January 14, 2015 Dear Client: Q4, like all of 2014, saw more volatility yet the markets generally were positive. We maintained our portfolio positions despite the impact of falling oil prices. Markets were solid for the quarter and year despite increased volatility. There were more down months and record highs than the previous two years. [...]

October 17, 2014 Dear Client: Q3 saw major global macro threats such as the Russian/Ukraine conflict, ISIS, slowing global growth, Ebola and the Fed winding down quantitative easing, and yet the markets held relatively steady. Our confidence in the economy helped us stay with our portfolios while the markets traversed the wall of worries. Markets [...]

July 15, 2014 Dear Client: Our confidence in the economy helped us hold our investments through market volatility. Markets were highly correlated, i.e. moved in the same direction.  Global equities posted similar returns: S&P 500[1] +4.7%, the tech-heavy NASDAQ[2] +4.9%, and international equities +3.0%.  Individual sectors were a different story: energy posted 12% gains, utilities [...]

April 10, 2014 Dear Client: Harsh atmospheric conditions and international events didn’t shake our belief the economy was strong.  Thus, we chose to hold our portfolio allocations and ride through the first quarter volatility. Markets held strong despite Mother Nature, the Fed’s taper and an unfriendly international climate.  Global stocks generally experienced 5% declines in [...]

January 13, 2014 Dear Client: It's a pleasure to send your fourth quarter 2013 (Q4) performance report and statement of management fees.  Our belief in a strong US economy led us to overweight large cap US stocks and underweight Treasuries and emerging markets.  To lock in gains we reduced our small-cap positions at year end. [...]

October 11, 2013  Dear Client:  It's a pleasure to send your third quarter 2013 (Q3) performance report and statement of management fees.  We stayed out of emerging markets and long-duration bonds.  As the quarter progressed we raised cash and emphasized large cap US and European stocks to protect against the end-of-quarter volatility we expected.  US [...]

July 11, 2013 Dear Client: It's a pleasure to send your second quarter 2013 (Q2) performance report and statement of management fees.  We believe key to our performance was maintaining our US focus while avoiding emerging markets and long-duration bonds.  We plan to continue this strategy moving forward. US stocks posted gains, hitting all-time highs [...]

Dear Client: We became uneasy optimists/queasy riders ith the Fed’s QE4 announcement on December, 12 2012.  Since then we increased our US equity positions and started adding European equities. Q1 global markets seemed to say investors no longer needed to panic.  All global equity sectors we follow were up, except emerging markets.  Large-cap US stocks [...]

Dear Client: With the resolution of a contentious election and emerging clarity over budget issues, we have slowly moved away from our conservative stance and raised our equity positions. 2012 and Q4 surprised on performance and leadership.  All global equity sectors we follow were up for the year.  Risky sectors led the way.  The emerging [...]