Quarterly Letter

Fall is peeking around the corner at us and we look forward to trading in our sunscreen for mugs...

We hope your summer is progressing nicely.  Several quarters ago we began separating our letter into two sections, a...

We hope this letter finds you well. As we mentioned a few quarters ago, our quarterly letter is now...

As a continuing evolution of the quarterly letter we have separated our comments into two sections, a brief overview...

This letter includes two parts; one part, below, which is our standard review, and a second part, titled A...

During the second quarter, the major U.S. stock market indices were mixed. The S&P 500 and Dow Jones Industrials...

During the first quarter, the major U.S. stock market indices had a mixed performance; the S&P 500 and NASDAQ...

During the fourth quarter, the major U.S. stock market indices continued their gradual, albeit irregular, ascent; the S&P 500,...

U.S. STOCK AND BOND MARKETS Despite worries about geopolitical events and future Federal Reserve policy, the major U.S. stock...

U.S. STOCK AND BOND MARKETS During the second quarter of 2014, the major U.S. stock market indices climbed higher....