2020 Client Letter

Market Data for year-end 2019: • S&P 500 Stock Index: 3231, up 28.9% • Ten-year Treasury Note Yield: 1.92%, down 0.76% • Gold: $1,523 per ounce, up 18.9% • Oil: $61 per barrel, up 35.6% Virtually every major investment asset class, from stocks and bonds to real...

2019 Client Letter

Market Data for year-end 2018: • S&P 500 Stock Index: 2507, down 6.3% • Ten-year Treasury Note Yield: 2.68%, up .27% • Gold: $1,281 per ounce, down 2.1% • Oil: $45 per barrel, down 24.3% increased investors’ sense of uncertainty, pressuring returns across almost...

2018 Client Letter

Market Data for year-end 2017: • S&P 500 Stock Index: 2674, up 19.4% • Ten-year Treasury Note Yield: 2.41%, down .04% • Gold: $1,309 per ounce, up 13.6% • Oil: $60 per barrel, up 11.1% Global stock markets advanced strongly nearly across the board in 2017, as...

2017 Client Letter

Market Data for year-end 2016: • S&P 500 Stock Index:  2239, up 9.5% • Ten-year Treasury Note Yield:  2.45%, up 0.18% • Gold:  $1,152 per ounce, up 8.7% • Oil:  $54 per barrel, up 45.9% After global stock markets began 2016 with their worst January on record on...

2016 Client Letter

Market Data for year-end 2015: • S&P 500 Stock Index:  2044, down 0.7% • Ten-year Treasury Note Yield:  2.27%, up 0.10% • Gold:  $1,060 per ounce, down 10.4% • Oil:  $37 per barrel, down 31.5% The primary themes of financial markets in 2015 were the deceleration...

2015 Client Letter

Market Data for year-end 2014: • S&P 500 Stock Index:  2059, up 11.3% • Ten-year Treasury Note Yield:  2.17%, down 0.87% • Gold:  $1,183 per ounce, down 1.6% • Oil:  $54 per barrel, down 44.9% In 2014, the US stock market enjoyed another year of double digit...