2010 Letters to Clients

If you stop the average American on the street these days and ask him or her how the stock market performed in 2010, we suspect the response would be somewhere between “fair” and “poor.” After all, to look at the dispatches from the media during the course of the year, it was hard to draw any conclusion other than that 2010 was a downright dismal year for stocks. Read More »


Just a little over two years ago, on September 15, 2008, the investment bank Lehman Bros. announced that it would file for Chapter 11 bankruptcy. It was a stunning end for the 164-year-old Wall Street icon, a victim of its own greed and profligacy, as the massive amounts of leveraged bets on subprime mortgages the firm had made finally brought down the house. Read More »


After a nearly continuous upward climb from March 2009 through April 2010, stocks experienced a significant downturn in May and June and finished the quarter well into the red. A variety of events – from Eurozone debt fears to the “Flash Crash” in early May to disappointing economic data at home – stoked investor anxiety and led all of the major stock indexes to declines in excess of 10%. Read More »


This past quarter – March 9 to be exact – marked the one-year anniversary of the bottom of the 2007-09 bear market, when the Dow Jones Industrial Average hit a low of 6,547.

From its record high of 14,164 on October 10, 2007, the Dow declined 54%. It was the second-largest decline in the U.S. stock market’s history, eclipsed only by the 1929 market crash. Read More