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

Monthly Digest – November 2011

November 17th, 2011

Bonds Best Stocks Over Last 30 Years
Following a very good year for bond performance in general, October 31st marked a very unusual event for market historians: for the first time since before the Civil War, the trailing 30-year average annual return on long-term government bonds exceeded that of common stocks (as measured by the S&P 500).  Government bonds advanced 11.5% annually during this period, versus 10.8% for the S&P 500. 

Of course, the main reason for this once-in-150-years event is that yields on these bonds decreased from the mid-teens level in the early 1980s to slightly over 2% today. As yields dropped, bond prices rose and investors enjoyed significant capital appreciation in addition to their regular interest payments. Read the rest of this entry »


Large Cap Value Monthly Commentary – October 2011

November 8th, 2011

What a difference a month makes! After declining by more than 7% in September, the S&P 500 index roared back in October by almost 11% and is now up about 1% year-to-date. The index logged its best monthly gain since December 1991, and October was the first month it has gone without two consecutive days of declines since October 2006. The Large Cap Value Model portfolio was up over 10% for the same period. Read the rest of this entry »

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