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October 2011 Client Letter standard

October 28th, 2011 Dear Client: It seems that the volatility in the stock market has continued our rollercoaster of ups and downs this past quarter. Can this continue? Well it seems that it will with the daily changes of positive and negative news in Europe. And as of last week the announcement has come! The European Central Bank has decided to bail out Greece and the markets have responded favorably. The key points are the Greek debt being held by private sector creditors will be cut by 50% with investors accepting a ‘voluntary’ 50% haircut. Furthermore, European’s biggest banks will be required to increase their core capital ratios by 9%. The leaders have also agreed to a 440 billion Euro ...

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August 2011 Client Letter standard

August 5, 2011 Dear Client: This is the first edition of a new quarterly letter that we will be sending out to all of our investment management clients. As I was about to put this to print earlier this week, I decided to wait. What a difference a day makes in the stock market! While many economists have said we have come out of the recession, after this week many of them may be thinking we are heading for another one. A 512-point drop does not make anybody happy, especially me. It seems that we are back to the 2008 days of extreme volatility. This drop, however, should only be temporary. Our media outlets, whether it’s the newspapers, radio or ...

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