Investment Recap

Fourth Quarter 2006

The last year was an exciting and very profitable year for investors with the patience to endure all the stressful macro-economic events we have chronicled in our last few quarterly letters. As we expected, strong earnings gains trumped...

Third Quarter 2006

Words like “uncertainty” and “soft landing” permeate much of the current published investment commentary. We actually like uncertainty because it creates opportunities, and the third quarter of this year was clearly a period filled with...

Second Quarter 2006

During the second quarter, investors were preoccupied with concerns about the Bernanke “Fed.” The stock market corrected with the riskier assets suffering the most. The strong upward momentum of emerging markets, small cap stocks and...

First Quarter 2006

This year’s first quarter was one of the best three-month periods in a few years. (The S&P500 was up 4.3%.) Once again, our stocks comfortably beat the market. We wrote last quarter about high energy prices and Federal Reserve policy...

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