No PPP for Medley Brown

In the wake the COVID-19 pandemic, economic activity slowed dramatically as many businesses were forced to shut their doors and lay off workers, resulting in a record spike in unemployment. The government stepped in with a huge stimulus package with the CARES Act, a component of which was the Paycheck Protection Program, a small business loan program designed to fund ongoing operations for small businesses materially impacted by the economic conditions. It was conceived to allow businesses that might otherwise have to close and/or lay off workers to continue to fund payroll. The “loan” would be forgivable if certain stipulations were met. 

Fairly immediately, the program was inundated with applicants, most of which probably needed it. Others may have applied as an abundance of caution while others may have simply said, “Let’s grab what we can.”

As with so many government programs, much of the money gets where it’s needed, but abuse is hard to police in a crisis. In the weeks since the program was announced and subsequently funded, nearly every day we’ve seen headlines about large companies, even public companies, many that no doubt could have survived without it, under fire for taking PPP loans. And some of those included a number of investment advisory firms. 

We put this in the category of something that is your right to know, so we want to go on record that we did not apply for a PPP loan. We discussed it, we debated it, we considered both the real economic impact to us as well as how it might be perceived. But ultimately, we couldn’t, with clear consciences, certify that “current economic conditions make this loan request necessary to support the ongoing operations of the Applicant” as required on the application.

Our fees are tied to our assets under management, so when times are tough for you, they’re similarly tough for us. But while our revenue declined last quarter, we considered ourselves very fortunate to be impacted less than so many other small businesses. It wasn’t exactly business “as usual,” but we didn’t have to shut down, either. As we continue to navigate this environment, we want to emphasize that we will continue to evaluate and take whatever steps may be necessary to ensure that we have the resources to provide our services to you. 

We are more thankful than ever that you have entrusted us with your investments and financial affairs.



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Sissy Moreland

Client Services Trading

A graduate of Mississippi State University, Sissy joined Medley & Brown in 2017, but her career goes all the way back to 1990 when she was the merchandise director for four years at Phi Theta Kappa. She was also Customer Service Manager and Marketing Development Manager at Crystal Springs Apparel from 1994 to 2005. From 2005 to 2017, she was Manager of Sales Administration at Skyhawke Technologies. Thanks to her considerable operations and administrative experience, Sissy oversees trading and assists with most back-office operations for the firm. Staying so busy at work requires Sissy to recharge her batteries outside the office from time to time which she does by running, reading, enjoying a leisurely brunch, and watching the Saints play football.

Beth Braswell

Client Services Coordinator

Beth spent four years in the investment world before joining Medley & Brown in 2004 as our operations coordinator. She and her husband Robbie are busy parents to identical triplet daughters, so not surprisingly, some of Beth’s favorite things to do are napping and relaxing on the beach when she actually finds the time. Beth also enjoys taking short walks to the pool, attending concerts, and going out of town for long weekends. Beth loves her Mississippi State bulldogs and currently has four dogs, three cats, and three grandcats because having three children simply isn’t enough. No wonder her operational skills are so exceptional.

Doug Muenzenmay, CFA, CFP®

Senior Advisor   |   Principal

When he’s not enjoying the outdoors or attending his children’s school and sporting events, you can find Doug studiously researching investments for his clients. His career began in 1991 after graduating from the University of Iowa with a bachelor’s degree in economics. He spent 17 years in trust investments at three different banks before joining Medley & Brown in 2010. Doug also got his MBA from Mississippi College and served as an adjunct professor in finance there from 2007 to 2013. Married to his wife Sharon since 2001, Doug is a Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), and a board member of the CFA Society of Mississippi.

Eddie Carlisle, CFP®

Senior Advisor  |   Principal  |  Chief Compliance Officer

Eddie’s extensive education includes a B.S.B.A. in accounting, with special distinction, from Mississippi College in 1994, along with a J.D. from Vanderbilt University and LL.M. (Master of Laws) in taxation from the University of Florida. But it’s what he’s learned outside of school and work that really stands out. He’s an Eagle Scout, which taught him a great deal about honesty and hard work from an early age. He learned even more earning black belts in Taekwondo, Hapkido, and Hanmudo. Oh, and he studies the Korean language in his spare time as well. Additionally, Eddie serves as an adult leader for Scout Troop 164 in Madison. He is a past board member of Hope Hollow Ministries, the Central Mississippi Down Syndrome Society, and the Mississippi Corporate Counsel Association. Eddie is currently a board member of the Woodward Hines Education Foundation. He enjoys spending time with his wife, Sarah, and their three children—Andrew, Caroline, and Emma. 

Julius Ridgway

Senior Advisor   |   Principal

Judging from his background, you’d think investments and other financial matters were all Julius cares about. After all, he has two decades of direct investment experience and spent the previous ten years involved in banking and real estate. Julius also received a masters degree from the London School of Economics in 1998, an MBA from Millsaps College in 1993, and a history degree from the University of Mississippi in 1990. But his true passions include driving sports cars on racetracks or twisty mountain roads, running ultramarathons, and taking road trips with his wife and son. He’s worked here since 2002 as a Chartered Financial Analyst (CFA) and member of the CFA Institute while also serving as an adjunct instructor at Millsaps College and board member of New Stage Theatre. It takes major dedication to tackle all these responsibilities—sort of like training for all those long distant runs—but Julius enjoys every minute of the grind. And when it’s time to slow down, Julius finds the best way to clear his head is taking long hikes in the mountains on all those road trips.