July 12, 2017 Dear Client: It's a pleasure to send your second quarter 2017 performance report and statement of management fees.  A synchronized global recovery with many record highs, along with record-low volatility, led to widespread strength in equity markets.  Thus, we maintained our market positions. Q2 capped off the best first-half performance global markets [...]

April 12, 2017 Dear Client: Despite media focus on high political drama, markets, especially global equity markets, were steady and positive.  This supported our view on the economy, so we maintained our market positions. Tranquil markets ruled from before Halloween to St. Patrick’s Day.  The Dow[1] passed 20,000 and 21,000 with volatility the lowest since [...]

January 13, 2017 Dear Client: A surprise Trump election stirred optimism about the US economy, global economic growth, improved personal finances and lower for longer interest rates. This led us to increase our equity weightings. WOW! US equities suffered the worst January in history, but ended strongly. Small companies outperformed large. The Russell 2000[1], the [...]

October 7, 2016 Dear Client: Slow economic growth and low global interest rates prolonged the low volatility environment. Thus we maintained our overweight in cash and large caps US stocks. We are looking at small cap and international equities. Global monetary and fiscal policies put a lid on trading volume and volatility. Equities outperformed fixed [...]

July 15, 2016 Dear Client: Global uncertainty plus the British exit from the European Union (Brexit) stirred market volatility and led us to maintain our focus on US large caps which pay dividends while avoiding international markets. Governments, corporations and weather led to investor uncertainty and volatility. Investors looking for income and stability helped the [...]

April 19, 2016 Dear Client: Due to early volatility we stayed in US large caps but sold international positions to raise cash and conserve capital. The first quarter saw early pessimism then relief creating a roller coaster ride. The S&P 500[1] plummeted a historic 11%+ in the first three weeks, then double-bottomed and finished up [...]

January 15, 2016 Dear Client: 2015 frustrated both bulls and bears and provided little joy.  Our only changes to portfolios was to raise cash. Despite a positive Q4, 2015 equity markets were flat to down.  The S&P 500[1] was -0.7%, the Dow[2] -2.2%, while only the tech-heavy NASDAQ[3]  posted a gain, +5.7%.  International markets fared [...]

October 15, 2015 Dear Client: We raised cash expecting volatility to increase due to falling commodity prices, economic weakness in China and seasonal weakness.  We feel this helped our portfolios weather a very difficult quarter. Developed country markets had a ten percent correction for the first time in four years. It’s normally an annual occurrence. [...]

July 15, 2015 Dear Client: Debt woes in Greece and Chinese market volatility led us to emphasize US-based, high-quality equities in our portfolios to ride out the storm. Q2 was full of highs and lows. The major US equity indexes all hit record highs in May but ended the quarter mixed. The S&P 500[1] and [...]

April 21, 2015 Dear Client: A strong dollar and falling oil prices resulted in global volatility, so we increased cash in our portfolios. Economic releases gave bulls and bears a chance to stir the pot. US stocks had a strong February sandwiched between two down months. The S&P 500[1] went a month-and-a-half without two consecutive [...]