Investment Recap

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...

Second Quarter 2006

During the second quarter, investors were preoccupied with concerns about the Bernanke “Fed.” The stock market corrected with the riskier assets suffering the most. The strong upward momentum of emerging markets, small cap stocks and...

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