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Letter from the
Chairman & CEO

Last year we discussed the potential for change, and in 2018, we experienced it. We began the year with volatility and rode a wave of recovery into mid-year powered by increased earnings, a strong domestic economy, and supercharged by the impact of decidedly lower corporate tax rates. As we approached the end of the year, markets reflected growing trepidation driven by a slowing economy, continued increases in interest rates, global trade conflicts, and domestic political discord. We also witnessed the first glimpse of market liquidity issues, driven by a lack of risk capital due to the Volcker Rule, and structural issues driven by the impact of passive investment vehicles such as exchange traded funds, or ETFs.

As I write this letter, the market has responded positively to favorable comments by the Federal Reserve, to the government returning to work following a shutdown, to a more sanguine view of trade issues, and to stronger consumer spending. The combination of a strong domestic economy, low interest rates, and low unemployment tend to act as a bromide that can significantly improve expectations even as risks appear.

Bud Lowenthal
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Financial Highlights

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Company Financial Information

The Company’s financial information is available at www.oppenheimer.com/about-us/investor-relations. Our Annual Report on Form 10-K for the year-ended December 31, 2018 also serves as our 2018 Annual Report to Stockholders. To request a paper or email copy of our Annual Report on Form 10-K, without exhibits, at no charge, call (800) 221-5588, write to Oppenheimer Holdings Inc., Attention: Secretary, 85 Broad Street, 22nd Floor, New York, NY 10004, or email info@opco.com. Exhibits will be provided upon request and payment of a reasonable fee.

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Our Business Areas

Our people are our most important asset – they are dedicated and experienced, with a strong commitment to providing the energy and the intellectual capital to fulfill the trust we have worked so hard to earn from our clients.

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2018 Annual Report

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