In order to be successful, we believe that investors must follow a disciplined investment approach and consistently apply it amidst varying economic and market conditions. At Telos Capital Management, Inc., our approach to portfolio management is designed in an effort to preserve and enhance wealth for our clients throughout various economic environments in a risk conscious manner. We seek to achieve this through careful securities selection and strategic diversification. Our approach is to focus on long-term investments while maintaining the flexibility to react to changes in business fundamentals and the market environment.