Latest Quarterly Report

July 7, 2022



IMS Income.  The IMS Income program declined 2.7% during the first six months of 2022 as measured by the Initial Account posted at the website The decline compares to a 13.5% decline for the FastTrack All High-Yield average.

Two charts are enclosed in the mailing to clients illustrate the short-term and long-term objectives of IMS Income. Note on the long-term chart the largest IMS Income gain (over +40% in 2009) followed the bear market of 2008.

Bear markets create opportunity for the IMS Income program. The 13.5% decline in the All High-Yield Average is a positive development considering the potential gains during a rebound. IMS Income was 100% invested in the defensive money market position on June 30.


IMS Growth. IMS Growth declined 16.6% during the first six months of 2022 as measured by the Initial Account posted at the website The decrease compares to a 20.6% decline for the S&P 500 Stock Market Index.

The bear market became official at -20.00% during the second quarter. The Feds initiative to increase interest rates to combat inflation, combined with continued strong consumer demand, indicates the remainder of 2022 may prove difficult. IMS Growth was invested 57% defensively in the money market position on June 30.


Managing Cash

The objective of IMS Growth to be defensive is admittedly a difficult challenge. Two major stock market rebounds during the past six months served to diminish the effects of our cash position strategy. The decline of -16.6% compared to the decline of

-20.6% for the S&P 500 Index is welcome but illustrates the frustration stock market volatility imposes on all investors.

The current 57% IMS Growth cash position exceeds the general limit of 50%. We consider the bear market, the war in Ukraine, and the battle to reduce inflation unusual circumstances.

IMS Growth, although a defensive investment strategy, continues to remain competitive with the S&P 500 Index since its inception January 22, 1997: +374.0% for IMS Growth compared to +381.5% for the S&P 500.