Investment Recap

Fourth Quarter 2013

The U.S. Stock Markets finished quite strongly last year.  Our equities ended the year with a better than 30% gain, just shy of the 33.5% return of the Russell 3000 Index (the S&P 500 was +32.4%). The stock market became somewhat...

Third Quarter 2013

It appears clear today that Congress will extend the debt limit and thankfully avert a default.   Investors were understandably jittery for the past several days seeing the Congressional follies play themselves out.  Nonetheless, in the...

Second Quarter 2013

In the second quarter of 2013 stocks continued to rally and bond prices retreated.  Our stocks performed better than the almost 3% return for the major market indices.  In May the equity market leadership began shifting from defensive...

First Quarter 2013

As you may have read, the first quarter of 2013 was the best first quarter market performance for stocks since 1998, with returns approaching 11%. Some of the issues we discussed in our last letter were ameliorated and investors became...

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