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First Quarter 2012 Performance Commentary

The stock market surged once again in the first quarter, gaining nearly 13%.  Including the fourth quarter’s 12% gain, the S&P 500 has now increased 26% in the last six months, a blistering pace which has many wondering how long it can continue.

For details on our firm’s performance results, our investment outlook, and related disclosures, please read the attached Performance Review.