2001 May Letter

To Our Clients and Friends of Parthenon Capital Management The date on the calendar changed but the market’s action was undeniably retro in the first quarter as stocks extended the decline of last year. The S&P 500 Index fell 11.9% in the period as the weakness that had been concentrated primarily in technology and internet…

2001 January Letter

To Our Clients and Friends of Parthenon Capital Management Investors must search back over a quarter century to find a more negative year for total return on the S&P 500 Index than 2000. The Index fell 9.1% after an unprecedented string of five straight years with returns over 20%. The worst damage, obviously, occurred in…

2000 Fall Letter

To Our Clients and Friends of Parthenon Capital Management Stocks finished the third quarter down marginally as measured by the S&P 500 Index. The Index, with dividends included, was down .97% in the quarter and down 1.37% through the first three quarters. The market has continued to weaken slightly in the fourth quarter with the…

2000 April Letter

To Our Clients and Friends of Parthenon Capital Management The S&P 500 rose 2.3% in the first quarter while the 30-year Treasury bond yield fell from 6.48% to 5.84% although shorter rates increased on average by .25% to .50%. That concludes our summation of the first quarter. We suspect the market’s activity in the first…

1999 Client Letter

The stock market appeared to be rolling along on its way to a fifth straight 20% – plus year by mid-summer, but was derailed in the third quarter. The S&P 500 Index fell 6.24% in the quarter and advanced 5.37% (dividends included) for the nine months through September. Fears of rising inflation, higher interest rates,…