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

Monthly Digest – March 2011

March 15th, 2011

On March 9, 2009, the S&P 500 reached a low of 673. It was the bottom of the worst bear market since the Great Depression. As we write this newsletter, the S&P 500 is hovering around 1300, an increase of more than 90%, not accounting for dividends. Someone who would have invested in a low-cost broad equity index fund would have averaged over 40% per year for the last 2 years, including dividends.

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