Investment Recap

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%...

Second Quarter 2012

During the second quarter, the stock markets declined approximately 3%. Our stocks again did somewhat better. Headline news focused on debt problems in Europe and the specter of a break-up of the Euro currency alliance. Fortunately in June...

First Quarter 2012

In terms of performance, the first quarter amounted to the equivalent of a good year! The major stock market averages were up approximately 12%; our equities were up 15%. While worries about European sovereign debt resurfaced again last...

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