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  • Dear Client: President Obama and Congress have finally achieved an agreement at the last moment, and 2012 has ended relatively peacefully. We are happy to see a brighter 2013 with a less volatile, visibly better economic environment. 2012 In Review As we stated last January, we were concerned about the high uncertainty ahead of us. […]

    Dear Client: As we enter the final quarter of 2012, we acknowledge that there is an elevated level of uncertainty ahead of us. Just to name a few issues: the presidential election and “fiscal cliff” in the U.S., a leadership transition in China, geopolitical uncertainty in the Middle East and East Asia, questionable solvency in Southern Europe and […]

    Dear Client What an interesting quarter financial markets have gone through! In contrast to its movement during the first quarter, the Standard and Poor’s 500 Index was in a downward slope for most of the second quarter. The overall index had declined 5.6% before the final day of the quarter when the index suddenly jumped […]