| July 8, 2009
2nd Quarter 2009 Review
The good news is that we seem to have averted a total meltdown of the financial system. Last fall we came very close to a shutdown of the financial markets.
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April 15, 2009
Investing in Troubled Times
Returns from stocks over very long periods of time (we used to just say long periods of time) exceed returns from bonds. That is the reason investors allocate part of their portfolios to stocks and in many cases dedicate a very large percentage of the portfolio to stocks.
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January 13, 2009
2008 year-end letter
2008 was a dreadful year for investors.
Only one of the thousands of diversified equity mutual funds
had a positive return last
year (and it was less than 1%).
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October 14, 2008
Financial Markets in Turmoil
Through September, the market downturn was rather orderly. There were a lot
of losers this year, but there were some winners too. However, since the first
of October there has been a run on the stock market that rivals what we saw in
1987.
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