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Quarterly Perspective for 4Q12

Summary Asset prices improved in the 4th quarter for the most part, but the list of winners and losers changed quite a bit from earlier in the year.  As risk appetites grew and fears about a European collapse waned, investors…

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Quarterly Perspective for 3Q12

Summary Markets were surprisingly strong last quarter as fairly lackluster economic numbers brought about global central bank intervention.  We have been in an unusual situation where “good is good” (meaning that good economic news leads to higher stock prices) and…

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Quarterly Perspective for 2Q12

Summary The stock market pulled back during the second quarter but the decline was modest (3.1%)[i].   More than 100% of the decline was in May, as a disappointing jobs report threw cold water on hopes of an economic recovery.  Stocks…

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1Q12 Quarterly Perspective

Summary Once again, most of what could go wrong for the global economy did not go wrong.  Investors began to accept the idea of a U.S. led expansion and pushed stocks to levels not seen since early 2008.  What began…

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