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Quarterly Investment Commentary

Argent Quarterly Investment Commentary – July 2012

26 July 2012

“Some problems are so complex that you have to be highly intelligent and well-informed just to be undecided about them.”                                                       – Wall Street adage

Austerity vs. more spending; tax cuts vs. tax increases; less regulation vs. more regulation.  So goes the debate on how to cure world economic ills.  Largely impacted by this debate, the second quarter included a significant May swoon which, despite a strong June rally, left investors lighter in the wallet than they were on March 31.  Nonetheless, it was a good first half overall for both stock and bond investors, with the quarter ending on a strong up-note.  There was some particularly big news at the end of the second quarter – European leaders agreed to a more comprehensive bailout of troubled banks and the Supreme Court upheld the Affordable Care Act.

Argent Quarterly Investment Letter July 2012