Friday, January 27, 2012

Fourth Quarter 2011 Investor Letter

Fortunately for investors, the calendar has turned to a new year and 2012 has gotten off to a strong start in January. As our 4th Quarter Investor Letter notes, 2011 was a flat but volatile year for the market (S&P 500 Index); however, as of 12/31/2011, the 3-year annualized return for the S&P is 14%. Not bad for a 3-year time period. The disparity in valuations between stocks and bonds is near record levels as we discuss in our Investor Letter.

The Letter can be accessed directly from our website at the following link: 4th Quarter 2011 Investor Letter

We hope you find the content of our letter insightful as we look to 2012.

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