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Quarterly Investment Commentary

Argent Quarterly Investment Commentary – October 2010

22 October 2010

“If you can keep your head when all about you are losing theirs…

                                                                                              -Rudyard Kipling  

The opening lines of Rudyard Kipling’s classic poem would have been a good one for investors to remember midway through the third quarter when much of the economic and stock market news was negative.  The third quarter, at that point, seemed poised for a repeat of the second quarter’s dismal results.  However, as any good contrarian knows, the best returns frequently occur when expectations are lowest.  As if on cue, the stock market created a strong September rally, turning in its best performance during the month of September since 1939.  Stock returns are now positive for the year in virtually all categories.

Argent semi-annual investment letter Ocotober 2010