2nd Quarter 2013
History shows that investors lose far more money as a result of their own actions than markets lose for them.
As markets reach new all-time highs, investors who “stayed the course” have benefited from the long running bull market.
Since 2009, when the broad market S&P index hit its low of 667, we have seen a substantial increase in value, with the Dow rising from 6,470 to 15,035, and S&P from 667 to 1,606 and the NASDAQ from 1,265 to 3,422. The market has been up 17 consecutive quarters from the low. This was a rally that no one trusted and few liked, but proved its resilience. Those who pulled to the side lines missed this huge rally.
1st Quarter 2013
As I reported to you last week, effective April 14, 2013, I repurchased my firm from Nevada Trust/Meadows Corp, who bought the firm last year. I did this because it was the right thing to do for our clients. Jim and I are very happy to have the firm back. We will continue to run the firm in the manner to which you are accustomed. If you have any questions, please call us and we will be happy to answer them. We will soon be sending you documents to sign, because regulations require that we have new signatures on file.
4th Quarter 2012
Calendar year 2012 was a difficult year for the markets by nearly every measure but the one that counts. Globally economic and political problems in Asia, Europe, and the US dominated the news. Investors were force fed a diet of bad news and troubles.
3rd Quarter 2012
US equity markets have staged a strong rally since their low point in June 1, 2012. At that time investors feared a global recession, Europe was facing disaster and the general outlook was one of despondency. The market closed at 1278.04 on June 1, 2012. Since that time, in a stealth rally, the broad market has risen 12.7% through the end of the third quarter 2012. The market closed at 1440.67 September 30, 2012. In September alone usually the worst month for markets, the S&P rose 2.6% and the Nasdaq 1.6%. The Dow logged 2.75%.
2nd Quarter 2012
My apologies for the tardiness of this letter, but I have been in Europe for a few weeks, sojourning, but also gathering information. I did not have any high level meetings, it wasn’t that kind of trip. One can get the flavor of macro thinking almost daily from news reports, not that I think they are accurate, but they do give a sense. I found European people on the street in a bit of a funk but still up beat. I was mainly in the former eastern block countries, so they have been used to turmoil and an upswing from communist days.
1st Quarter 2012
Market and economy continue in uptrend
For the first quarter of 2012, markets showed strong growth. The S&P returned 12.6% for the quarter, 8.5% from the same time a year ago. The Dow was up 8.1% for the quarter, 7.2% from a year ago, and the NASDAQ up 18.7%, 11.2% from a year earlier. Volumes however, were light, not what an investor would want to see. NYSE volume was the lowest since 4Q 2007, and down 14.5% from a year ago as investors remained cautious.