2nd Quarter 2009   This quarter was one of recovery. Many capital market indices overcame first quarter declines and ended in positive territory for the year, though fixed income indices fell slightly. As one symptom of financial volatility in global markets, oil prices reflected the 1970s’ energy crisis rocketing up 41%. In our prior commentary, we noted that since early Mar ...

1st Quarter 2009   The quarter has been one of many extremes. From an investment perspective, January and February continued the grim downward spiral of returns from the previous quarter in almost every major asset class, followed by a surprisingly good March. From an economic perspective the real economy continued to deteriorate. Unemployment and mortgage foreclosures climbe ...

4th Quarter 2008   Few periods in financial history have seen more severe quarterly declines in security values than the most recent quarter. Misaligned incentives, short-term corporate policies, unconscionable leverage, fraudulent lending, and regulatory failures combined to victimize investors large and small this year and led to a financial and economic crisis of historica ...