Our big picture view of the investment landscape did not materially change over the last quarter. Specifically, we continue to see sustainable, albeit weak, economic growth in the coming quarters. Towards the end of the 2nd quarter market volatility increased on fears related to the European “debt crisis”, the end of the Fed’s 2nd round of money printing (QE2), the debt ceiling debate, and a spate of economic data suggesting the economy may be weaker than many had anticipated earlier in the year.
Quarterly Letter
American Money Management’s quarterly investor letters.
