Letter – 2002 Q2
The stock market ended the first half of the year by returning to the lows it made in the aftermath of September 11, with the S&P 500 Index falling 13.7% for the quarter and 13.8% for the year to date. The Nasdaq
Institutional sophistication. Individual attention.
The stock market ended the first half of the year by returning to the lows it made in the aftermath of September 11, with the S&P 500 Index falling 13.7% for the quarter and 13.8% for the year to date. The Nasdaq
I’m pleased to report that despite a slightly lower stock market (S&P 500 down 0.1% and Nasdaq down 5.4%) in the first quarter of the year, your account gained percent. This figure includes any dividends, and reflects the deduction of my quarterly
I’m pleased to report that despite a slightly lower stock market (S&P 500 down 0.1% and Nasdaq down 5.4%) in the first quarter of the year, your account gained percent. This figure includes any dividends, and reflects the deduction of my quarterly
I don’t have a strong bullish or bearish bias coming into 2002, but I am somewhat wary. Valuations based on 2001 earnings are still pretty rich. The S&P 500 Index has a trailing P/E ratio of 28.6 (ie, using 2001 operating earnings
“It’s the dumbest thing in the world to bet against the United States. It hasn’t worked since 1776.” –Warren Buffett The stock market has rarely lost as much ground in an entire year as it lost in this past quarter. For the