2nd Quarter 2014 Economic Report

Here is a little song I wrote You might want to sing it note for note Don’t worry, be happy In every life we have some trouble When you worry you make it double Don’t worry, be happy… -Bobby McFerrin   Most of us will remember Bobby McFerrin’s one-hit wonder, Don’t Worry, Be Happy. This

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1st Quarter 2014 Economic Report

“Markets themselves are looking for stability, and I think we have underestimated the capacity of Europe… to actually create a more stable framework for the whole issue of debt management, bonds, and so on.” – George Papandreou, former Greek Prime Minister who resigned in 2011 to make way for a new government to tackle their

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4th Quarter 2013 Economic Report

“Learn to say ‘I don’t know.’ If used when appropriate, it will be often.”-Donald Rumsfeld   Though 2013 was a very good year for equities, and a poor one for fixed income, the global economy meandered somewhat aimlessly in the first half of the year, but, at least in the US and Europe, improved into

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3rd Quarter 2013 Economic Overview

“Do we t ell Americans to give up hope that their ship of state lies dead in the water because those entrusted with manning that ship can’t agree on which sail to raise? We’re within sight of the safe port of economic recovery. Do we make port or go aground on the shoals of selfishness,

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2nd Quarter 2013 Economic Overview

We are pleased to provide you with our second quarter 2013 report divided into three sections: a macroeconomic overview, an equity section, and a fixed income section. In last quarter’s report we spoke of “Nothing has changed: we’re still in a slow- growth recovery, grindingly slow, but it is definitely a recovery and there is

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1st Quarter 2013 Economic Overview

We are pleased to provide you with our first quarter 2013 report divided into three sections: a macroeconomic overview, an equity section, and a fixed income section. Equity markets have in general continued their late 2012 buoyancy with US markets leading the way, substantially outperforming their foreign counterparts. Bonds, on the other hand, posted their

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4th Quarter 2012 Economic Overview

We are pleased to provide you with our fourth quarter 2012 report and to not only look back on the past year, but to provide some of our thoughts on what we might expect in 2013. The fourth quarter returns for both stock and bond markets were modestly negative, providing no additional return in a

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3rd Quarter 2012 Report

The stock market performed well in the third quarter, well beyond our expectations. The market was largely driven by expectations of QE-3, the third attempt by the Fed at growing the economy through what is essentially a zero interest rate policy and through the purchase of longer term Treasury bonds and mortgage backed securities. On

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2nd Quarter 2012 Report

The second quarter could be best characterized as a period where investors’ minds, and in turn positions were reversed with every flashing Bloomberg headline or CNBC “breaking news” item. The stock market has been range-bound, where fear of a significant pullback versus the fear of missing a significant upswing seemed to be completely counter-balanced.The term

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