Third Quarter 2010 – Market Outlook by George Hosfield, “QE2 and the Square Root Redux” by Dean Dordevic, Year-End Tax Changes, Longevity and Continuity piece on Luz Garcia, Kathi Kimes and Kerrie Young.
2010 Q3 Market Letter
2010 Q2 Market Letter
Outlook 2010
What a difference a year makes. After one of the worst years in history for investors, 2009 brought above-average returns across all equity styles. Aided by unprecedented monetary and fiscal stimulus, credit markets thawed and investors’ risk tolerance returned. Like the emergency room patient who doctors stabilize before nearly losing to anaphylactic shock, stocks rose from what felt like the dead in March, climbing a wall of worry to recoup roughly half of the damage done since the highs of 2007.
2010 Q1 Market Letter
First Quarter 2010 – “’Gray’ Matters” by Dean Dordevic, Community & Civic Service, The Value of Planning.
2009 Annual Report
2009 Q4 Market Letter
2009 Special Report
2009 Q3 Market Letter
Third Quarter 2009 – “Synchronicity, Reflexivity, and Fiat Money” by Dean Dordevic, Ferguson Wellman and Umpqua Bank Form Strategic Alliance announcement.
2009 Q2 Market Letter
Second Quarter 2009 – “What ‘Shape’ Are We In?” by Dean Dordevic, “Municipal Bonds Remain Secure Investments” by Deidra Krys-Rusoff, Milestone Anniversaries.
Outlook 2009
A year ago, we published our 2008 Outlook entitled “Stepping Back From Risk.” The somewhat cautious report listed potential capital market risks as a “significant housing recession, commodity inflation and the possibility of the banking crunch intensifying.” With those concerns in view, we recommended modestly reducing equities, increasing allocation to bonds and emphasizing quality in the selection of all debt and equity securities. However, never in our wildest imagination did we anticipate the severity of the economic storm that unfolded. Amid a virtual credit market meltdown, the U.S. led the world into a recession that decimated equity values across the globe, proving our forecast of mid-single digit equity returns wrong both directionally and by several orders of magnitude.
2009 Q1 Market Letter
2008 Special Report
2008 Q3 Market Letter
2008 Q2 Market Letter
Outlook 2008
Though our expectations for a wide divergence between the returns of the primary asset classes proved to be correct last year, in 2008 we anticipate that the return differentials between asset classes will be materially compressed. Specifically, with both long rates and the dollar perhaps probing for a bottom, slowing global growth, and the domestic economy flying at “stall speed,” we anticipate that large-cap domestic equities, international equities and investment grade bonds will perform much as they did last year. That is, we expect volatility to remain at elevated levels, but with a generalized upside bias. In that context, we are forecasting mid-single-digit returns for the year.
2008 Q1 Market Letter
2007 Q3 Market Letter
2007 Q2 Market Letter
Second Quarter 2007 – “Booming Asia and the Other Middle East: An Investor’s Perspective” by Jim Rudd, Investing Internationally by Ralph Cole.
