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Quarterly Investment Commentary

Argent Quarterly Investment Commentary – January 2012

15 February 2012

“Only in the world of government is living within your means called austerity .”                                                                                              – John Maudlin 

We wish we could break out the champagne and caviar for a year-end celebration of good stock market returns.  Unfortunately, it remains on ice, as deficit problems that have been decades in the making are simply not susceptible to a quick fix.  In hindsight, the fact that most U.S. stocks ended the year fairly flat is quite remarkable when you consider all that happened: Japan suffered an earthquake and tsunami in March which precipitated a nuclear crisis of epic proportion; revolts across the Middle East toppled governments; U.S. debt was downgraded from its AAA status; European banks, stuffed full of European bonds of Southern-Euro members, teetered on the brink of insolvency; and the 2011 investment topic du jour was the status of Greek bonds.  Who would have believed it!

Argent Quarterly Investment Letter January 2012