Bristlecone's Form ADV
Investors can be forgiven for wondering whether 2011 was the purest distillation yet of what has become of modern stock markets: all volatility and no return. Whether it was the wild daily 4% swings the stock market saw in August or the steep 19% drop in the S&P 500 from June through September, investors saw big changes in market prices, yet the S&P 500 ended the year practically where it began, with dividends providing a small positive total return.
Quarterly Commentary – Fourth Quarter 2011
January 27th, 2012Quarterly Commentary – Second Quarter 2011
July 15th, 2011While the broad stock market produced flattish returns during the second quarter, there was at least a whiff of fear in the air (a June gloom, as we might call it in Los Angeles) as the market dropped 7% or so from the highs hit in April and May, before rebounding somewhat to end the quarter roughly flat.
Quarterly Commentary – First Quarter 2011
April 15th, 2011Markets continued to march steadily higher in the first quarter, with evidence of gathering strength in the economy and corporate income for the moment outweighing concerns caused by Middle East unrest (and consequently higher oil prices), a tragic natural disaster in Japan, and the looming fiscal crises facing federal and local governments.
Quarterly Commentary – Fourth Quarter 2010
January 15th, 2011Markets rallied in the fourth quarter as fears of a double-dip recession receded (disappeared?), Europe muddled on through its sovereign debt crisis, and corporations continued to report very strong earnings results.
Quarterly Commentary – Third Quarter 2010
October 15th, 2010The third quarter was strong for your portfolio and stocks generally. The quarter seemed to provide no strong evidence about the speed and direction of the economy, but the stock market, at least, seemed to reflect receding concerns about a second recession.
Quarterly Commentary – Second Quarter 2010
July 15th, 2010After 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.
Quarterly Commentary – First Quarter 2010
April 15th, 2010Another robust quarter for stocks marks a full year now for the market’s recovery. The length of the upturn is not so unusual, but the magnitude is, exaggerated no doubt by a very low starting point. In fact, over the last year, the typical Bristlecone Large Cap Value portfolio returned an eye-popping 59%. Expect no repeat performances any time soon, if ever.
Quarterly Commentary – First Quarter 2012
April 20th, 2012Dear Fellow Investors,
Earlier this year, a major bond rating agency warned that California may not be able to repay $4 billion borrowed against the ten-year old class action settlement with tobacco companies that is paying states billions over a 25-year period to compensate for tobacco-related health care costs. The money was not guaranteed, but tied to tobacco sales, and the number of smokers is declining more rapidly than anticipated, resulting in lower payouts from Philip Morris et al.
Read the full commentary.
Tags: baby boomers, Cintas, EOG Resources, Financial repression, NRG Energy
Posted in Quarterly Commentary | No Comments »