Investment Recap

Fourth Quarter 2001

As we hoped and expected, the combination of aggressive Federal Reserve easing along with the absence of further terrorist attacks provided a salve to the market. Stocks did well in the fourth quarter as the S&P 500 index gained more...

Third Quarter 2001

In our letter to clients on September 13th, two days after the terrorist attacks, we concluded by saying “the thoughtful optimists always succeed.” Indeed the recovery of many stocks in the last two weeks has been quite gratifying and...

First Quarter 2001

For several quarters, we have been extolling the virtues of diversification. Investors who have been un-diversified and focused primarily on technology have been learning a painful lesson. The outlook for corporate profits, in general, and...

Fourth Quarter 2000

The overriding lesson learned last year by market participants concerned Technology. “Tech” became a four-letter word. Because this sector had overwhelmingly become the place to be the last two years, investors focused more and more...

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