2024 Client Letter

Market Data for Year-End 2023: • S&P 500 Stock Index: 4770, up 24.2%• Ten-year Treasury Note Yield: 3.87%, down 0.01%• Gold: $2,072 per ounce, up 13.6%• Oil: $71 per barrel, down 10.8% 2023 produced standout gains for the S&P 500, mostly on the back of...

2023 Client Letter

Market Data for year-end 2022: • S&P 500 Stock Index: 3840, down 19.4%• Ten-year Treasury Note Yield: 3.88%, up 2.37%• Gold: $1,824 per ounce, down 0.3%• Oil: $80 per barrel, up 6.7% Both stocks and bonds suffered significant losses in 2022, as persistent...

2022 Client Letter

Market Data for year-end 2021: • S&P 500 Stock Index: 4766, up 26.9% • Ten-year Treasury Note Yield: 1.51%, up 0.59% • Gold: $1,829 per ounce, down 3.6% • Oil: $75 per barrel, up 53% Risk assets, such as stocks and commodities, surged in 2021 as the combination of...

2021 Client Letter

Market Data for year-end 2020: • S&P 500 Stock Index: 3756, up 16.2% • Ten-year Treasury Note Yield: 0.92%, down 1.00% • Gold: $1,898 per ounce, up 24.6% • Oil: $49 per barrel, down 20.5% Financial assets advanced powerfully across the board in 2020, as the...

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...