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Quarterly Investment Commentary

Argent Quarterly Investment Commentary – June 2013

18 September 2013

“Focus on simplicity.  Simple can be harder than complex” –  Steve Jobs

Banks have been stabilized; the housing market, whose crash five years ago started the financial crisis, appears to be having a sustainable rebound; automobile sales are up fifty percent over the past four years; new discoveries of oil and natural gas, primarily due to fracking, are moving the U.S. towards energy independence; employment reports are beginning to reflect job gains which are consistent with a cyclically improving economy.  It is really that simple – things are a lot better for most Americans and corporate earnings and stock market valuations have surged as a result.  Indeed, it is easy to get caught up in negative headlines and underestimate how quickly, and to what extent, things can rebound.

Argent Quarterly Investment Letter June 2013