Investment Recap

Fourth Quarter 2007

It’s the Economy, Stupid! Remember that political refrain from 1992? Well, it is pertinent again in this campaign year. In our last quarterly letter, we referred to the “subprime mortgage meltdown” and the Federal Reserve’s preemptive...

Third Quarter 2007

The third quarter market volatility and storyline had enough plots and subplots for a multi-week television mini-series. Things started with the “spillover effect” of the subprime mortgage meltdown. As you have read, risk premiums in the...

Second Quarter 2007

The stock market experienced a broad rally during the second quarter and we performed materially better than the 6.2% gain in the S&P500. While worries continue over high oil prices, weakness in the housing market and problems with sub...

First Quarter 2007

The stock market was basically flat for the first quarter (with gains of approximately 1%). Once again our stocks outperformed, and the margin of outperformance has widened further during April. We mentioned in our January letter the...

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