"They have delivered what was promised, and then some."

The words are from a respondent to Wien & Malkin's Investor Information Update survey, addressing the question: "What have you liked about recent Wien & Malkin Securities offerings?"

The business consultant from Connecticut is among more than 1,500 investors to whom questionnaires were sent in the summer and fall. Although the responses contained many similarly kind words, we weren't fishing for compliments. The survey was designed to keep us informed about our investors' objectives and preferences and to validate our understanding of what they find to be attractive and rewarding about Wien & Malkin investment programs.

Especially noteworthy in terms of Wien & Malkin's standing with its investors, is that nearly 40% of those answering the questionnaire said they or their families had been investing for more than 40 years, and 56% indicated they are second-generation investors. A significant 36% of respondents said they are first-generation participants in Wien & Malkin partnerships, with many thankfully acknowledging referral to our programs by friends or professional advisors.

Please let us know if you have family or friends who might be interested in learning about Wien & Malkin investments.

An overwhelming majority of Wien & Malkin investors broadly diversify their assets, allocating their resources to money market, stock and bond funds, individual stocks and bonds, Treasury obligations — and, of course, real estate. Most respondents indicated that real estate comprises anywhere from 10% to 35% of their total portfolios. Wien & Malkin has always advocated making real estate a part of a balanced investment portfolio.

As to what motivates investors to take part in Wien & Malkin programs, consistent annual returns headed the list of responses, followed by tax shelter, capital appreciation, long-term growth and estate planning advantages. Although property type and location preferences were spread quite evenly, a narrow majority named apartment and office properties in the Northeast.

The most gratifying results of the survey, however, were the comments of long-time, satisfied investors.

A cardiologist from southern California cites "the integrity of the company" and observes that, "Your programs are well thought out." An investment manager from northern New Jersey says he especially likes the "clear, honest and thorough presentation" of Wien & Malkin offerings.

But perhaps the most direct comment came from a retired woman on Long Island. To the question of what she liked best about our investments, she responded: "They make money for me."