Quarterly Reviews

Tuesday, January 31, 2012

Quarterly Review and Outlook – Fourth Quarter 2011
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As we entered 2011, we believed we would continue to face numerous challenges and headwinds for the markets and our economy. This view was not at all unique, but it focused us on the fact that investment returns would prove challenging. We believed that the situation provided an environment where we needed to “grind out returns” for our clients and grind we did. Market volatility was a significant influencer that made earning returns all the more difficult. One of our managers illustrated this volatility by pointing out that the S&P 500 traveled 3,240 points during 2011, but ultimately ended right where it started.

Wednesday, October 19, 2011

Quarterly Review and Outlook – Third Quarter 2011
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On October 5, 2011, Steve Jobs died after a long battle with cancer. Two months earlier he had resigned as CEO from Apple. I generally do not get too nostalgic about the death of someone that I have never met, but for me, Steve Jobs was different. I have no idea what he was like as a person other than what I've read about his life, but as a visionary, people like Steve Jobs don’t come along too often. I think Jobs’ genius will continue to grow over time as people realize the numerous profound advances he made in our lives.

Wednesday, July 20, 2011

Quarterly Review and Outlook – Second Quarter 2011
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A couple weeks ago, I had the pleasure of driving to Louisville, Kentucky. I drove up there alone, so that meant I had seven hours to ponder the constant financial news flow that bombards our daily life. While listening to Bloomberg radio, the topics ranged from the much ballyhooed raising of the debt ceiling, the sovereign debt crisis brewing in Europe (but supposedly contained and solved in Greece), the US housing situation, and the fact that unemployment remains stubbornly high. It was a pleasant drive! As I made my way through Georgia, then Tennessee and on to Kentucky, I was amazed by the number of trucks on the road. All the data suggests that our economy has slowed somewhat over the last few months, but from here to Kentucky it was hard to tell.