We are pleased to report that our portfolio performed very well during the fourth quarter and that 2011, on balance, was a year of solid, positive returns. Yet, if we had to name 2011, it would be ‘the year of volatility’. This is due to the increasing market sensitivity to negative headwinds such as the tsunami and nuclear incident inJapan, historically high commodity prices, a failed debt ceiling debate, and the spreading of European credit problems. It became too easy to lose sight of any positive news. And there is positive news.
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Investment Outlook – 4th Quarter 2011
We are pleased to report that our portfolio performed very well during the fourth quarter and that 2011, on balance, was a year of solid, positive returns. Yet, if we had to name 2011, it would be ‘the year of volatility’. This is due to the increasing market sensitivity to negative headwinds such as the tsunami and nuclear incident inJapan, historically high commodity prices, a failed debt ceiling debate, and the spreading of European credit problems. It became too easy to lose sight of any positive news. And there is positive news.
Read Full Text