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

Monthly Digest – August 2012

August 28th, 2012

Compared to the last 4 years, 2012 so far has been relatively benign in terms of market volatility. The S&P 500 is now up about 13% this year and has been above its 2011 close the whole year. The worst sustained price drop, from April to June, was just about 10%, and even that drop now has been fully recovered. None of this do we point out to tempt fate, but after much more significant price drops and volatility in 2008 – 2011, a quiet up year would be a welcome relief to most investors.

The economic recovery from the Great Recession has never been as robust as the stock market’s recovery, though, and it was again the gathering clouds of economic uncertainty that led to the Spring selloff. A few more months of economic data, however, and the recovery appears to be still limping along in the right direction, if not the right trajectory.  Read the rest of this entry »

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