Archive for Regency Newsletters

Second Quarter, 2014 Investment Review

Thursday, July 3rd, 2014


“If no one ever took risks, Michelangelo would have painted the Sistine floor.” – Neil Simon

Risks abound in securities markets and the current environment is no exception. As we enter the second half of 2014, troublesome headlines include Jihad in the Middle East, continued unrest in the Ukraine, and uneven refereeing in the World Cup.   (more…)

First Quarter, 2014 Investment Review

Friday, April 4th, 2014


“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.” – Warren Buffett, 2004

Markets don’t go up forever as January’s mini correction attested. Weaker weather-induced data, stumbling emerging markets, and Russia’s greedy incursion and annexation of Ukraine’s Crimea increased uncertainty and volatility. Interest rates confounded consensus expectations by dropping in the face of a steadily tapering Federal Reserve Bank (FED) before weakening in March as the FED modified their guidance. (more…)

Fourth Quarter, 2013 Investment Review

Thursday, January 9th, 2014


The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela

A rising tide lifts all boats and oh what fun it was to ride the U.S. stock market tide in 2013.  The S&P 500 Index rose in ten out of twelve months finishing the year on a strong note up 32% (with reinvested dividends, +29% without); its best since 1997. Table One recaps major market indices’ performance: (more…)

Third Quarter, 2013 Investment Review

Tuesday, October 8th, 2013

Faith or Fear?

“Even when laws have been written down, they ought not always remain unaltered” – Aristotle

Faith or fear? Government shutdown, Syria, Al-Qaeda, unemployment, fiscal deficits, etc.  Many headlines conspire to test our confidence and turn some of us fearful.  Uncertainty can easily feed fear but markets usually climb a wall of worry. Keep the faith.  (more…)

Second Quarter, 2013 Investment Review

Friday, July 12th, 2013


“Live as if you were to die tomorrow. Learn as if
 you were to live forever” – Mahatma Gandhi

Tapering was the term bandied about most frequently in the second quarter – Encarta defines the transitive verb, taper – to become smaller in size or amount, or less important, especially gradually.  The Federal Reserve Bank (FED) has been pursuing an aggressive monetary stimulus program by buying U.S. treasuries and mortgage backed securities in the open market to increase liquidity and lower interest rates ($85 billion per month!).  (more…)