Investment Recap

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...

Fourth Quarter 2012

The stock market was “flat” for the fourth quarter and our stocks gained 2-3%. For the year the market was up approximately 16% and our equity returns were better than 20%; clearly, another good year.   For the last four years we have...

Third Quarter 2012

The stock market was up more than 6% in the 3rd quarter, and we maintained our margin of outperformance for the year to date. This is especially good because 2012 happens to be a year when 70% of managers are under performing the 16%...

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