Investment Recap

Fourth Quarter 2008

The fourth quarter of last year was a monumentally difficult period for stocks as we commented in our October client letter. Hedge fund liquidations, plus the cumulative effect of the many negative events which occurred during the course...

Third Quarter 2008

Markets have gone from fear, to greater fear, to panic. The month of September was difficult, but October has become worse due to what has been described as a “credit market freeze.” As we all know by now, commercial paper issued by...

Second Quarter 2008

The second quarter was positive for our stocks versus -2.7% for the S&P500 and -1.7% for the Russell 3000. (It would have been even better if not for substantial market retrenchment during the last two weeks of June.) As we noted in...

First Quarter 2008

It is no exaggeration to describe the past several weeks as one of the most tumultuous times in financial history. The market volatility and news events have had all investors on the edge of their seats. In our last two letters, we wrote...

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