Letters to Clients





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April 2018 Tumult
January 2018 Passing the Baton
October 2017 Where Have All the Sellers Gone?
July 2017 Don't Think Twice, It's All Right

May 2017

Fork in the Road
January 2017 Open for Business
October 2016 Year of Living Dangerously
July 2016 Bad Dream Redux
April 2016 Was It All Just a Bad Dream?
January 2016 Cross Currents
October 2015 Surprise...Not

July 2015

A Short Letter

April 2015

In Like a Lion and out Like... a Lion
January 2015 Disruption
October 2014 Correction
July 2014 Fifty is the new Twenty
April 2014 Caveat Emptor
January 2014 Encore...?
October 2013 Here We Go Again
July 2013 Paroxysm
March 2013 Damn the Torpedoes, Full Speed Ahead
January 2013 Cause for Optimism
November 2012 Hurricane
July 2012 Still Muddling Through
April 2012 Market on Steroids
January 2012 IF
October 2011 Taking on Ballast
July 2011 Crisis of Confidence
April 2011 Here We Go Again
February 2011 Cyclical Recovery
October 2010 Big Dogs
August 2010 "Not sure? Don't spend."
April 2010 The Age of Wonder
January 2010 The Noughties
November 2009 Halloween Sugar High?
July 2009 The Leeward Shore
April 2009 The Hunger Time
December 2008 Out of Order, Call for Service
September 2008 The Fix Is In
July 2008 Biding our Time
April 2008 Call the Plumbers!
January 2008 Adieu 07! ... Bienvenue 08?
October 2007 An Early Christmas?
July 2007 What Are the Chances?
April 2007 A Battle Royale
December 2006 It's Not as Easy as It Looks
October 2006 One Down ... Two to Go
July 2006 Red in Tooth and Claw

April 2006

Red Sky at Morn....Investors Take Warn?

January 2006

Bringing up the Caboose ... But for How Long?
October 2005 SNAFU
July 2005 Fishing in Troubled Waters
May 2005 Outlook 2005: Not so hot ... Not too bad: II
January 2005 Outlook 2005: Not so hot ... Not too bad
November 2004 The Ship of State ... She Floats
July 2004 Patience ... Patience
May 2004 What is that Rhyme I Hear?
January 2004 Welcome to 2004
October 2003 Where do We Go From Here?
July 2003 Bonds for Safety?
June 2003 Too Many Crosscurrents
February 2003 Saddam's Call
January 2003 ZIGZAG
August 2002 Ready, Set ... ?
May 2002 May Day, May Day ... !
April 2002 Enron...here   Enron... there   Enron...everywhere!




We urge you to read our important notice about these letters and the risks associated with the securities they mention.