Quarterly Client Newsletters

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 [...]

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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, [...]

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4th Quarter 2011

Calendar Year 2011
This past year severely tested investors’ patience.  The year started well, with economic optimism emerging.  The first quarter of the year the S&P index finished up 5% in spite of enormous headwinds.  However, even more unpredictable events appeared which dashed optimism.  A severe earthquake and resultant Tsunami rocked Japan, disrupting supply chains and economics throughout [...]

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