2022 Annual Letter
The turn of the twentieth century brought about an inflection point in science fiction…
2021 Annual Letter
Superhero stories have been around since ancient times, as mankind has always had a fascination with tales of bravery and feats of strength…
2020 Annual Letter
Our subject is finance but our thoughts are also on the well-being of our clients and friends.
2019 Annual Letter
The economic expansion that began in 2009 moved into historic and uncharted territory as it exceeded 10 years.
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…
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,…