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,…