July 15, 2016
July 2016 – Quarterly Letter
In spite of negative investor sentiment, and mutual fund cash allocations at their highest since…
Read More
April 15, 2016
April 2016 – Quarterly Letter
The market experienced a fairly substantial sell-off in January. Commentators observed that it was the…
Read More
January 15, 2016
January 2016 – Quarterly Letter
Globally, stocks were flat to down in 2015. Most fixed income assets were also down…
Read More
October 15, 2015
October 2015 – Quarterly Letter
Remembering Black Monday -- 1987 I was fourteen years old on Black Monday. Baseball was…
Read More
August 15, 2015
August 2015 – Market Update
Once again, the market has hit some turbulence. For the last few years, it seems…
Read More
June 15, 2015
January 2015 – Quarterly Letter
2014 marked the completion of my second decade as a stock portfolio manager. I embarked…
Read More
June 15, 2015
July 2015 – Quarterly Letter
Summer Melodramas There have been two suspense stories unfolding in the markets this summer. We…
Read More
April 15, 2015
April 2015 – Quarterly Letter
Slow and steady is the best way to describe market conditions for the first part…
Read More
October 15, 2014
October 2014 – Quarterly Letter
Several of our clients have been with us for almost twenty years, and we are…
Read More
July 15, 2014
July 2014 – Quarterly Letter
Investors have had a very good run in the five years since the Great Recession. …
Read More