Investment Recap

First Quarter 2003

The excuses that investors, politicians, and editorial writers have used for many months are now no longer valid. The war in Iraq is basically over. Fortunately, none of the several potential negative scenarios that worried us all has come...

Fourth Quarter 2002

The final quarter of last year provided a nice snap back to stock market valuations, making up for some of the damage done during the tumultuous July-through-September period. As we had forecast in our last letter, there have been...

Third Quarter 2002

The worst quarter for stocks since 1987 has given way just this week to the best four day stock market rally since 1933. What do we make of all this turbulence? For one, there are a handful of well known and well discussed black clouds...

Second Quarter 2002

We have delayed sending our second quarter letter while we attempt to get a better understanding of and perspective about current events and market developments precipitating the dramatic July slide in stock prices.   Our investment...

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