2021 Q4 Quarterly Commentary & Opinion

Our conservative equity portfolios performed very well in 2021, having achieved most of the upside of the stock market along with significantly less volatility and reduced risk to principal. Our composite total return through December 31st, 2021, was 22.70%, while our equity positions, which represented 80% of our total portfolios for much of the year, achieved a 29.90% total return. The total returns on the S&P 500 and DJIA were 28.67% and 20.83%, respectively. Download Commentary