Quarterly Letters

During the past quarter, U.S. and international stocks were back in negative territory, with international and emerging markets down the most.  This quarter had a negative impact on our one-year returns, leaving only the S&P 500 and real estate in positive territory for the year.  The following chart shows the 1-year, 5-year, and 10-year performance of many DFA funds (representing […]

During the past quarter, U.S. and international stocks performed exceptionally well, with international and emerging markets doing the best (as they have during the last ten years).  Ironically, U.S. stocks have outperformed international stocks during the last one year and five year periods.  The following chart shows the 3-month, 5-year, and 10-year performance of many DFA funds (representing different asset […]

Any investor should be willing to admit 2011 was a pretty crazy year for the markets. We were churned through the year by a weather and nuclear disaster in Japan, a deadlock over finances in Congress that led to a downgrade of U.S. debt, and a major crisis in Europe that threatened to blow apart the European Union and end […]

During the past quarter, the world-wide equity markets took a steep fall.  In contrast, our bond positions did their job and held up the “fort.”  The chart below shows the 3-month, 5-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P 500 Index: Market Returns for the period ending September 30, 2011  DFA Fund […]

As a fiduciary, we are required to utilize a due diligence process in selecting service providers, including the selection of custodians.  We are also required to periodically re-evaluate these relationships.  Sparrow Wealth Management clients have utilized Charles Schwab as your custodian for about ten years now.  During the past year, we have evaluated a number of custodians, and we have […]

During the past quarter, U.S. stocks and real estate performed exceptionally well, followed by moderate returns internationally.  Short and intermediate bonds remained flat.  Isn’t it interesting that U.S. and international stocks performed so well, despite the havoc caused by the earthquake and tsunami in Japan?  The following chart shows the 1-year, 5-year, and 10-year performance of many DFA funds (representing […]

Over the past year, worldwide markets continued the strong recovery that started in 2009. US stocks turned in pleasing results with investors earning significant rewards for the equity, small cap and value risk factors. But capturing the market rate of return required plenty of patience: eight months into the year, the S&P 500 Index was still down 5.8% and the […]

During the past quarter, we have witnessed an amazing 3-month rebound, in stark contrast to what happened in the prior quarter. In fact, the month of September will go down in history as the strongest September since 1939. The following chart shows the 3-month, 5-year, and 10-year performance of many DFA funds (representing different asset classes) compared to the S&P […]

During the past quarter, global stock markets ended their year-long rally and experienced their first major correction since the crash of 2008. Despite strong corporate earnings reports, global investors reacted to the European debacle, the Gulf oil spill, Goldman’s troubles with the SEC, and worries about a possible double-dip recession.  The following chart shows the 3-month, 5-year, and 10-year performance […]

During the past quarter, we are happy to report that the market recovery that started in March 2009 has continued. U.S. small stocks and real estate investment trusts had the best performance for the quarter, earning about 10% during the last 3 months.  Large U.S. stocks and international small stocks earned about 5% during this time.  Take some time to […]