Newsletter Q4 2011

As we enter a new year, we thank you for your patience through these difficult times. We are a few years into the post-crash recovery.  While it is a tepid recovery at best, this low degree makes some sense.  Through debt, our country and several others have tested and explored the limitations of leverage and the accompanying foolish products and practices that supported the markets’ latest mutual hallucination.  In borrowing from future generations, and by bringing that prosperity into the present, we owe some repayment – and a low growth world for some time would be a lucky result…