All and All – Not Much

A Quarter with Little to Offer

Unabated Volatility

25th Anniversary

As you can see from the new letterhead we are celebrating our 25th anniversary. We want to thank all of our clients and friends for making this possible.

SEI Clients

I am happy to say, that for our SEI clients, we have finally been able to get SEI to take the client fees from their accounts monthly instead of quarterly. With most of our other clients we have been taking fees out either daily or monthly for some time. This is a big improvement since use of “dollar cost averaging” is beneficial both when funds go in and when they come out. This change should produce smoother investment flows over the course of the year.

Economic, Not Market, Growth

The Dichotomy

The second quarter of 2015 posed a dichotomy, with the economy growing and the stock and bond markets barely moving. There appear to be a number of reasons for this, some good for the long-term, others less so. Writing this newsletter in the latter part of July has allowed me to reflect on more of the information that is coming to light on the quarter just past.

The Markets

A Ride to Nowhere

Review of Markets

2015 began with the S&P 500 at 2058.9. To some extent, the first quarter of 2015 reminded me of the first quarter of 2014. The stock market began its slide throughout January. It bottomed on January 29th at 1995, and then proceeded to fluctuate in a fairly narrow range, peaking on March 1 at2117. The quarter closed with the S&P 500 at 2067.9, up 0.4%.