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Fourth Quarter 2011 Performance Commentary

The stock market enjoyed a nice fourth quarter rebound as the domestic political and double dip recession concerns that plagued the markets in the third quarter faded from memory.   In spite of significant headwinds that remain in Europe and a slowing Chinese economy, the S&P 500 surged nearly 12%.

In general, the views we shared in our year end piece, Concussed, still hold, we just now know with certainty that the year proved as uninspiring for investors as we thought it might be.  With 2011 now behind us, all eyes are looking forward to what 2012 might bring.

While we still believe that growth will remain slow for as far as the eyes can see, we also think that several factors may make 2012 much better for investors than most expect.  For additional details on our firm’s performance results, our investment outlook, and related disclosures, please read the attached Performance Review.