2025 Annual Letter

In the early 1980s, the game show Press Your Luck first aired on CBS. The premise was simple: contestants answered trivia questions to earn spins on a brightly lit game board filled with cash, vacations, and other major prizes. But there was a catch…

2018 Annual Letter

As the calendar turned to the fourth quarter our thoughts, as customary, turned to potential topics and themes for this letter. One topic at the forefront was the length of the bull market and the economic expansion.

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…