Q3 2011 Market & Investment Review

Some things are just better when they're over--a root canal, an IRS audit, your kid's college tuition payments.  Adding one more thing to that list of not-so-enjoyable experiences was the third quarter of 2011.  This recent period was a barrage of negative headlines, vitriolic political "debate," and rehashed two-year old themes.  European sovereign debt, sluggish economic growth, and anemic job creation were again in focus with a sprinkling of double-dip recession talk for good measure.  Given that these topics have been beaten to death, we would rather point out that which is not all bad than simply revisit the issues that still plague us.  By doing this, we hope to provide clarity on the problems and discuss how these factors are driving our thinking and investment execution.