October 2008 Letter
In our last quarterly letter to clients and friends of our firm, we entitled our comments "Navigating the Tempestuous Seasons." How little did we know then what was about to happen to equity markets in September and October. From a technical standpoint, we may be approaching some form of stock market bottom. However, there has to be significant improvement in consumer and business confidence before we can expect any meaningful period of market strength.
As mentioned in the enclosed comments, the healing process will take some time, but we have great confidence in the long term. Investors who can live through the pessimism and despair of the moment should be well rewarded from current stock market levels.
Double, Double
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