Monthly Archives: April 2012

Q1 2012 Client Letter

In what is somewhat of a surprise following last year’s incredibly NHCO H Logovolatile market, the start of 2012 has been encouragingly positive and calm.  The first quarter closed with gains in equity markets both at home and abroad.  In the U.S. the S&P 500 Index and the Dow Jones Industrial Index rose by 12.6% and 8.8% respectively.  The international markets also provided strong first quarter returns of 11.0% and 14.1% for MSCI EAFE and Emerging Markets Indexes.  In addition, equity market volatility, as measured by the VIX Index, declined almost 34% in the quarter back to a normal level of 15%.  In contrast the Barclays Aggregate US Bond Index was up a mere .30%.  So, what is so different about 2012 and why has market sentiment changed so quickly?

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