It’s April 3rd and the market has just turned in a terrible quarter. We were fortunate to have avoided the great majority of the damage due to our high cash position. During the quarter, the Nasdaq Composite and the S&P 500 were down 25.5% and 12.1% respectively. While remaining sensitive to the suffering others have experienced, we are pleased to have held so much U.S. government debt earning interest, and to have been mostly on the sidelines during this slide.
The demoralization and fear that often accompany market bottoms are beginning to be seen not only in the U.S. . . .
Continue Reading: April 3, 2001
