rbcpa.

com
RevisedVersion1onNovember13,2014

2014InvestmentConference
November13,2014

1024SouthAvenueW,Westfield,NJ07090
908 276 7226
www.rbcpa.com

RonaldR.RedfieldCPA,PFSstartedwiththefirmin1983 (31yearsago)and
becameapartnerin1989.
ThePrimeRatewas11%in1983,downfrom21.50%inDecemberof1980.The
primerateiscurrently3.25%.
TheDowJonesAveragehitanalltimehighof1270thatyear.TheDowclosedat
17,600onNovember12,2014.
ThisisacoverofTimeduring1983.

AlanB.StarinskyCPA,PFSbecameapartnerin1995.Alanisincharge
ofouraccountingandtaxdivision.astarinsky@rbcpa.com
RonandAlanhaveworkedtogetherfor27yearssince1987. 1987wasthe
yearthefilmWallStreetwasreleased.

Redfield,Blonsky&Starinskyhadanamechangeduring2014.Wewereformerly,
Redfield,Blonsky&Co.Ourprinciplesandphilosophieshavenotchanged.
Redfield,Blonskywasformedin1958(ayearbeforeAlanandRonwereborn).
Thepartnershipwasstartedby2CPAs,MilfordBlonsky(retiredin1995,and
currentlylivingnearCherryHill,NJ,)andReubenRedfield(Ronsdad)who
retiredin1992,andpassedawayin2013at93yearsold.

(TopL R)Donna98,Ron83,Arlene86,Debbie06,Alan87,Chris84andReuben.
Notinpicture;( Jim96andDenise96
6

JimandDenisearenotmissingfromthispicture.

Allofushavededicatedatotalof176yearssofartoRBS.Wereallydoseemto
whistlewhilewework.Speakingof176years,doyouknowwhatinterestratewould
beneededtodoubleyourmoneyinthatamountoftime?Yelloutthecorrectanswer
andIwilldeliveryouafreebeverage!
8

Itypicallyread3newspaperseverymorning.Iunfortunatelythrowout
thesportssectionsbeforeIgetmyreadingready.Imixupallthe
sectionsofallthenewspaperslikeadeckofcards,arrangethem
randomly,andthenIbeginmyreading.
9

"Read500pageslikethiseveryday,that'showknowledgeworks.Itbuildsup,like
compoundinterest."WarrenBuffett
10

Historically,wetypically,butnotalways,outperformedthestockaveragesindown
years,andunderperformedthesameaverageswhentheyhavestrongyears.Past
performanceisnotnecessarilyindicativeoffutureresults.
$52,647,483undermanagementasof October31,2014.
Imanageourownportfoliosandourfamiliesportfoliosinthesamemannerwe
managethoseofourclients.Ieatmyowncooking!

11

Wepracticevalueinvesting.Wetrytofindcompaniesorinvestmentsthatwefeel
aresellingatapricethatisbelowtheirintrinsicvalue.Weemphasizealongterm
approachtoinvesting.Wefocusontheinvestmentitselfandnotitsshorttermstock
priceperformance.Ourportfoliosareoftenconcentratedandfocusedonalimited
numberofinvestments.
Wedonotfocusagreatdealonthedaytoday"noise"inthemarkets.Weattempt
tofocusontheinformationthatwillhavealongtermimpactonourcurrent
investmentsandpotentialinvestments.

12

RBSInvestmentReturnTable
Year Ending

RBS
(1)

S&P 500
(2)

Relative
Results
(1)-(2)

1998

5.00%

28.58%

(23.58)

1999

7.50%

21.04%

(13.54)

2000

11.20%

(9.10%)

20.30

2001

0.10%

(11.89%)

11.99

2002

1.10%

(22.10%)

23.20

2003

52.60%

28.69%

23.91

2004

7.90%

10.88%

(2.98)

2005

7.30%

4.91%

2.39

2006

26.00%

15.79%

10.21

2007

(0.40%)

5.49%

(5.89)

2008

(34.70%)

(37.00%)

2.30

2009

22.10%

26.46%

(4.36)

2010

1.30%

15.06%

(13.76)

2011

0.50%

2.12%

(1.62)

2012

14.10%

15.96%

(1.86)

2013

24.80%

32.22%

(7.42)

Through
10/31/14

10.90%

10.71%

0.19

Total

157.30%

137.82%

19.48

Please refer to our Disclosures page

13

RBSPerformanceSummary

Average Annual
Total Returns as of
10/31/14

16
Years +
10
months

15
Years

10
Years

5 Years

3 Years

1 Year

YTD
(Not
Annualized)

RBS All returns

7.9%

8.0%

6.3%

10.9%

16.1%

16.7%

10.9%

S&P 500

6.03%

4.05%

7.88%

16.54%

19.64%

17.15%

10.71%

Tweedy Brown
Value Fund

N/A

5.69%

6.62%

11.99%

14.34%

6.80%

4.36%

presented net of fees

Please refer to our Disclosures page

14

Clientswilloftenaskustogiveamarketprediction.Ourtypicalansweristhatwe
havenocluewhatthestockmarketwilldooverashortperiod.Overtheshortterm
(shorttermbeing5yearsorless),anythingcanhappen.Inthebook,TheMoney
Game,AdamSmith(GeorgeJ.W.Goodman)pointedoutwhenJ.P.Morganwas
askedwhatthemarketwoulddo,hesaid,"Itwillfluctuate."

15

Whylongterminvesting?1st5years,TomLandryoftheCowboyshadlosingseasons.
Hebuiltafoundation.Longtermpatiencewascrucial.
Valueinvestingrequirestime,competenceanddiscipline.Itneverends.Theanalysis
alwaysevolves.RonaldR.Redfield
"Learnbyyourmistakes.Treatpastlossesasaneducationalsunkcost".Ronald
R.Redfield
Greatinvestor,JohnTempletonalwayscarriedreadingmaterials.Heclaimstheshort
timespentreadingaddsupquickly.
Amarketdownturnisthetruetestofaninvestmentphilosophy.SethKlarman
"Wewillbecandidinourreportingtoyou,emphasizingtheplusesandminuses
importantinappraisingbusinessvalue.Ourguidelineistotellyouthebusinessfacts
thatwewouldwanttoknowifourpositionswerereversed.Weoweyounoless.
WarrenBuffett
16

TheexpecteddividendyieldofourportfoliosasofOctober31,2014is2.40%.

RBSexpected 5Year
dividendyield Treasury
asofOctober
31,2014

10Year
Treasury

30Year
Treasury

2.40%

2.35%

3.08%

1.63%

Historically,wefeltmostsecurewhenacompanysdividendis2/3rdsthatof
the5YearTreasury.Ourcurrentexpecteddividendis147%ofthe5Year
Treasury,and102%ofthe10YearTreasury.

17

Historicallywhenusingthe3MonthUSTreasury rateof6%asa
benchmark,itwouldtake12yearstodoubleyourmoney.
The3MonthTreasuryisnow0.013%.Usingtheruleof72,Itwould
wouldtake5,539yearstodoubleyourmoney.

18

3MonthTreasuryBill:SecondaryMarketRate

19

Itismyopinionthatbondsasanassetclasshavebeensetupforpoorreturnsgoing
forward.ThisopinionincludesallormostbondsincludingUSTreasuries,Municipal
BondsandCDs.
TopSavingsDepositYieldsfromBarrons
Type

November 7,2014

November15,2010

MoneyMarket

1.04%

1.20%

6Month CD

0.82%

1.14%

1Year CD

1.14%

1.40%

2YearCD

1.25%

1.74%

5YearCD

2.32%

2.75%

Itisimportantthataninvestorunderstandshowchangesininterestrates,credit
quality,andinflationwouldaffectfixedIncomeinvestments.
20

Thegreatestdifficultyonehasinvestinginthiseconomicenvironmentisthat
interestratesarelowcomparedtothelast50years.Yet,ifyoulookatthe
followingchart,youcanseethatoverthelast142years,perhapslongterm
treasuryratesarenotunusuallylow.

21

10LargestHoldingsasofNovember11,2014
Company

Symbol

%of
Total

Price*

Average
Cost

Exxon

XOM

8.30%

$96.41

$84.96

Microsoft

MSFT

5.38%

$48.87

$26.93

PublicService PEG

5.39%

$40.95

$31.40

National
WesternLife

NWLI

5.25%

$272.25

$136.42

Exelon

EXC

5.17%

$37.55

$34.60

Gazprom

OGZPY

4.52%

$6.26

$7.58

FirstEnergy

FE

4.51%

$37.29

$35.38

PBFEnergy

PBF

4.51%

$26.68

$25.76

JPMorgan

JPM

4.46%

$61.37

$38.73

10

Citigroup

4.13%

$53.81

$37.13

*=ClosingPricesNovember11,2014

22

Our10 largestholdingsmakeup50.57% ofourentireportfolio.

Wecurrentlyareholdingmorepositionsthanwetypicallydo.Wecurrentlyhave33
positions inourportfolio.

Ourpositionsizeistypicallybasedontheconvictionwehaveintheinvestment,aswell
astherelativeriskoftheholding,alongwiththecurrentpriceoftheholding.

Aspricesroseoverthelastyearorso,wetrimmedheavypositionsofExxon,National
WesternLifeandMicrosoft.Yet,theystillcarrya>5%portfolioallocation.

23

Wetakealongtermapproachtoinvesting.Weconsiderlongtermtobeintheareaof
5to10years,ormore.Whenwepurchaseequitysecurities,wetypicallyexpectto
holdtheinvestmentforalongperiodoftime.Oftenourgoalwouldbetohold
securitypositionspermanently.Yet,historyhasshownusthatthegoalofpermanent
holdingshasnotbeenachieved.
Weattempttobetaxefficientinourportfolios.
Ifyouareaninvestmentclientofours,pleaseletusknowifyourCPAwouldlikeusto
harvestanytaxlossesorgains.Wecantpromisewecandoso,butwecancertainly
evaluateit.

24

OurInvestmentStrategy:
1.Searchforinvestmentswethinkwillproducefuturecashflowsandearnings,and
purchasetheseinvestmentsatapricethatwethinkwillpresentuswithReturnson
Investmentwhicharegreaterthantheprevailinginterestrateandinflation.Patienceis
keyforthis.
2.Constantresearchonourcompanysorourinvestmentthesis.
3.Wecontinuetoinvestincompaniesthatourresearchcurrentlyconsiderstobe
financiallystrong,abletowithstandseverebusinessdownturns,paysadividend,and
alsobuysbacktheirownshares.Wedohaveaportionofinvestmentsthatarenotas
financiallystrong,buthaveastorybehindthem,andhenceourinvestment.
4.Withallofouranalysis,weunderstandthatourthesisismerelyaroadmap.We
constantlylooktopierceholesinourthesis,bringinpotentialnegativesandpositives,
anddoourbesttohaveareasonableunderstandingoftheirfutureoperationsand
cashflows.Weadjustourinvestmentifnecessarytoourongoingresearch.
25

Someofmyfavoriteinvestmentquotes

Ifyouarenotwillingtoownastockfor10years,donoteventhinkabout
owningitfor10minutes.WarrenBuffett

Youmakemostofyourmoneyinabearmarket,youjustdontrealizeitatthe
time.ShelbyCullom Davis

Ifyouexpecttocontinuetopurchasestocksthroughoutyourlife,youshould
welcomepricedeclinesasawaytoaddstocksmorecheaplytoyourportfolio.
WarrenBuffett

Investforthelonghaul.Dontbetoogreedyanddontgettooscared.Shelby
Cullom Davis

Intheshortrunthemarketisavotingmachine.Inthelongrunitisa
weighingmachine.BenjaminGraham

26

Ourgoalistoattempttomaximizeinvestmentreturns,whilelimitingor
avoidinglongtermorpermanentlosses.
Wetypicallyhaveadefensivenaturetoourportfolios,andonceagainwe
remindinvestorsthatwewilltypicallyunderperformtheS&P500during
strongyears,andtypicallyoutperformtheS&P500inyearswheretheS&P
500hasnotperformedwell.
Becauseofourdefensivenature,Idontthinkweshouldbecomparedtothe
S&P500.
Wehadadifficultyearin2010,andthatoneyearhashurtourlongterm
performance.Thedifficultywascausedbystockssoldshort.Weeliminated
shortsellingfromourportfoliosduring2010.

27

28

Whydowemakeaninvestmentinaspecificsituation?

Weattempttoprojectfuturecashflowgeneratedand
whatisexpectedtoberetainedordistributedto
shareholdersinthefuture.
Weask,Isthepricewewouldpayforthisinvestment
sufficienttogiveusaproperfuturereturn?

29

Weattempttodeterminetheintrinsicvalueofequities,basedonathoroughanalysisof
thefundamentalbusinessfactors,thecompanyandindustryconditions.Wethoroughly
readSECfilings,includingfinancialstatements,annualreports,companyorindustry
conferencecalls,investorandanalystmeetings,oneononecompanymeetings,industry
eventsandotherrelatedfilings.
Whenlookingataninvestment,weattempttoprojectandfocusonacompany's
futuregenerationofcashflowandearnings,theirbalancesheet,andotherfinancial
statementsanddisclosures.Weattempttoanalyzethequalityoftheircurrentandfuture
earnings.Weattempttointroducestressrelatedcircumstancestoourprojections.We
alsoprojecttheamountsthatwethinkcouldbereturnedtoshareholdersviadividends.
Wedeterminewhatwethinkthefuturereturnoninvestmentwillbeoveramidtolong
periodoftime.Typicallyweusea5yearto15year"roadmap"inouranalysis.Ofcourse
this"roadmap"isconstantlychangingandrevisedforchangesinconditions.Typicallywe
looktoinvestinacompanywhenwehaveconfidenceinthepredictabilityoftheirfuture
cashflowstream,andwearecomfortablewiththepricewearepayingforthisprojected
futurecashflowandearningsstream.Atthesametime,weconstantlylookforflawsin
ourreasoningorthesis.AsCPAs,wehaveanindepthknowledgeininterpretingfinancial
statementsandtheirfootnotes.Ourextensiveresearchisembeddedinourclients'
portfolios.
30

Someexamplesofour2 MinuteDrills,whichwehaveinourthesisnotes.
EXXON(XOM)November4,2014$93.92
Exxonisadiversifiedenergycompanywhichproducesnotjustoil,butalsoisthelargest
naturalgasproducerintheUSA.Theyexplore,develop,refine,distribute,drillandareoneof
thelargestpetrochemicalsuppliersintheworld.Theyhavesuccessfullydonethisforover
100years,havemaintainedAAAcreditratings,andarerespectedthroughouttheindustry.
Keepinmindthatnaturalgaspricescontinuetobeatdepressionlikelevels.
Exxoncontinuallybuysbackshares.Thesharecounthasdecreasedovertheyears.There
were6.7Bsharesoutstandingin2002,andasofJune30,2013therewere4.4Bshares
outstanding.Becauseoftheirproductionofoilandgastheyareaninflationhedge.We
project2014earningsof$7.800,whichbasedonapriceof$93.92,equatestoaprice
earningsratioof12X.
Yieldis2.93%($2.76).Dividendpayouthasaveraged26.5%forthelast10years..Dividend
payoutratioexpectedtobe34%and36%forF2014andF2015respectively.ROEhas
averaged26.90%forthelast10years.ROEisexpectedtobe18.5%forF2014and17.5%for
F2015.AverageP/Eforthelast10yearshasbeen11.43X.ProjectedepsforF2015is$8.00
whichequatestoaforwardP/Eof11.74X.AAAcreditrating,higherthanthatofUSA. 31

Microsoft(MSFT)2MinuteDrillOctober2,2014($45.76)
MicrosofthasaAAAbalancesheet.$10.40pershareofcashasofJune30,2014.Free
CashFlowandearningsarebothofhighquality,andIbelievebothtobestableata
minimum.P/Eratiois16.64X,basedonourprojectedF2015earningsof$2.75pershare.
Dividendyieldis2.44%.Weprojectthedividendpayoutratiotobe44%inF2015.Thisis
wellabovetheir29.8%payoutoverthelast10years.Itisdifficultinmyopiniontojudge
Microsoftsdividendpolicyandretainage,ashistoricallytheydidnotusetopayadividend.
Theyalsohaveaccumulated$89BincashasofSeptember30,2014,andtheyremainAAA
rated.Idon'tseethembeingreplacedinenterprise.Inthepast,Itriedto"killthis
investment,"andIcouldn't.Theinvestmentcouldbekillednowwithanearningsmissor
P/Econtraction.ThatiswhyIhavereducedtheallocationtoaround5%fromaprevious
10+%.Ijustdon'tseethedegradationofthecompanythatsomanyothersdiscuss.
Projectedinvestmentreturnsfor15yearsareestimatedat13%to14%annualizedbasedon
currentprice.
AAAcreditrating,higherthanthatofUSA.
ThiswasthecorrectionwenotedasVersion1onthecoverpage.Weaddedtextand
correctedatypographicalerror,whereweincorrectlystatedourprojected2015
dividendpayoutratiowaslessthanthehistoricalpercentage.

32

PBFEnergy(PBF)2MinuteDrillNovember4,2014($26.47)
WeareinvestinginaneastcoastrefinerwithMidcontinentexposure.PBFisthe5th
largestindependentrefinerintheUSA.TheP/Eisratherlowat7.5X.
Theirbalancesheetisquitehealthy(3Q1410Qstillnotreleased).Theyownand
consolidate~50%ofPBFX.Oneofmyfavoritevalueinvestors,BaupostGroupowns
10.37%asofSeptember30,2014.Thiswas6.38%ofPBFcommonasofJune30,2014,
andPBFisstatedas3.08%ofBauposttotalassetsasofJune30,2014.Iamnotthrilled
ridingonthecoattailsofSethKlarman,butwiththelowP/E,Idecidedtoenterthe
investment.Asthepriceofcrudedrops,thespreadwidens,andhencePBFisaslight
anchortoourportfolios.
PBFwasfirstpurchasedonNovember13,2013at~$27.10pershare.Wesubsequently
purchasedmorePBF,andasofNovember11,2014itwas4.51%ofourportfolio.

33

PagesandpagesofquotesandthoughtsIhavecollectedovertheyears.
"WhenWallStreeters toutEBITDAasavaluationguide,buttonyourwallet."WarrenBuffett
2013AnnualLetter
Blurbfrom1980"Therecentcrashinthebondmarket whichcomparedtoa50%dropinthe
DJIAinacoupleofweeks."ValueLine3/28/1980
"Mymothertoldme,nevergotoafightyouareinvitedto."JimChanos ondiscussinghis
Chinashortthesis10/14.
"TherearestructuralissuesinsomefocusedETF's,in thewaytheyareconstructedandhow
theysettle.Iwillleaveitatthat."JimChanos October2014
MygreatestinvestmentconcernisP/Econtraction.GazpromP/Eof<3.Ofcoursenot
applestoapples.LosingledigitP/E'spossibleinUSA.RonaldRedfield,October 2014
TheolderIget,IamlessinclinedIamtosellaposition.LookedatMSFT(45.76)topair
down,been~80%+gainsofar,seenoreasontoreduce.RonaldRedfield,October 2014

34

Don'tbuyhype.Ignoretradingevenifitisadvicefroma"guru."Alwayslookat
fundamentals,presentationandvaluation.Projectforward.RonaldRedfield,October
2014
"Itswaitingthathelpsyouasaninvestor,andalotofpeoplejustcantstandtowait,
CharlieMunger9/14
"Ifyoujustkeepthinkingandreading,youdon'thavetowork."CharlieMunger9/14
Workhard,worksmart,ponder,reflect,reason,acceptandexpectmistakes.Ronald
Redfield,June2013
"Theinvestorschiefproblemandevenhisworstenemyislikelytobehimself."Benjamin
Graham
"Youdon'tgetmanygreatopportunitiesinalifetime....Don'tbetootimidwhenyou
reallyhaveacinch."CharlesMunger2/6/13
"Weareputtingalotofmoneyintosolarandwind."WarrenBuffett10/24/12
35

"Idon'treallylookatthestockmarket.Ilookatbusinessesandforgetthestock
market."CharlesBrandes onLessonsfromBenGraham
"Valueinvestors,during1974/75didquitewell.Notverylarge,butquite
satisfactory.Thiscouldbethesameforfuture."CharlesBrandes
"Whenyoubuyequitiesduringperiodsofmaximumpessimism,youhave
alwaysdonewell('70,74,82,90+91)"CharlesBrandes
"Ifanassethasthelikelihoodoffuturecashflow,andnotdependentonwhata
buyermightpay,thenit'saninvestment."SethKlarman
March1941,stockssoldat6Xearnings,5%+dividendsandbondspaidinterestof
2%.Dec.1941,stockssoldat5Xearnings,>10%dividends
Shorttermpredictionsdonotcometrue.Competentanalysiswithamarginof
safetyisthekey.Patienceandliquidity.Avoidforcedselling.
Mostofthepermanentlossesduringthegreatdepressionwerecausedby
speculationandinabilitytoweatherthestorm(needofcapital).

36

Sometypeofaccessibleliquidityisalwaysnecessarytotakeadvantageof
unexpectedinvestmentopportunities.
OwningRealEstateduringtheGreatDepressionwastreacherous.Rentsstopped
cominginordeflated.Expensescouldnotbeserviced.
PatienceandCourage,cannotbeoveremphasizedininvesting.
Tobuildwealth(evenindepressions).1.Save$$,2.Avoidspeculation,3.Make
$$workforyouthroughconservativeinvestments.
PrudenceandpatienceininvestingseemedtoworkduringTheGreatDepression.
Qualityandfundamentalswerekey.BuyingduringfearworkedItlooksasthoughTheGreat
Depressionkeysignswere,1)nosupplyof$$,2)employmentlevels,and3)Capacity
Utilization(was<20%)
"MostpeopledidnotrealizeTheGreatDepressionwasoveruntilayearorso
aftertheturnhadbeenmade."BenjaminRoth'TheGreatDepression
37

"Forthoseproperlypreparedinadvance,abearmarketinstocksisnota
calamity,butanopportunity."JohnTempleton,May1962
"Aninvestorcanseeksafetybyseekingbargains."JohnTempleton,July1949
"Whereistheoutlookmostmiserable?"JohnTempleton,January1995
Neverunderestimatethepowerofdoingnothing.WinniethePooh.Investing
shouldbelikewatchingpaintdryandgrassgrow.Thismeans,youneednottrade,one
cansitonaportfolioifthesisandsuchhavenotchanged.
"Thebestchaptereverwrittenindescribinghowtheworldworksinmarketsis
chapter12of"TheGeneralTheory"byKeynes."WarrenBuffett
"Berkshirestockhasgonedown50%fourtimessinceIownedit."Warren
Buffett3/1/10
38

ImportantDisclosures
1.Redfield,Blonsky&Starinsky,LLC(RBS), onlytransactsbusinessinstateswhereitisproperlyregistered,
orexcludedorexemptedfromregistrationrequirements.
2.Pastperformanceassumesreinvestmentofdividendsandotherdistributionsandmaynotbeindicativeof
futureresults.Therefore,nocurrentorprospectiveclientshouldassumethatthefutureperformanceofany
specificinvestment,investmentstrategy(includingtheinvestmentsand/orinvestmentstrategies
recommendedand/orpurchasedbyadviser),orproductmadereferencetodirectlyorindirectlyinthis
presentationoronourwebsite,orindirectlyviaalinktoanythirdpartywebsite,willbeprofitableorequal
tocorrespondingindicatedperformancelevels.Theinvestmentreturnandprincipalvalueofaninvestment
willfluctuateand,whenredeemed,maybeworthmoreorlessthantheiroriginalcost.
3.Differenttypesofinvestmentsinvolvevaryingdegreesofrisk,andtherecanbenoassurancethatany
specificinvestmentwilleitherbesuitableorprofitableforaclientsinvestmentportfolio.Noclientor
prospectiveclientshouldassumethatinformationpresentedisasubstituteforpersonalizedindividual
advicefromtheadviseroranyotherinvestmentprofessional.
4.Historicalperformanceresultsforinvestmentindexes,suchastheS&P500,generallydonotreflectthe
deductionoftransactionand/orcustodialchargesorthedeductionofaninvestmentmanagementfee,the
incurrenceofwhichwouldhavetheeffectofdecreasinghistoricalperformanceresultsoftheS&P500
Index.WheneverRBSperformanceisreferredto,resultshavebeenreducedbyallfees,includingRBS
managementfee.

39

ImportantDisclosures(continued)

5.ReturnsfortheRBSportfolioshavebeencalculatedusingactualtimeweightedreturnsobtainedfromallaccountsoverthetime
periodsindicated.AllRBSreturnsassumethereinvestmentofdividendsandareshownnetoftheinvestmentmanagementfees
andallotherexpenses.PleaseseeourformADVforafullfeedisclosure.Actualindividualaccountperformancemaybematerially
differentfromourcompositeresults.
6.RBSfilesanannualformADV,whichincludesaneasytoreadbrochure.FormADVisavaluablereadforanyoneinterestedin
learningmoreaboutRBS.AdditionalinformationaboutRedfield,Blonsky&Starinsky,LLCisalsoavailableontheSECswebsiteat
www.adviserinfo.sec.gov.ThesearchableIARD/CRDnumberforRedfield,Blonsky&Starinsky,LLCis128714.
7.TheS&P500Indexisawidelyrecognized,unmanagedindexof500ofthelargestcompaniesintheUnitedStatesasmeasured by
marketcapitalization.TheS&P500Indexperformanceassumesreinvestmentofalldividendsanddistributionsanddoesnotreflect
anychargesforinvestmentmanagementfeesortransactionexpenses,nordoestheIndexreflectanyeffectsoftaxes,feesorother
typesofchargesandexpenses.TheS&P500Indexisoneofmanyindicesandisnotnecessarilythemostappropriateindexwhen
comparingperformanceresults.

www.rbcpa.com
www.facebook.com/redfieldblonsky
www.twitter.com/rbco
40

RonaldR.Redfield,CPA/PFSrredfield@rbcpa.com
AlanB.Starinsky,CPA/PFSastarinsky@rbcpa.com
www.rbcpa.com
Facebookwww.facebook.com/redfieldblonsky
Twitterwww.twitter.com/rbco

1024SouthAvenueW,Westfield,NJ07090
908 276 7226
41