Recent client letters are linked below on a delayed basis every month. To receive these letters in your inbox free every month, submit your email address at the bottom of this page.

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June 2008 Letter to Clients: A look at the recent rise in energy prices and our outlook for increased market volatility in the coming months.

May 2008 Letter to Clients: A review the recent equity rally, a look at the assumptions Wall Street has for the second half of 2008, and trends in demographics and commodities.

April 2008 Letter to Clients: A review of the portfolio changes we made in March, and our expectations for the next few months.

March 2008 Letter to Clients: A look at the Fed's response to the credit crisis and housing market turmoil, and it's similarities to Ben Bernanke's advice to the Bank of Japan in 1999 regarding deflation.

February 2008 Letter to Clients: The global stock market decline in January, and how it has changed the long-term outlook for stocks.

2007 Review (PDF): Key Economic Trends in 2007, our Market Outlook for 2008, and a review of our portfolio performance. 

November 2007 Letter to Clients (PDF): A brief look at the markets before our 2007 Review is sent out in early January.

October 2007 Letter to Clients (PDF): The market's reaction to the Fed's actions over the past two months, including discussions of oil, gold, Treasury bonds and stocks.

September 2007 Letter to Clients (PDF): Bernanke's Plan?  A discussion of the Federal Reserve's interest rate cut in light of recent comments on the Current Account Deficit by Ben Bernanke, and the implications for the US Dollar.

August 2007 Letter to Clients (PDF): Recent events in the credit markets, and investment management during turbulent markets.

July 2007 Letter to Clients (PDF): The market's recent decline, why the Fed is stuck between inflation and the housing market, and how stocks have performed relative to real assets as the US Dollar has declined in value.