Monthly Archives: April 2011

Q1 2011 Client Letter

What a tumultuous start to 2011 with the first three months containing NHCO H Logotwo events the likes of which usually happen no more than once in a generation. First widespread uprisings seemed poised to sweep out a whole culture of government control and corruption across a major region of the world.  Then we witnessed tragic devastation as a powerful earthquake, tsunami and nuclear meltdown hit at the heart of a major developed economy.  Despite the jitters stimulated by these ‘Black Swan’ events, the markets marched stoically to further gains based on the underlying strength of corporate earnings, and continued hope for further recovery in the global economy.

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