13 Sep 2002

Posted at 14:03h in The Friday Brief by
You know from your July and August statements just how badly the markets mistreated long-term investors.  A few statistics from Credit Suisse First Boston help put the period into even better perspective.  A record $29 billion was removed from mutual funds in July 2002.  Stock funds experienced record outflows, while bond funds enjoyed record inflows.  Net outflows from equity funds in July 2002 were almost twice as large as those during September 2001, and more than five times larger than those during August 1998.  Every style of equity funds was affected by investors’ withdrawals in July. 

06 Sep 2002

Posted at 14:08h in The Friday Brief by
What have we lost since September 11th?  We are all infinitely more aware of just how quickly thousands of people can die at the hands of terrorist murderers.  On that horrible day, the lives of three thousand fathers, mothers, husbands, wives, and children were abruptly and tragically ended.  We all watched it in living horror.  During the past year, with that knowledge we readily sacrificed some of our cherished freedoms.  We continue to debate how many more liberties we will yield in the name of domestic security, but we have already given up much.

23 Aug 2002

Posted at 14:27h in The Friday Brief by
Have we seen the bottom or are we in for another cruel joke from old Mr. Market?  As you know, the market is random in the short term, and this bear has lived up to that reputation.  But, there are a lot of signs that point to an improved investment climate in the coming months. 

16 Aug 2002

Posted at 15:44h in The Friday Brief by
By the time you read this Brief, I will be in the ‘Mecca of Elvis,’ Memphis, Tennessee, along with 70 to 100,000 faithful pilgrims.  In the unlikely event you haven’t heard, the twenty-fifth anniversary of the King’s death is today.  It just happens to coincide with my taking my second daughter Emily, to school at Ole Miss.  The University of Mississippi lies in the quaint town of Oxford, Mississippi, one hour south of Memphis.  As it is difficult to fly to Oxford, Memphis is the gateway by air.  But even Memphis may become a tougher destination for Elvis pilgrims and Ole Miss students if the current descent of commercial aviation continues.