Investment Recap

Fourth Quarter 2003

The year 2003 was a very successful one for stock market investors. Very early in the year we had made the prediction to several of our institutional clients that “the market” would rise by 15-20%. In actuality, the S&P 500 index rose...

Third Quarter 2003

The stock market gave investors further reason to cheer during the third quarter. Interest rates have stayed low, corporate earnings have been better than expected, and hedge funds and underinvested investors have felt pressure to buy...

Second Quarter 2003

The second quarter witnessed a robust rally in stocks and marked the best quarterly performance in several years. A confluence of positive factors lifted investors’ spirits and caused some of the $5 trillion of cash on the sidelines to get...

First Quarter 2003

The excuses that investors, politicians, and editorial writers have used for many months are now no longer valid. The war in Iraq is basically over. Fortunately, none of the several potential negative scenarios that worried us all has come...

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