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Q2 2012 Client Letter


We closed out midyear of 2012 with investors once again feeling that sense of exhaustion fueled this past quarter by the lingering demons of 2011.  Although most of the 2011 demons were economic in nature those of 2012 seemed to be more politically driven.  The daily market headlines during the past quarter were lodged around one prevailing theme, the problems of Europe.  While we started the second quarter with the S&P 500 above 1400, most of the last 90 days saw a return of multiple days of 100 point movements in the market as traders and investors focused their attention on the European headlines.  By the end of the quarter the S&P 500 closed at 1362 with a loss of 2.75% but is still up for the year by 9.49%

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