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…

2014 Annual Letter

To Our Clients and Friends of Parthenon LLC The market continued to march higher in 2014 with a third consecutive double-digit return for the S&P 500 – the first such streak since the 1990s. The index (with dividends) was up 13.65%. The stock market recovery from the depths of the financial crisis of 2008 has…

2013 Annual Letter

To Our Clients and Friends of Parthenon LLC The stock market surpassed the all-time high reached in 2007, those halcyon pre-crisis days, and kept on rising. The S&P 500 delivered the highest annual total return since 1997, up 32.4%. Only a short five years ago the world financial and economic systems were in total turmoil,…

2012 Year-end Letter

To Our Clients and Friends of Parthenon LLC This would not seem to be a flavorful investment recipe: combine a “fiscal cliff” with a heated presidential election, and then add a pinch of tepid job growth and a large dash of economic uncertainty. Finally, top it off with a huge government deficit. Although that brew…

2012 Summer Letter

To Our Clients and Friends of Parthenon LLC The S&P 500 rose 9.5% in the first half, effectively delivering an average year’s total return in only six months though investor’s displayed little exuberance over the positive results. The beginning of 2012 was one of the most uncomfortable and angst- filled strong periods we can recall.…

2011 Year-end Letter

To Our Clients and Friends of Parthenon LLC The S&P 500 started the year at 1257.64. The S&P 500 finished the year at 1257.60. If you followed the markets with more than just a passing interest in 2011, you would be forgiven for initially doubting those facts. After such a violent ride, with so many…

2010 Year-end Letter

To Our Clients and Friends of Parthenon LLC 2010 Market Indices Results: Standard & Poor’s 500 15.1% Dow Jones Industrial Average 14.1% The broad equity markets moved solidly higher in 2010, propelled by a combination of strong corporate earnings growth and improving investor sentiment. The markets’ strength occurred within a global economic environment that did…