Newsletters

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” [...]

Dear Clients: Investors endured a brutal fourth quarter of 2018, with the S&P 500 losing 13.5% (at one point a whisker shy of a bear market decline of 20% from its September 20 peak), as anxiety increased over the Federal Reserve raising short-term interest rates too quickly, the threat of the tariff [...]

2018_Quarter_3_Newsletter

2018_Quarter_2_Newsletter

2018_Quarter_1_Newsletter