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 the world, showing once again how exogenous events seemingly faraway can impact our markets.