Client Letter – Q4 2005

Happy New Year!  We had a pretty good year in 2005, with regards to overall portfolio returns, which were more in line with historical averages than the past two years. Unfortunately, for the typical U.S. investor who is overweighted in U.S. large stocks (as measured by the S&P 500 Index below), 2005 was not a very good year.  Also, bonds […]

Read more