April 2011: Quarterly Letter

Dear Clients and Friends,

I hope you are enjoying your spring!  Wasn't it Tennyson that said "In the spring a young man's fancy lightly turns to thoughts of ... finances."  Maybe I'm just remembering it wrong.  Certainly there has been a lot going on in the world.  In a few short months, the sentiment on the US market has turned decidedly more positive.  There is increasing consensus from economists and pundits that recovery in the US is tentatively taking hold.  Meanwhile, in what can be considered a big flip-flop of sentiment, many developed and emerging markets are suddenly seeming a lot more risky.  From debt problems in the Euro zone, to unrest in the Middle East and North Africa, to a hot real estate market in China, risks seem to abound in the world.  Watching events play out should certainly remain interesting.  I am confident that a globally diversified and disciplined investing program will continue to provide a sound basis for clients to realize their financial goals.

On a more personal note, the current change of seasons is probably prompting you to dust our your closets, pile up your donations for the Salvation Army (tax deductions!) and generally blow the cobwebs out of your home.  Of course, there is always more to it than just taking a load of junk down to the recycling center...

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