David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141

Quarterly Commentary – Second Quarter 2010

July 15th, 2010

After 14 months of nearly uninterrupted ascent, the second quarter delivered a negative return for stocks and a material correction.  The S&P 500 dropped 11.4% in the quarter and, measured from its price on April 23 (the recent peak), dropped 16% through July 2nd. 

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Monthly Digest – July 2010

July 15th, 2010
“Volatility is a symptom that people have no idea of the underlying value” — Jeremy Grantham


“There are two times in a man’s life when he should not speculate-when he can’t afford it, and when he can.” — Mark Twain

A Primer on Volatility

One of the more commonly-quoted measures of investor sentiment is the Chicago Board Options Exchange Volatility Index, often referred to by its trading ticker, VIX.  In essence, the VIX is a composite of investors’ expectations for near-term (30 day) volatility on the S&P 500 stock index.  It is derived from the implied volatility on actual S&P 500 index options contracts traded on the Chicago Options Exchange.  The VIX is often referred to as an “investor fear gauge” because it tends to increase during periods of heightened uncertainty, when investors’ expectations for future stock price movements are the most divergent.

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