Investment Recap

Second Quarter 2007

The stock market experienced a broad rally during the second quarter and we performed materially better than the 6.2% gain in the S&P500. While worries continue over high oil prices, weakness in the housing market and problems with sub...

First Quarter 2007

The stock market was basically flat for the first quarter (with gains of approximately 1%). Once again our stocks outperformed, and the margin of outperformance has widened further during April. We mentioned in our January letter the...

Fourth Quarter 2006

The last year was an exciting and very profitable year for investors with the patience to endure all the stressful macro-economic events we have chronicled in our last few quarterly letters. As we expected, strong earnings gains trumped...

Third Quarter 2006

Words like “uncertainty” and “soft landing” permeate much of the current published investment commentary. We actually like uncertainty because it creates opportunities, and the third quarter of this year was clearly a period filled with...

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