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February 2008

Thank you to past FPF President, Chris Acker for his presentation on Long Term Care last month! The presentation was both informative and well delivered.

This month we will explore the relevant topic of the impact of interest rate cycles. Carl Kaufman, portfolio manager in charge of fixed income strategy at Osterweis Capital Management, will focus on how to properly build a bond portfolio, but he has also graciously agreed to face questions from an FPF Panel of Experts on how interest rate cycles impact other aspects of a financial plan, the future of real estate in the Bay Area, and the impact on mortgage products. Mr. Kaufman is a highly sought after speaker and this promises to be a very educational evening!

The "People, Property, and Products, Panel" will include Financial Planner, Jennifer Cray asking about the impact on the individual's financial planning, Real Estate Expert, John King will pose questions on the impact on property values, and Mortgage broker, Todd Flesner will pose questions regarding future mortgage products.

Offense and Defense in the Bond Market

Carl Kaufman – Portfolio Manager - Osterweis Capital Management

After nearly a 20 year bull market in bonds, fixed income investors are now facing a more challenging environment. Preserving capital in volatile markets will require flexibility and a combination of offensive and defensive strategies. According to Portfolio Manager Carl Kaufman , the bond market consists of several sub-sectors that have historically had very low correlations. These sub-sectors have traditionally performed differently in various economic and interest rate cycles. With more than 20 years of fixed income experience, Carl Kaufman will explain how strategically shifting between high yield, convertibles and investment grade bond exposure may decrease portfolio risk and volatility while potentially taking advantage of long periods of sub-sector outperformance.

More about the speaker:
CARL P. KAUFMAN
Vice President & Portfolio Manager

Carl Kaufman was born in Cambridge , MA in 1956. He graduated from Harvard University (B.A.in Music, cum laude, 1977), and attended the New York University Graduate School of Business Administration.

Prior to joining Osterweis Capital Management in 2002, Mr. Kaufman was a senior member of the convertible bond team at Robertson Stephens, where he focused on technology and biotech securities. Prior to that, he spent nineteen years with Merrill Lynch, in their

Mr. Kaufman is the Portfolio Manager in charge of fixed income strategy. He currently resides in San Francisco with his wife, Martha Angove, and their daughter, Emma.

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If you do not yet have an account with 123SignUp, it's a simple process to enroll. We are hopeful that this will facilitate making it quick and easy to make reservations for future Forum events. If you would like to mail in your payment: please make your check payable to the Financial Planning Forum and mail to: Financial Planning Forum, C/O Karin Swanson, CPA, 2600 El Camino Real, Suite 600, Palo Alto, CA 94306 Call 650.842.0330

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Financial Planning Forum % Karin Swanson, CPA 2600 El Camino Real, Suite 600 Palo Alto, CA 94306 Questions: Call Karin @ (650) 842-0330 Fax: (650) 852-9912

Thank you to our

Sponsors:

• Bernstein Investment Research
• Crist, Schulz, Biorn & Shepherd
• Johnson Marotta
• Lasecke, Weil Wealth Advisory Group
• Miller Law Group, P.C.
• Sullivan & Serwitz

Sustaining Members: