2017 Letters to Clients

SECOND QUARTER 2017

As the major stock indexes have, one-by-one, broken through their previous record highs in recent months, it has been interesting to observe that the dominant reaction among many investors has not been one of celebration but, rather, trepidation. Read More »

 

FIRST QUARTER 2017

"The buying opportunity of a lifetime."

That was how the esteemed financial writer Nick Murray described the stock market environment in early 2009. Hindsight shows he was, of course, spot on. But it certainly didn’t feel that way to many investors at the time. Read More »