Joyce Burns

Provides insurance services

Maul Capital Management's (MCM) equity research is conducted along fundamental and technical lines, focusing on the relationship between supply and demand. They actively manage stock positions by charting positions on a daily basis. The firm uses primary market indicators to ascertain the overall market risk. These indicators include the NYSE Bullish Percent, the OTC Bullish Percent, the Ten Week Moving Average and the NYSE High-Low Index. MCM uses this method to determine whether buyers or sellers are in control and then they analyze industry sectors to determine which sector or sectors have good field position. The firm then selects individual stocks within those sectors that have positive, relative strength and a good probability of outperforming the general market. MCM's objective is to realize profits as a stock rises and the technical outlook is still positive. The firm believes that avoiding severe losses is as important as obtaining gains. They use hedging strategies to protect profit. These strategies may include selling the stock, selling a covered call option or buying a protective put. The objectives of the firm's fixed-income management are growth and income. Fixed-income investment may be included within a client's general portfolio or they may set-up a separate fixed-income portfolio. Portfolios consist of a combination of US Treasuries, agencies, MBS, ABS and investment grade corporate bonds. Maturity structures may vary according to the forecast for interest rate trends and sector valuations. Portfolios are managed to an average duration equivalent to the Lehman Brothers Intermediate Government/Corporate index. A portion of the portfolio may be invested in short-term US Treasury Bills, floating rate notes or money market funds. MCM also structures municipal bond portfolios for clients with tax efficiency issues.