Today we posted the first quarter appraisal letter in the Quarterly Letters section of the site. The quarterly letter written by Mark O’Brien is also mailed to all clients with a detailed appraisal of their holdings and performance and a personal note. The first quarter letter discusses everything from booming biotech and internet stocks to the implications of quantitative easing and the possibility of $75 per barrel oil:
The first quarter gave investors a chance to absorb the assumptions and trends of the extraordinary stock market of 2013 and, we would submit, to see the way forward with greater clarity. Was the historic surge in biotech and Internet stocks in 2013 a harbinger of a new era or a revisiting of the late 1990s high-tech bubble? Does the so-called manufacturing renaissance have legs? Does, indeed, cheap natural gas in the U.S. change everything? Is the economy really strengthening or is financial engineering by the government and corporations propping markets up? The first quarter 2014 provided some clues to the big questions raised during 2013.