September 1, 2011

Fourth Quarter Newsletter 2011

Shaping one’s vision of the future involves analyzing the external world as well as turning inward to draw upon past experiences. Recently, heightened uncertainty fueled increased volatility across global markets testing investors’ resolve regarding their expectations about the economic environment. The stark reality that it will take longer and be more challenging to repair the damage caused by over-leverage and unchecked private and public spending continues to weigh on the global markets. Against that pessimistic backdrop, a fundamental concept should be embraced: markets, economies, and asset classes cycle, which is a natural process presenting investors with both opportunities and challenges. This time is no different.

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