1. Hyre Weekly Commentary
June 4, 2012
It was a weak week in the world’s financial markets and these headlines from The Wall Street
Journal, Saturday, June 2, and Sunday, June 3 editions, leave no doubt of that.
Grim Job Report Sinks Markets
Euro-Zone Reports Deepen Gloom
Asia Weakness Heightens Fears of Contagion
Brazil Loses Steam as World Slows
Dow Tumbles Into Red for the Year
Raw Materials in a Free Fall
Government-Bond Yields Sink to Record Lows
But, let’s keep something in mind. Headlines like these are designed to do one thing – get you to
keep reading. By doing so, the publisher can sell more papers and charge higher rates for
advertising. Fair enough.
Unfortunately, there’s an unintended consequence to this type of hyped headline. It has the
potential to scare the public into doing the wrong thing at the wrong time for the wrong reason.
The fact is, scary things happen every day, however, that should not derail a well-thought out
plan that has checks and balances in place to try and distinguish between short-term noise and
long-term secular change.
Our job as a financial advisor is to dig beneath the screaming headlines and get to the crux of
what’s happening. With a clearer understanding of the real issues, we can do a better job of
discerning how changes in the economy impact the markets, and, ultimately, your goals and
objectives. And, with that information in hand, we can make course corrections as needed to help
keep you on track.
1- 1- 3- 5- 10-
Data as of 6/1/12 Week Y-T-D Year Year Year Year
Standard & Poor's 500 (Domestic -3.0% 1.6% -1.7% 10.7% -3.6% 2.1%
Stocks)

2. DJ Global ex US (Foreign Stocks) -2.3 -5.3 -23.5 1.1 -8.2 3.5
10-year Treasury Note (Yield Only) 1.5 N/A 3.0 3.7 5.0 5.0
Gold (per ounce) 2.3 2.0 4.7 17.8 19.2 17.4
DJ-UBS Commodity Index -4.4 -9.9 -23.1 -0.6 -6.1 2.7
DJ Equity All REIT TR Index -2.8 5.7 3.3 25.1 -1.0 9.7
Notes: S&P 500, DJ Global ex US, Gold, DJ-UBS Commodity Index returns exclude reinvested
dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are
annualized; the DJ Equity All REIT TR Index does include reinvested dividends and the three-,
five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at
the close of the day on each of the historical time periods.
Sources: Yahoo! Finance, Barron’s, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be
invested into directly. N/A means not applicable.
IN THE CLASSIC MOVIE THE SOUND OF MUSIC, the nuns asked (or rather sang), “How
do you solve a problem like Maria?” For the past couple years, the leaders of Europe have been
asking, “How do you solve a problem like over-indebtedness?” So far, the debate has been
framed as a choice between growth or austerity, according to the BBC. As the biggest member of
the euro zone, Germany has been aggressive in acting as the enforcer of the austerity route for its
weaker sister countries. Greece, for example, had to agree to major austerity measures in return
for bailout money. The result? The economy hasn’t improved and the people are revolting.
Countries in favor of austerity believe spending cuts and general belt tightening are the ticket to
lower budget deficits. The growth camp favors more government spending on things like
infrastructure and energy technology as a way to create more jobs and help a country grow its
way out of its debt problem.
Recently, with the election of Francois Hollande in France, and the popular support of Alexis
Tsipras in Greece ahead of the upcoming Greek election, the support for austerity is starting to
fade and is being replaced by a growth agenda, according to BusinessWeek. Germany, however,
remains firmly in the austerity camp.
But, here’s a question, “Can we have austerity and growth?”
As complicated as our world is, the debate between austerity and growth might be a false choice
so says Christine Lagarde, head of the International Monetary Fund, according to the BBC. She
and others argue that given the precarious state of some countries, a two-pronged approach might
be needed. First, spend more in the short-term to stabilize the economy, then gradually tighten
the belt down the road when the economy is better able to handle it.
In theory, that sounds like a less painful way to solve the deficit conundrum. In reality, it may
not be that easy.
For years, countries such as Greece and, yes, even the U.S., have lived on borrowed money and
borrowed time. It appears the bill for this “living beyond your means” spending is coming due
sooner rather than later as evidenced by the continuing economic stagnation in many countries.

3. While one can hope the politicians and economists will come up with a plan to steady the ship,
we can’t bank on it. We have a responsibility to you, as our client, to help you meet your
objectives regardless of what happens in Washington or Athens or Berlin. And, we take the
responsibility very seriously.
Weekly Focus – Think About It…
“When asked in surveys, most Americans believe that spending money on personal desires
brings greater satisfaction than giving it away. But, when participants actually were given the
chance to do that, to spend $20 on themselves or give it away, it was the act of generosity that
led to greater happiness. To care is good.”
--Dacher Keltner, professor of psychology at the University of California-Berkeley,
commencement address at UC-Berkeley on May 14, 2012
Best regards,
Jim Hyre, CFP®
Registered Principal
P.S. Please feel free to forward this commentary to family, friends, or colleagues. If you would
like us to add them to the list, please reply to this e-mail with their e-mail address and we will
ask for their permission to be added.
Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC.
* The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in
general.
* The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.
* The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the
National Association of Securities Dealers Automated Quotation System.
* Gold represents the London afternoon gold price fix as reported by www.usagold.com.
* The DJ/AIG Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The
Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen
as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* The DJ Equity All REIT TR Index measures the total return performance of the equity subcategory of the Real Estate Investment
Trust (REIT) industry as calculated by Dow Jones
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future
performance.
* Consult your financial professional before making any investment decision.
* You cannot invest directly in an index.
* Past performance does not guarantee future results. mc101507
* Some newsletter content was prepared by PEAK for use by James Hyre, CFP®, registered principal
* If you would prefer not to receive this Weekly Newsletter, please contact our office via e-mail or mail your request to 2074 Arlington
Ave, Upper Arlington, OH 43221.
* The information contained in this report does not purport to be a complete description of the securities, markets, or developments
referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that
the forgoing material is accurate or complete. Any opinions are those of Jim Hyre and not necessary those of RJFS or Raymond
James. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a
solicitation or an offer to buy or sell any security to herein. Tax or legal matters should be discussed with the appropriate
professional.

4. Jim Hyre, CFP®
Registered Principal
Raymond James Financial Services, Inc.
Member FINRA/SIPC
2074 Arlington Ave.
Upper Arlington, OH 43221
614.225.9400
614.225.9400 Fax
877.228.9515 Toll Free
www.hyreandassociates.com
Find Us Here:
Raymond James Financial Services does not accept orders and/or instructions regarding your account by email, voice mail, fax or
any alternate method. Transactional details do not supersede normal trade confirmations or statements. Email sent through the
Internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all email. Any information
provided in this email has been prepared from sources believed to be reliable, but is not guaranteed by Raymond James Financial
Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any
information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial
Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in email. This email is
intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review,
transmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other
than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete
the material from your computer.
2074 Arlington Avenue, Columbus, Ohio 43221
614.225.9400 local | 877.228.9515 toll-free | 614.225.9400 fax
www.hyreandassociates.com | info@hyreandassociates.com
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC.