…
2009 Q1 - Investment Letter (Recovery?)
The first quarter was again challenging for equity markets, with the S&P 500 down 11 percent. During the quarter, the S&P 500 reached a 12-year low at a price of $666 on the 6th of March. The market dropped approximately 56 percent from the peak of October 2007 to the low of March 2009. Fortunately, …