MORE HEADLINES
Economic Update
Unemployment declined modestly to 10.0% in November from 10.2% the prior month.
Domestic Equity
U.S. equities posted positive returns in November.
International Equity
International equity market retruns were positive in November.
Fixed Income
The investment grade corporate bond market continued to produce positive returns.
Real Estate Securities
REITS outperformed the broad equity market in November.
Hedge Funds
Hedge fund returns were positive in November.
A MORE RATIONAL LACK OF EXUBERANCE
We are pleased to see a return to more functional credit markets and have highlighted the credit-related investment opportunities present today. While there has been much talk of a “new normal” featuring such unpleasantries as below trend economic growth for developed countries and lower asset prices, it is not the only possible outcome. We believe that there is a much “older normal” that will remain a constant in the markets as long as they remain free (or quasi-free to quell any of those arguments before they begin). That older normal to which we are referring is called fear and greed.
