In reviewing the statements that follow, you’ll notice that global equities extended their rally during the first quarter, albeit at a more moderate pace. The benchmark S&P 500 appreciated by just over 5%, Small Caps once again outperformed their larger brethren, and International equities lagged somewhat given currency fluctuations. Cash continues to provide a negative real return (rate less than inflation),… Read More

When fear ran rampant last March, it was easy to expect the worst. Media outlets were touting the probability of the Great Depression II, and the gut-wrenching free fall in asset values was virtually unrelenting. Very few were predicting that global equity markets would prove capable of climbing 70% or more off those lows in relatively short order. But, that’s… Read More

In July of 1969, the world watched in amazement as Apollo 11 delivered Neil Armstrong and Buzz Aldrin to the moon’s rocky surface. The achievement of something once thought so unattainable is what makes “one small step for man, one giant leap for mankind” such a memorable quote. Roughly forty years later, it’s with similar wonder that we’ve witnessed a tremendous… Read More

When we last wrote in this space, we referenced the market’s improved ability to digest economic data, and a willingness on the part of investors to wade further into the risk pool. Credit markets had stabilized materially from crisis levels and equity benchmarks worldwide were approaching official bull market territory. With the S&P 500 posting a total return of 15.9%,… Read More

In the six quarters since we began writing these summaries, there’s been little opportunity to mention bull markets. Indeed, with the S&P 500 falling another 11.0% to start 2009, and the included statements likely reflecting still lower valuations, you may be thinking it’s odd to even use such a phrase to describe the recent investing landscape. However, if you’ll read… Read More