The first quarter of 2012 ended a period where the equity markets generated two consecutive quarters of strong market returns. Most investors would find the returns generated in the first quarter acceptable for returns in an entire year. The S&P 500 Index was up 12.5%, the MSCI Developed Equities Index was up 11.7% and the MSCI Emerging Markets Index was higher by 14.1%. Recent earnings reports for Q1 continue to exceed analyst expectations. Our newsletter covers Q1 events as well as recent events impacting the the investment markets.
The Letter can be accessed directly from our website at the following link: 1st Quarter 2012 Investor Letter
We hope you find the content of our letter insightful as 2012 continues to unfold.