Client Newsletter -– Quarter Ending September 30, 2013
The third quarter of  2013 saw a continuation of the robust market that this year has brought. In spite of worries, mostly over government problems, unemployment, and fears over Federal Reserve policy, the markets have risen to record or near record territory. Both the S&P and the Russell 200 are at all-time highs. The NASDAQ is at a 13 year high (but still 29% off its all-time highs). That the markets have been able to climb this wall of worry is a good sign, not only because returns are good, but it is a good situation because worries have kept the markets from being overly exuberant. I have detailed the stresses in the markets in previous columns and letters, so it is not necessary to review them again, but it is encouraging that the markets have surmounted these worries.

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