2009 Annual Report
2009 Q4 Market Letter
2009 Special Report
2009 Q3 Market Letter
Third Quarter 2009 – “Synchronicity, Reflexivity, and Fiat Money” by Dean Dordevic, Ferguson Wellman and Umpqua Bank Form Strategic Alliance announcement.
2009 Q2 Market Letter
Second Quarter 2009 – “What ‘Shape’ Are We In?” by Dean Dordevic, “Municipal Bonds Remain Secure Investments” by Deidra Krys-Rusoff, Milestone Anniversaries.
Outlook 2009
A year ago, we published our 2008 Outlook entitled “Stepping Back From Risk.” The somewhat cautious report listed potential capital market risks as a “significant housing recession, commodity inflation and the possibility of the banking crunch intensifying.” With those concerns in view, we recommended modestly reducing equities, increasing allocation to bonds and emphasizing quality in the selection of all debt and equity securities. However, never in our wildest imagination did we anticipate the severity of the economic storm that unfolded. Amid a virtual credit market meltdown, the U.S. led the world into a recession that decimated equity values across the globe, proving our forecast of mid-single digit equity returns wrong both directionally and by several orders of magnitude.
