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July 2008
Letter From The Portfolio Managers
Bad Words
Bear
Market ... Recession ... These are not the words that equity investors
want to hear, but these days it's what we are all hearing nonetheless ... 
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Research Perspectives
The Benefits of Bonds
Frequently, many investors overlook the benefits of bonds. Many times it
is not a deliberate decision, rather it is one of a lack of familiarity,
comfort or understanding of the great many benefits that bonds have to offer
...
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Fixed-Income Market Monitor
June Fixed-Income Review
We did not see a full scale flight to quality in the bond market this June,
but there was clearly a preference for quality as the lower you went down
on
the quality scale, the lower your returns were
...
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Analyst Spotlight
When Judging
a Fund’s Performance, Take a
Step Back
High frequency monitoring of one's portfolio may be counterproductive.
In short, the best way for an individual investor to judge a fund's
performance is to see how it performs over a full market cycle,
which is typically measured in years, not weeks or days...
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Five
Factor Equity Model as of July 2008
Our outlook has improved. While
we are still concerned about valuations, consumer spending, and liquidity
conditions in the credit markets, there are plenty of other factors that
suggest the market should perform significantly better in the second half
of 2008. ... |
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