2009 Commentary

December 31, 2009 - Fourth Quarter 2009 Financial Market Review

The close of 2009 signals how far and fast capital markets have come following the dark days of 2008. Global economies transitioned into a recovery phase in the...

December 31, 2009 - Fourth Quarter 2009 Equity Market Review

During the fourth quarter, global equity markets continued their explosive assent from peak crisis levels. While this economic recovery is anything but brisk an...

December 31, 2009 - Fourth Quarter 2009 Fixed Income Market Review

The broad bond market, as measured by the Barclays Capital Aggregate Bond Index (“Aggregate Bond Index”), posted a modest quarterly return of 0.20%. For the yea...

September 30, 2009 - Third Quarter 2009 Financial Market Review

Financial markets continued a dramatic surge during the quarter bolstered by increased investor confidence in a global economy recovery. For the second consecut...

September 30, 2009 - Third Quarter 2009 Equity Market Review

For another quarter, equity markets around the globe continued to confound the skeptics. The strong performance of the stock prices of companies across many cou...

September 30, 2009 - Third Quarter 2009 Fixed Income Market Review

The broad bond market, as measured by the Barclays Capital Aggregate Bond Index (“Aggregate Bond Index”), posted a quarterly return of 3.74%, its best quarterly...

June 30, 2009 - Second Quarter 2009 Financial Market Review

After a tumultuous 2008 and first quarter of 2009, risky assets such as equities surged forward in the second quarter with anticipation that the severity of the...

June 30, 2009 - Second Quarter 2009 Equity Market Review

For equity markets, the second quarter of 2009 began in a similar fashion to how the first quarter ended: with a continuation of a significant rally that began ...

June 30, 2009 - Second Quarter 2009 Fixed Income Market Review

A broad overtone of renewed optimism seemed to spread throughout the fixed income markets as investors willingly abandoned safe haven assets to reintroduce risk...

March 31, 2009 - First Quarter 2009 Financial Market Review

Global equity markets suffered further declines during the quarter in the face of a lingering economic recession and deflationary conditions. Bold, new fiscal ...

March 31, 2009 - First Quarter 2009 Equity Market Review

During the period, stocks remained under pressure due to continued evidence of a globally synchronized recession. The macroeconomic environment has been challen...

March 31, 2009 - First Quarter 2009 Fixed Income Market Review

The first quarter was characterized by opposing forces - a very weak economic environment and unconventional, aggressive government intervention. Unfavorable ec...

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