3rd Quarter 2012   In a period of looming macroeconomic risks and great investor uncertainty the quarter resulted in solid gains in most global equity markets.  The Dow was up 4.3%, the S&P 500 5.8% and the NASDAQ 6.2% for the quarter.  Year-to-date the Dow was up 10%, the S&P 14.5% and the NASDAQ 19.6%.  The news internationally was encouraging though mixed with Euro ...

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2nd Quarter 2012   The slowdown in global economic activity and heightened macroeconomic risks were reflected in negative equity returns for the quarter.  The Dow fell 3%, the S&P 500 3%, and the NASDAQ 5%.  International equities were even more affected by the downturn with the MSCI EAFE dropping 7% and the MSCI Emerging nearly 9%.  The flight to quality resulted in posi ...

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1st Quarter 2012   Equity investing was a solid bet in the quarter.  The Dow rose 8%, the S&P 500 13% and Nasdaq 19%.  International equities also rebounded nicely from the prior quarter.  Europe and Pacific indices were up roughly 11% while the Nikkei 225 posted a remarkable 19%.  Bond indices were mixed, with the Barclays Capital Aggregate Bond Index flat and long term ...

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4th Quarter 2011   A flight to quality benefited most domestic indices for the quarter and the year.  While international equities were positive for the quarter they were down substantially for the year.   The S&P 500 was up 11% for the quarter and was flat for the year.   Bonds were mixed with Barclays Capital Aggregate Bond Index up 1% for the quarter and 8% for the yea ...

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3rd Quarter 2011   It was the worst quarter for equities since 2008.  Global equities were down 17% for the quarter and 14% year-to-date while the S&P was down 14% quarterly and 9% for the year.  European equities were the worst performers down 23% this quarter and 16% year-to-date while Asian indices were down 12% quarterly and 14% for the year.  Not a single Dow Jones C ...

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2nd Quarter 2011   For the quarter, domestic equity indices managed small gains or losses while holding on to substantial returns year-to-date.  The Dow was up 1.4% for the quarter and 8.6% for the year.  The S&P and NASDAQ were both almost flat for the quarter, up 0.1% and down -0.3%, but up 6% and 4.5% for the year.  A dominant factor from a U.S. investor’s perspective ...

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1st Quarter 2011   It was another positive quarter for U.S. equity investors.   The Dow was up 6.4%, the S&P 5.9% and the NASDAQ 4.8%.  The market’s resilience in the face of the Fukushima earthquake, Middle East rebellions, and euro uncertainties was remarkable.  The U.S. economy continued to demonstrate significant signs of recovery with 216,000 new jobs in March and a ...

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4th Quarter 2010   Conventional market forecasts were wrong for the second year in a row.  The widely predicted and feared “new normal” of lower than historical returns was nowhere to be seen.  Fear encouraged by media hype and many academics, strategists, pundits, and political analysts, led many investors to flee diversified equities and balanced funds and pour into bonds a ...

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3rd Quarter 2010   Market Review Performance for the month, quarter and year confounded many forecasters.  While fears of the sovereign debt crisis, secular bear markets, high unemployment, and a double-dip recession spooked and whipsawed undiversified investors, the market climbed a wall of worry.  September posted some of the best monthly performance for equities in over s ...

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2nd Quarter 2010   It is important to understand that Germany’s focus on fiscal austerity has a dimension very different from the U.S. Deficit reduction is often rhetoric that proxies for a toxic political agenda on entitlement reform. Unlike in the U.S., labor contracts in the euro zone often guarantee life employment. The result in many European economies is distorted labor ...

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