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2009 Q3 - Investment Letter (Shift to Quality)
If you were to look at our 1-year results, you would probably never guess this past year was such a violent ride. The S&P 500 was down -6.9%, and we are pleased to report our client portfolios were up between 9.4% and 20.1%, depending on the strategy. However, it would be an understatement to say …