Dear Clients: Though we never focus on short-term performance, we are nonetheless pleased client equity portfolios had solid performance in the second quarter of 2021, building on the stellar gains from the fourth quarter of 2020 and first quarter of 2021. We’re invested alongside you and are quite satisfied with where we [...]
Dear Clients: What a difference 12-months makes! The U.S. stock market bottomed on March 23, 2020 after the S&P 500 Index had plunged a harrowing 34% in just 23 trading days, it’s most rapid meltdown in history. Many Investors were understandably shell-shocked and nobody could have predicted stocks would be at record [...]
Dear Clients: While 2020 was the most challenging year we’ve endured, on a number of levels, our investment performance finished the year on a high note. For the quarter ending December 31, 2020, performance was exceptionally strong, both on an absolute basis and relative to the S&P 500 Index. In fact, performance [...]
Dear Clients: The good news is, as of September 30, 2020, client equity portfolios had their strongest two-quarter performance since the third and fourth quarters of 2010. The bad news is “Value” continued to lag “Growth” significantly in the third quarter of 2020, an all too familiar refrain. However, we’ve completed implementation [...]
The First Half of 2020 Was a “Spock” Market Dear Clients: We are pleased to report client equity portfolios experienced excellent performance in the quarter ending June 30, 2020, both on an absolute and relative basis. The S&P 500 had its best quarter since the fourth quarter of 1998, more [...]
Dear Clients: The term “unprecedented” is often misused/overused, but is certainly apropos to describe what would become the COVID-19 global pandemic and concomitant destruction of the world economy and financial/commodity markets. Unfortunately, the lead headline in the April 1, 2020 edition of The Wall Street Journal (“WSJ”), “Stocks End Worst Quarter [...]
Dear Clients: What a difference year makes! ‘Twas the night before Christmas (2018) and the December stock price collapse reached a crescendo (DJIA -653.17 points) as investors seemingly lost their collective minds on fears of the Federal Reserve raising short-term interest rates too quickly and the threat of the on-again tariff/trade spat [...]
Dear Clients: We’re again pleased to report client equity portfolios continued to experience solid performance through the first three quarters of 2019, which also marked the first time since 1997 when the S&P 500 had a total return greater than 20% in the first nine months of the year. While we’re grateful [...]
Dear Clients: We’re pleased to report client equity portfolios posted strong performance in the first half of 2019, particularly given “Value” stocks continued to underperform “Growth” stocks. The rise in U.S. stocks was anything but a straight-line advance as they continued their roller coaster ride in the second quarter of 2019. In [...]
Dear Clients: We always preach focusing on the “long-term,” but after the brutal fourth quarter of 2018, we’re very pleased to report a great first quarter of 2019, both on an absolute and relative basis. The S&P 500 had a total return of 13.65%. We feel particularly good about this result given “Value” [...]
