Investment Recap

Second Quarter 2008

The second quarter was positive for our stocks versus -2.7% for the S&P500 and -1.7% for the Russell 3000. (It would have been even better if not for substantial market retrenchment during the last two weeks of June.) As we noted in...

First Quarter 2008

It is no exaggeration to describe the past several weeks as one of the most tumultuous times in financial history. The market volatility and news events have had all investors on the edge of their seats. In our last two letters, we wrote...

Fourth Quarter 2007

It’s the Economy, Stupid! Remember that political refrain from 1992? Well, it is pertinent again in this campaign year. In our last quarterly letter, we referred to the “subprime mortgage meltdown” and the Federal Reserve’s preemptive...

Third Quarter 2007

The third quarter market volatility and storyline had enough plots and subplots for a multi-week television mini-series. Things started with the “spillover effect” of the subprime mortgage meltdown. As you have read, risk premiums in the...

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