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Client Letters

First-hand examples of communications we send directly to clients sharing our pulse on the markets.

Client Letter 2020 Q4

Q4 2020 Market Results The fourth quarter of 2020 proved a good one for both U.S. and global markets.  The S&P 500 was up an impressive 12.15% for the quarter, hitting new all-time highs in December.  International was up an even more impressive 16.02% and Emerging markets up an even better 19.70%.  Bonds were up

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Client Letter 2020 Q3

Q3 2020 Market Results After being hit very hard in the first quarter by the Coronavirus pandemic, then followed by a strong (but not complete) recovery in the second quarter, the market continued its recovery during the third quarter.  So much so that the S&P 500 hit a new all-time high in early September.  The

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Client Letter 2020 Q1

Q1 2020 Market Results The first quarter of 2020 was, without question, one for the history books. The world was introduced to coronavirus 2019, a.k.a. COVID-19, after its January outbreak in China. Although not overwhelmingly notable at first, the virus quickly spread in China, then to other countries and was officially labelled a pandemic on

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Client Letter 2020 Q1

Q-4 2019 Market Results The fourth quarter of 2019, and the full year of 2019 were good for the markets, especially the U.S. The U.S. S&P 500 index was up +9.07 for the quarter and +31.49% for the year. The international market index was up +8.17% for the quarter and up +22.01% for the year.

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Client Letter 2019 Q4

Q-3 2019 Market Results The third quarter of 2019 was not a great quarter for market returns, but it was far from bad. The U.S. S&P 500 index was up +1.70%. The international market index was down -1.07% and emerging markets were down -4.25%. Global ex-U.S. was down -1.80%. Bonds did surprisingly well with the

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