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.

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