1st Quarter Commentary 2012
Quarterly Commentary March 31, 2012 “…economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.” Federal Reserve Open Market Committee -January 25, 2012 Transparency has become the [...]
4th Quarter Commentary 2011
Quarterly Commentary December 31, 2011 Each December many articles tout forecasts for the direction of stock and bond prices in the year ahead. While we regularly give our ten-year outlook for the markets, as we have done below, we mostly avoid attempts to predict returns over shorter periods such as a calendar year. The reason [...]
3rd Quarter Commentary 2011
Quarterly Commentary September 30, 2011 Recent months have brought extreme volatility and sharply lower prices for stocks and commodities around the world. Concerns about a possible debt default by Greece, and slowing economic growth in both the U.S. and Asia are all blamed as reasons for the declines. But it is the situation in Greece, [...]
2011 Quarterly Commentaries
1st Quarter 2011 2nd Quarter 2011 3rd Quarter 2011 4th Quarter 2011
2nd Quarter Commentary 2011
Quarterly Commentary June 30, 2011 A new tax seldom generates such scant media attention as the one Indiana legislators recently passed on out-of-state municipal bond interest. Nonetheless, Indiana residents and corporations now have yet another new tax burden thanks to their elected officials. The new tax takes effect on January 1, 2012. From that date [...]
1st Quarter Commentary 2011
Quarterly Commentary March 31, 2011 Despite the tragic events that unfolded in both Japan and the Middle East, U.S. stock prices moved sharply higher during the first quarter of 2011. The stock market, though, was not completely immune to the human suffering caused by these events. Indeed, prices at one point fell by seven percent [...]
2010 Quarterly Commentaries
1st Quarter 2010 2nd Quarter 2010 3rd Quarter 2010 4th Quarter 2010
2009 Quarterly Commentaries
1st Quarter 2009 2nd Quarter 2009 3rd Quarter 2009 4th Quarter 2009
2008 Quarterly Commentaries
1st Quarter 2008 2nd Quarter 2008 3rd Quarter 2008 4th Quarter 2008