Investment Recap

First Quarter 2002

This year’s first quarter was volatile and stocks generally, as represented by the S&P 500 average, made no progress. On the other hand, small and mid cap stocks, particularly “value” stocks, did well, benefiting our accounts. We made...

Fourth Quarter 2001

As we hoped and expected, the combination of aggressive Federal Reserve easing along with the absence of further terrorist attacks provided a salve to the market. Stocks did well in the fourth quarter as the S&P 500 index gained more...

Third Quarter 2001

In our letter to clients on September 13th, two days after the terrorist attacks, we concluded by saying “the thoughtful optimists always succeed.” Indeed the recovery of many stocks in the last two weeks has been quite gratifying and...

First Quarter 2001

For several quarters, we have been extolling the virtues of diversification. Investors who have been un-diversified and focused primarily on technology have been learning a painful lesson. The outlook for corporate profits, in general, and...

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