Investment Perspectives

Each quarter we explore a topic that we believe is relevant for our clients in understanding the current investment environment and the markets.

Client Letter: Investment Perspectives

The financial markets have begun to anticipate change. As market psychology has shifted from hopeful to risk averse, there are those who have interpreted this recent change as a major inflection point in market direction. Our near to medium term outlook has been tempered by this shift in market dynamics, to a less vigorous second half of 2006 than originally thought.

Client Letter: Investment Perspectives

The past year showed the wisdom of global diversification. In the equity markets, the US lagged, with the Standard & Poor’s “500” providing a return of 3% (4.9% including dividends). Within the US market, there were a few areas of strength, such as energy, utilities, industrial materials and large capitalization biotech leaders. These groups produced gains of from 20-40% or more.

Archived Investment Perspectives