Quarterly Letter

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....

Following stellar gains in 2013, the stock market experienced an unusual losing January before wobbling higher during February and...

Fourth Quarter 2013 simulated the first three quarters: Washington remained dysfunctional and investors remained fretful concerning interest rates,…