Dear Clients and Friends,
In this quarter’s letter, we share with you the summary of two vastly different quarters in the markets, our take on equity valuations and the not-so-comfortable dilemma for investors.
The first half of 2012 was a tale of two quarters. The first quarter represented the strongest start for the U.S. stock market since 1998. This strong performance was largely driven by a reduction of Eurozone fears, as well as stronger economic data in the U.S. The volatile second quarter gave back many of those gains. Equity markets slid as Eurozone headlines and an apparently weaker U.S. labor market trumped the positive news from the first quarter. Yet still, global equity markets finished the first half of 2012 in positive territory.
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