Client Letter – Q3 2006

We enjoyed a strong quarter, despite the slow start in July, as evidenced in the chart below.  Even large U.S. stocks (represented by the S&P 500 Index) did well this quarter, which was a pleasant surprise!  Nevertheless, the international asset classes (small, small value, and emerging markets) still have the highest 5-year returns of any asset class.  Also, bond returns […]