Date:  November 24, 2021


Dear Shareholders:


As we enter the holiday season and harken back to where we came from, gratitude comes to mind. And now, during the time to give thanks, it is appropriate to think about those brave souls who, after leaving everything behind, came to a new but promising land to brave the elements and forge their way into a brighter future free from the stranglehold of spiritual oppression and economic blight. They took a leap of faith, and as a result, created a belief system that propelled a new nation and which, several generations later, found its way into our Declaration of Independence. The United States was founded on that ethos. 


We at Puget believe in that tradition and the belief system that pushed this country forward; its essential components that include hard work, determination and transparency coupled with an unquenchable confidence in ourselves, the latter being a primordial condition for success. That is the definition of faith and the reason why our enlightened forefathers understood that all people have a right to believe as they choose. America is a country built on that faith by those who choose to carry forward on the promise of a better tomorrow, each consecutive generation building on the progress of the other to a brighter future, a safe harbor and respite for all.


We have come a long way. Puget is now on its way to realizing and owning its own future. It is thanks to you, our shareholders, that we are here and, along with an incredible management team and Board of Directors, we can now look at the horizon with clear vision and gratefulness for a job well done. There may be storms ahead. The brave souls that we are celebrating today probably held on tight to ropes tied to masts with pulleys swaying in the wind, confident in their journey to build a nation.


Our story, the Puget story, is no different than the story that all of you already know about; the man born with nothing who overcame the odds to go from rags to riches, the woman who put all her kids through college on a housekeeper’s salary, the immigrant who started a shoe store that went nationwide. We are no different from each other because we share a common faith built on the legacy of those who came before us and those whom we are here to commemorate.

Regardless of your religious beliefs or nationality, this is a special time of year. At Puget, we are indeed grateful. We are grateful for all of those who have worked with us and by our side to develop the company we find so full of promise: our Board of Directors, our management team, our families, but especially you, our shareholders, who have had faith in us and who share our belief that through dedication, talent, innovation and hard work, we will continue to build the company we all envision.

Happy Thanksgiving.

Very truly yours,


Karen Fordham

President & CEO


Hermann Burckhardt

Chairman, Board of Directors