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2009 Annual Review: Our annual review of the economy, the markets and our investment portfolios.

December 2009 Letter to Clients: The potential for a rally in the US dollar, and its likely impact on commodities and stocks.

November 2009 Letter to Clients: Why 2009 was likely the "eye of the storm" in the housing market.

October 2009 Letter to Clients: A look at the Dow/Gold ratio and long-term valuation cycles.

September 2009 Letter to Clients: A long-term view of debt and employment.

August 2009 Letter to Clients: It appears a Japan-style deflation is taking hold.

July 2009 Letter to Clients: A few investment themes for markets dominated by deflation and de-leveraging.

June 2009 Letter to Clients: The deleveraging of U.S. households, and how some commodity prices may rise during this deflationary bear market.

May 2009 Letter to Clients: A look at the rally in stocks from the March low, and how it compares to rallies in Japan’s Nikkei index during its 20-year bear market.