As the stock market gyrations of the past year have demonstrated, he was certainly right.
Prices go down as well as up.
As 2000 demonstrated, investing can be a volatile business. Allied Capital has been operating as a successful investment company since John F. Kennedy was President. We recently declared our 149 th quarterly dividend and celebrated 27 years of consecutively increasing dividends to shareholders. Over the past 40 plus years, we have seen investment fads come and go. The Allied Capital philosophy rests on the idea that if we can carefully structure investments to protect against downside risk, maintain a diversified portfolio , a conservative balance sheet and access to ample liquidity we can be successful in all markets.