The recent financial news would have you believe that the world financial markets are falling apart, and that the current bear market will probably be around for a while. In fact, the last two years have been a very dark time for U.S. large stocks. For example, the S&P 500 stock index—which is composed of U.S. large stocks—is down about […]
Quarterly Letters
Client Letter – Q1 2002
The two-year bear market has made a lot of investors wary of risk. Investors who thought nothing of buying the stock of a fledgling Internet company with no profits back in early 2000 are now slapping their money into bond mutual funds, certificates of deposit, and money market mutual funds. Despite low interest rates, money poured into bond mutual funds […]
Client Letter – Q4 2001
We all like to believe there is a Holy Grail mutual fund out there that will deliver huge returns year after year without fail. That belief feeds into the marketing of mutual funds—advertisements that sport huge recent returns listed in bold letters lure investors to high-risk funds whose time is often past. It also provides fodder to the publications that […]
