2002 August Letter

Annual Letter

To Our Clients and Friends of Parthenon Capital Management The S&P 500 fell 13.2% in the first six months of the year. But the first half was only a prelude to the weakness to follow. Since the end of the quarter, the market decline has accelerated with the index now down more than 20% for…

2002 February Letter

Annual Letter

To Our Clients and Friends of Parthenon Capital Management For the first time in a generation the S&P 500 fell for two consecutive years. The Index fell 11.8% in 2001, which completes the first consecutive declines since 1973-1974. The past year was also the worst year for the index since 1974. Interestingly, this was only…