Q3 2013 Client Letter
As the ink dries on this letter, lawmakers have just resolved the government shutdown, and once again raised the debt ceiling limit – the 74th time since 1962! Not surprisingly, this latest Washington crisis generated additional market volatility, which in turn caused some investor consternation. We believe, however, that this politically generated turmoil should not distract from the market’s gradual shift back to underlying fundamentals as the primary basis for investment sentiment.