4th QUARTER 2009
Quarter Ended 12/31/2009
Two Ways to Get to the Same Place
If one were to look only at the retruns of the Barclays Captial Aggregate Index over the past two years one might not realize the we experienced a financial crisis.

3rd QUARTER 2009
Quarter Ended 9/30/2009
Capital Structure Matters
The recent failure of several large institutions demonstrates that recovery values for investors depend heavily on where investors stand along the capital structure.

2nd QUARTER 2009
Quarter Ended 6/30/2009
Unsexy
At this point in time, the absolute return of bonds is quite competitive with that of stocks even over a period as long as the past 20 years.