2017 Annual Letter

To Our Clients and Friends of Parthenon LLC The stock market marched onward and upward in 2017. The S&P 500 total return, with dividends, was 21.8%. It was a relentlessly positive year for stocks – this was the first year that the S&P 500 had a positive return in every month. Volatility has apparently left…

2016 Annual Letter

To Our Clients and Friends of Parthenon LLC Well, 2016 is in the books and it was, at the least, interesting. We will discuss primarily matters financial but some politics will, by needs, be addressed. The year began with the worst first five days in market history, as the major indexes fell over 5%. After…

2015 Annual Letter

To Our Clients and Friends of Parthenon LLC After the most volatile year in the stock market since 2011, the S&P 500 managed to finish with a total return, with dividends, of 1.38%. Even with the paltry results of 2015, since the beginning of 2009 the S&P 500 has returned 162.8% or 14.8% annualized. That…