2020 Q3 Client Letter


Dear Clients: The good news is, as of September 30, 2020, client equity portfolios had their strongest two-quarter performance since the third and fourth quarters of 2010.  The bad news is “Value” continued to lag “Growth” significantly in the third quarter of 2020, an all too familiar refrain.  However, we’ve completed implementation [...]

2020 Q3 Client Letter2020-10-12T13:34:41-04:00

2020 Q1 Client Letter


Dear Clients: The term “unprecedented” is often misused/overused, but is certainly apropos to describe what would become the COVID-19 global pandemic and concomitant destruction of the world economy and financial/commodity markets.  Unfortunately, the lead headline in the April 1, 2020 edition of The Wall Street Journal (“WSJ”), “Stocks End Worst Quarter [...]

2020 Q1 Client Letter2020-04-10T17:10:43-04:00

2019 Q4 Client Letter


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 [...]

2019 Q4 Client Letter2020-02-19T16:11:31-05:00

2019 Q2 Client Letter


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 [...]

2019 Q2 Client Letter2020-02-19T16:43:47-05:00