000
1200
Apr-98 Apr-00 Apr-02 Apr-04 Apr-06
Result: Global Bond Risk Premiums are ShrinkingInside the United States
Source: Bloomberg and Cumberland Advisors. © Cumberland Advisors
CS High Yield Index II (formerly DLJ High Yield Index) Spread to Worst expressed in basis points. Monthly data.
Bas
is P
oint
s LTCM
9/11 Argentinadefault
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 7
Source: Ned Davis Research chart B336A and Cumberland Advisors. © Cumberland Advisors
Monthly Data 1/31/1987 - 3/31/2006 (Log Scale)
Junk BondYields BasisPoints/AnnumWhen:
HighYield/CorpCredit Points/ %Yield RatioIs: Annum of Time
Above 177.2 -286 19. 1* Between133.9 and 177.2 20 68. 3
133.9 and Below 157 12. 6
LehmanBrothers High YieldCorporate Bond Yield
( )
Lehman BrothersUS Corporate Credit Yield
( )
4
5
6
7
8
9
10
11
13
15
17
20
4
5
6
7
8
9
10
11
13
15
17
20
Extreme Fear
Excessive Optimism
Fear Index III (High Yield/Corporate Credit Yields)
3/31/2006 = 140.2%131137143150157165173181190199208218228239
131137143150157165173181190199208218228239
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Bond market Fear Index III (Junk Yields vs Investment Grade Corporate Yields)
LTCM 9/11
Result: Global Bond Risk Premiums are ShrinkingIn the United States
Arg.default
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Equity Risk premiums are shrinking in stock markets, too.
Let’s look around the world and see where and how…
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World Total 40,219,240 % World Total 29,633,310 % World Total 25,683,171 %
1. United States 8,650,777 21.5 1. United States 8,694,600 29.3 1. United States 12,926,177 50.3
2. China** 4,185,190 10.4 2. Japan 3,931,051 13.3 2. Japan 2,495,757 9.7
3. Japan 3,114,543 7.7 3. Euronext* 2,208,083 7.5 3. U.K. 2,372,738 9.2
4. Euronext* 2,213,188 5.5 4. Germany 2,144,493 7.2 4. Euronext* 1,903,278 7.4
5. India 2,127,580 5.3 5. U.K. 1,423,379 4.8 5. Germany 1,093,962 4.3
6. Germany 1,930,148 4.8 6. China** 1,111,543 3.8 6. Switzerland 689,199 2.7
7. U.K. 1,413,974 3.5 7. Italy 1,196,631 4.0 7. China** 579,,427 2.3
8. Italy 1,333,139 3.3 8. Spain 588,011 2.0 8. Italy 569,732 2.2
9. Brazil 1,140,947 2.8 9. Canada 606,909 2.1 9. Canada 547,841 2.1
10. Russia 865,820 2.1 10. India 413,825 1.4 10. Spain 402,163 1.6
Rest of World 11,732,128 29.2 Rest of World 6,256,091 21.1 Rest of World 2,102,897 8.2(171 Countries) (36 exchanges)
1998 PPP 1998 GDP World’s 10 Largest($mm) ($mm) Stock Markets ($mm)
Measured in USD at 12/31/98 exchange rates
* Euronext includes Belgium, France, Netherlands, and Portugal.** China includes China and Hong Kong.*** India includes National Stock Exchange of India and Mumbai Exchange.Source: World Bank Data 2004, World Federation of Stock Exchanges, and Cumberland Advisors. © Cumberland Advisors.
Three Ways to View The World - 1998
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 10
World Total 55,938,191 % World Total 40,887,837 % World Total 44,384,409 %
1. United States 11,628,083 20.8 1. United States 11,667,515 28.5 1. United States 17,941,481 40.4
2. China** 7,334,392 13.1 2. Japan 4,623,398 11.3 2. Japan 4,774,550 10.8
3. Japan 3,774,086 6.7 3. Euronext* 3,097,953 7.6 3. U.K. 3,253,372 7.3
4. India 3,362,960 6.0 4. Germany 2,714,418 6.6 4. Euronext* 3,115,780 7.0
5. Euronext* 2,793,365 5.0 5. U.K. 2,140,898 5.2 5. China** 1,654,242 3.7
6. Germany 2,325,828 4.2 6. China** 1,812,334 4.4 6. Canada 1,620,894 3.7
7. U.K. 1,832,252 3.3 7. Italy 1,672,302 4.1 7. Germany 1,399,555 3.2
8. Italy 1,621,372 2.9 8. Spain 991,442 2.4 8. India*** 1,309,411 3.0
9. Brazil 1,482,859 2.7 9. Canada 979,764 2.4 9. Spain 1,094,120 2.5
10. Russia 1,408,603 2.5 10. India 691,876 1.7 10. Switzerland 1,015,937 2.3
Rest of World 17,238,142 31.0 Rest of World 9,816,263 24.0 Rest of World 7,205,069 16.2(171 Countries) (36 exchanges)
2004 PPP 2004 GDP World’s 10 Largest($mm) ($mm) Stock Markets ($mm)
Measured in USD at 3/31/06 exchange rates
* Euronext includes Belgium, France, Netherlands, and Portugal.** China includes China and Hong Kong.*** India includes National Stock Exchange of India and Mumbai Exchange.Source: World Bank Data 2004, World Federation of Stock Exchanges, and Cumberland Advisors. © Cumberland Advisors.
Three Ways to View The World
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 11
United States21.5%
China10.4%
Japan7.7%
Brazil2.8%
India 5.3%
Italy3.3%
Russia2.2%
Rest of World29.2%
Euronext5.5%
U.K.3.5%
Germany4.8%
World Measured by Purchasing Power Parity (PPP)
Source: World Federation of Stock Exchanges, World Bank Data 2004, and Cumberland Advisors. © Cumberland Advisors
United States20.8%
China13.1%
Japan6.7%
India6.0%
Rest of World31.0%
U.K.3.3%
Brazil2.7%
Russia2.5%
Germany4.2%
Euronext5.0%
Italy2.9%
1998(Total $40.219 trillion)
2004(Total $55.938 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 12
World Measured byGross Domestic Product (GDP)
United States29.3%
Japan13.3%
Euronext7.5%
Rest of World21.1%
Germany7.2%
U.K.4.8%
Spain2.0%
China3.8%Italy
4.0%
Canada2.0%India
1.4%
Source: World Federation of Stock Exchanges, World Bank Data 2004, and Cumberland Advisors. © Cumberland Advisors
1998(Total $29.633 trillion)
2004(Total $40.888 trillion)
United States28.5%
Japan11.3%
Euronext7.6%
Germany6.6%
U.K.5.2%
Canada2.4%
China4.4%
Rest of World24.0%
Italy4.1%
India1.7%
Spain2.4%
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 13
World Measured by Stock Market Capitalization
United States50.3%
Japan9.7%
U.K.9.2%
Rest of World8.2%
Spain1.6%
Euronext7.4%
Italy2.2%
Germany4.3%
China2.3%
Sw itzerland2.7%
Canada2.1%
Source: World Federation of Stock Exchanges, World Bank Data 2004, and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
2004(Total $37.168 trillion)
United States43.9%
Japan9.6%
U.K.7.7%
Sw itzerland2.2%
China3.5%
Germany3.2%India
2.0%
Euronext6.6%
Canada3.2%
Rest of World15.6%
Spain2.5%
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 14
Look What Has Happened Since 2004
Source: World Federation of Stock Exchanges, World Bank Data 2004, and Cumberland Advisors. © Cumberland Advisors
2004(Total $37.168 trillion)
Mar. 2006(Total $44.384 trillion)
United States40.4%
Japan10.8% U.K.
7.3%
Spain2.5%Rest of World
16.2%
Canada3.7%
Euronext7.0%
India3.0%
Germany3.2%
China3.7%
Sw itzerland2.3%
United States43.9%
Japan9.6%
U.K.7.7%
Sw itzerland2.2%
China3.5%
Germany3.2%India
2.0%
Euronext6.6%
Canada3.2%
Rest of World15.6%
Spain2.5%
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 15
Share of World Stock Market Value
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1998 1999 2000 2001 2002 2003 2004 2005
1998 marks end of the LTCM crisis
US Share Shrinking
Rest of World
U.S.
1998 ROW49.7%
1998 U.S.50.3%
Mar. 2006ROW59.6%
Mar. 2006U.S.
40.4%
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 16
Share of World Stock Market Value
U.S.50.3%
Canada2.1%
Asia14.9%
Europe30.6%
Other0.7%
Latin America
1.4%
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
Mar. 2006(Total $44.384 trillion)
U.S.40.4%
Canada3.7%
Asia22.8%
Europe28.1%
Other2.6%
Latin America
2.5%
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 17
Share of World Stock Market Value:Japan
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50%
ROW 40%
Japan10%
$2,495.8 Bn
US 40.4%
ROW 48.8%
Japan10.8%
$4,774.5 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 18
Share of World Stock Market Value:China
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
US 50.3%
ROW 47.4%
China2.3%
$579.4 BnUS
40.4%
ROW55.8%
China3.7%
$1,654.2 Bn
1998(Total $25.683 trillion)
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 19
Share of World Stock Market Value:India
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50%
ROW 50%
India0%
$0.0 Bn US 40.4%
ROW 56.6%
India3.0%
$1,309.4 Bn
India was not a member of the World Federation of Stock Exchanges until 2002.
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 20
Share of World Stock Market Value:Other Asia, Middle East & Africa
Indonesia, Iran, Israel, Korea, Malaysia, Philippines, Sri Lanka, Taiwan, Thailand, Turkey, Singapore, South Africa, Mauritius, Egypt
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 50%
ROW 47%
Other Asia, ME, Africa3.1%
$798.1 MmUS
40.4%
ROW 52.6%
Other Asia, MEAfrica7.0%
$3,108.2 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 21
Share of World Stock Market Value:25 European Union (EU) Members
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50%
ROW 22%
25 EU Members28%
$7,118.4 Bn
US 40.4%
ROW 34.0%
25 EU Members25.6%
$11,346.7 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 22
Share of World Stock Market Value:Original 11 European Monetary Union (EMU) Members
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50%ROW
33%
11 EMU Members17%
$4,264.5 Bn
US 40.4%
ROW 44.2%
11 EMU Members15.4%
$6,843.1 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 23
Share of World Stock Market Value:United Kingdom
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 51%
ROW 40%
U.K.9%
$2,372.7 BnUS
40.4%
ROW 52.2%
U.K.7.3%
$3,253.4 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 24
Share of World Stock Market Value:Germany
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50.3%
ROW 45.4%
Germany4.3%
$1,093.9 BnUS
40.4%
ROW 56.4%
Germany3.2%
$1,399.6 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 25
Share of World Stock Market Value:Switzerland
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50.3%
ROW 47%
Switzerland2.7%
$689.1 Mm
US 40.4%
ROW 57.3%
Switzerland2.3%
$1,015.9 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 26
Share of World Stock Market Value:Euronext (France, Portugal, Belgium, Netherlands)
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 50%ROW
43%
US 43.0%
ROW53.5%
France, Portugal, Belgium, Netherlands
7%$1,903.3 Bn
US 40.4%
ROW 52.6%
Euronext7.0%
$3,115.8 Bn
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 27
Share of World Stock Market Value:Norway
Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50.3%
ROW 49.5%
Norway0.2%
$46.3 MmUS
40.4%
ROW 59.0%
Norway0.5%
$238.4 Mm
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 28
Share of World Stock Market Value:Other Europe (OMX)
Denmark, Finland, Sweden, Estonia, Latvia, Lithuania
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50.3%ROW
47.6%
Other Europe2.1%
$532.4 Mm
US 40.4%
ROW 57.5%
OMX Exchanges2.1%
$917.7 Mm
Lithuania ESTONIA and Latvia are not included in 1998.
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 29
Share of World Stock Market Value:Central Europe Poland, Hungary, Slovenia
(Czech Republic and Slovakia do not report to the WFE.)
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges (WFE) and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50%
ROW 49%
Central Europe0.1%
$23.4 MmUS
40.4%
ROW 59.2%
Central Europe0.3%
$147.8 Mm
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 30
Share of World Stock Market Value:Australia, New Zealand
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 50.3%
ROW 48.3%
Australia, NZ1.4%
$353.4 Mm US
40.4%
ROW 57.6%
Australia, NZ2.0%
$893.5 Mm
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 31
Share of World Stock Market Value:Latin America
Argentina, Brazil, Chile, Colombia, Peru, Mexico
Note: See appendix at the end of this presentation for chart details.Source: World Federation of Stock Exchanges and Cumberland Advisors. © Cumberland Advisors
1998(Total $25.683 trillion)
US 43.0%
ROW53.5%
US 51%
ROW 49%
Latin America1%
$359.7 Mm US
40.4%
ROW 57.1%
Latin America2.5%
$1,106.4 Mm
Mar. 2006(Total $44.384 trillion)
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 32
Conclusion
• Global economic / financial dialogue expanding
• Money is leaving the U.S. for foreign markets
• Risk premiums are low
• Watch out for shocks• Terrorism• Nuclear• Bird Flu• Protectionism
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 33
Appendix: Data Tables for Pie Charts (USD Bn)Chart Page 11 – World
1998 03/2006U.S. 12926177 17941481
Canada 547841 1620894
Asia 3785465 10099792
Europe 7853892 12481332
Latin America 359700 1106435
Other 210096 1134475
Chart Page 12 – Other Asia
1998 03/2006U.S. 12926177 17941481ROW 12109540 23334746Indonesia 647454 100204Iran 11115 33660Israel 39230 132338Korea 114593 751687Malaysia 95561 195397Philippines 34911 45363Sri Lanka 1705 6710Taiwan 260498 490433Thailand 34118 135276Turkey 33646 176561Singapore 96472 293961South Africa 150670 665626
Mauritius 2747Egypt 78221
Chart Page 16 – 25 EU Members
1998 03/2006U.S. 12926177 17941481ROW 5638574 15096272Denmark / OMX 98881 917774UK 2372738 3253372Sweden 278708 OMXSlovenia 2985 8192Poland 20461 104855Netherlands 603182 EuronextGreece 80126 169827Belgium 245657 EuronextGermany 1093962 1399555Finland 154833 OMXIreland 66593 127498Italy 569732 896506Portugal 62954 EuronextLuxembourg 38182 59115France 991484 EuronextSpain 402163 1094120
Austria 35779 150505
Cyprus 9355Hungary 34718.9Malta 5487Euronext 3115780
Chart Page 17 – 11 EMU Members
1998 03/2006U.S. 12926177 17941481ROW 8492473 19599851Netherlands 603182 Euronext
Belgium 245657 Euronext
Germany 1093962 1399555Finland / OMX 154833 917774Ireland 66593 127498Italy 569732 896506Portugal 62954 Euronext
Luxembourg 38182 59115France 991484 Euronext
Spain 402163 1094120Austria 35779 150505Euronext 3115780
Note:Euronext includes Belgium, France, Netherlands and Portugal.OMX Exchanges include Denmark, Finland, Sweden, Estonia, Lithuania, and Latvia.
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 34
Appendix: Data Tables - Pie Charts (USD Bn)
Chart Page 27 – Latin America
1998 03/2006
U.S. 12926177 17941481
ROW 12397295 25336496
Argentina 45333 46962
Brazil 160886 583354
Chile 51866 143251
Colombia 57948Peru 9869 23310
Mexico 91746 251611
Chart Page 22 – Euronext1998 03/2006
U.S. 12926177 17941481ROW 10853717 23327148France 991484 Euronext
Portugal 62954 Euronext
Belgium 245657 Euronext
Netherlands 603182 Euronext
Euronext 3115780
Chart Page 23 – Other Europe1998 03/2006
U.S. 12926177 17941481ROW 11130611 25525155Denmark 98881 OMX
Finland 154833 OMX
Sweden 278708 OMX
OMX Exchanges 917774
Chart Page 24 – Central Europe1998 03/2006
US 12926177 17941481
ROW 12697769 26295163
Slovenia 2985 8192
SlovakiaPoland 20461 104855
Hungary 34719
Czech Rep.
Note:Euronext includes Belgium, France, Netherlands and Portugal.OMX Exchanges include Denmark, Finland, Sweden, Lithuania, and Latvia.
614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 35
About Cumberland AdvisorsCumberland Advisors supervises approximately $820 million in separate account assets for individuals, institutions, retirement plans, government entities, and cash management portfolios. Cumberland manages portfolios for clients in 39 states, the District of Columbia, and in countries outside the U.S. Cumberland Advisors is an SEC registered investment adviser.
Munis, Taxables, ETFs Cumberland’s portfolio management efforts emphasize long lasting relationships and continuous dialogue among clients, their consultants, tax advisors, accountants, estate planners and their assigned portfolio management contact at Cumberland. Cumberland offers several different investment portfolio management styles. Our investment strategy is described in detail on our web site.
Fixed IncomeAll of our fixed-income offerings are total return strategies, but can take the client’s current income needs into consideration. Our fixed income styles are Tax-Free Municipal Bonds, Taxable Bonds, Tax-Free Tobacco Bonds, and Short Term Investment Program.
StocksCumberland uses Exchange-Traded Funds to manage global equities. Exchange-Traded Funds (ETFs) are securities that mimic the price performance and dividend yield of an index, or a basket, of securities. Cumberland uses ETFs as building blocks in crafting a portfolio, investing in attractive equity sectors, industries, market capitalization strata, styles and regions. Our equity portfolios are U.S. Exchange-Traded Funds (ETF) Equity, International Exchange-Traded Funds (ETF) Equity, Emerging Markets Exchange Traded Funds, and Global Multi-Asset Class Exchange Traded Funds.
Balanced AccountsCumberland can blend the strategies presented above to create a balanced mix of stocks and bonds.
For further information about Cumberland Advisors, please visit our website at www.cumber.com.
Seated (L to R): Maribel Echevarria, VP of Trading; Terri Pantalione, VP of Compliance; Daisy Lopez, VP of Operations. Standing (L to R): David Kotok, Chairman and Chief Investment Officer; John Mousseau, CFA, VP and Portfolio Manager; Matthew Forester, VP and Portfolio Manager; Bill Witherell, VP and Chief Global Economist; Sam Santiago, VP of Information Technology; Peter Demirali, VP and Portfolio Manager. Donna Sooy, VP of New Accounts, not pictured.
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