October 2009: What a Difference a Year Makes


The end of the third quarter marked the first anniversary of the cataclysmic failure of Lehman Brothers and the collapse of the credit markets. There are a number of significant dates in everyone’s life that warrant reflection, renewal, and often resolution. New Years, Anniversaries, Birthdays, and major historical events have typically been the most common. Investment professionals will add September 15th to the list. It is not our intention to use this commentary to provide a summation of what occurred. Much has already been written on this topic and we have spent hours understanding, debating, and learning from the crisis (for more reading see “Eight Days” by James B. Stewart in the 9-21-09 New Yorker). Now we look ahead at the changing global economy and its impact on future investment opportunities.

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