2005 Summer Letter

To Our Clients and Friends of Parthenon LLC The market was unable to make any headway in the first half of the year. Much like the stone continuously pushed up the hill by the mythical Sisyphus, every advance was ultimately rolled back. The primary culprit was higher oil prices. Investor fears of the potential widening…

2005 January Letter

To Our Clients and Friends of Parthenon LLC The S&P 500 returned 10.87%, and the Dow Jones Industrial Average a modest 5.30% (both with dividends re-invested) for the year. It would be tempting to refer to this as a “normal” year since total returns were close to the historic average for the broad equity market.…

2004 Winter Letter

To Our Clients and Friends of Parthenon LLC After three years of painful declines for the average equity investor, it was again pleasurable to own stocks in 2003. The S&P 500 rose 28.7%, including dividends. This was the strongest advance for the broad index since 1997. The gains were fueled by an economic acceleration, which…

2004 Summer Letter

To Our Clients and Friends of Parthenon LLC In spite of turbulent economic news and geopolitical events, the equity and bond markets were subdued in the first half of the year. The major stock market indices made little headway for the period, and volatility was mild by recent standards. The S&P 500 rose 3.44%, while…

2003 October Letter

We are modifying the name of our firm to Parthenon LLC. We are doing this in order to avoid any potential confusion with a private equity investment firm in Boston that was formed at nearly the same time that we formed Parthenon. Coincidentally, the name of their firm is Parthenon Capital. Although their client base…

2003 August Letter

To Our Clients and Friends of Parthenon Capital Management The stock market rallied sharply in the second quarter and most broad indices finished the first half of the year up over 10%, providing investors with a welcome respite after three years of relentless declines. The S&P 500 rose 11.78%, including dividends, for the first six…

2002 August 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

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…

2001 October Letter

To Our Clients and Friends of Parthenon Capital Management Although we can offer few words that would be adequate for the human toll of the terrorist attacks on America, our sympathies go out to all those who have suffered a loss. Before the attacks the economy appeared to be entering or bordering on a recession.…

2001 Fall Letter

To Our Clients and Friends of Parthenon Capital Management A moderate dose of optimism returned to the stock market in the second quarter sending the S&P 500 up 5.85%, leaving the index down 6.69% for the first half of the year. Bond prices fell and yields on 10-year treasuries rose to 5.41% from 4.99%. The…