October 15, 2011
October 2011 – Quarterly Letter
What a miserable quarter. The S&P 500 has now dropped 10% so far this year,…
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July 15, 2011
July 2011 – Quarterly Letter
Halftime Performance If you only looked at the returns for the last three months, you’d…
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April 15, 2011
April 2011 – Quarterly Letter
So far, 2011 is shaping to up to be one for the history books. Tunisians…
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January 15, 2011
January 2011 – Quarterly Letter
Economic Signs of Life The economic vital statistics suggest that the economic recovery will persist…
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October 15, 2010
October 2010 – Quarterly Letter
Stocks are still undervalued in spite of benefiting from the strongest September since 1939. Clearly,…
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