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Note from our CIO: 25th Anniversary

The end never came. As I write today, the S&P 500 last closed above 1,428, over six times higher in price from that dreadful market bottom 25 years ago. And this is despite the fact that the last quarter of a century included, as you might vividly remember, the two worst market crashes our country has endured since the Great Depression: the crash of 2000 and the financial recession of 2008.
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From my experience, with myself and with clients, is that for most purchases (a coat, a lipstick, a pair of skis, a television) our greatest point of satisfaction occurs just BEFORE we pay the money or hand over the credit card.
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Note from our CIO: Apocalypse Du Jour

At a recent lecture I gave in my Science and Art of Investing course at UCLA, my students came up with three significant financial calamities that they feared could derail the world's investment markets. These included the prospect of US debt burdens rising to unrecoverable levels and European economies and the euro falling apart. This quarter's CIO message offers compelling counter-arguments to each of these prognoses.
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The Parent Talk | Q2 2012 Abacus Newsletter

My mom tells me that we had the “birds and bees” talk following an after-school TV special. I must have blocked it out. While I don’t recall any discussions about how my life began, that won’t stop me from having “the talk” about the final years of her life.
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Note from our CIO: Expected Investment Returns Going Forward

In November 2011 our Investment Committee gathered for a two-day off-site retreat, specifically for "big-picture" discussion, and to review the specific investment vehicles we use in every asset class we recommend to clients. We also considered whether to include new asset classes. We surveyed a vast amount of academic literature in advance, and invited four guest speakers on specific topics. The 29 pages of written minutes generated many actions we're taking now, actions we may pursue as we investigate the practicalities, and several other areas for further investigation. We devoted considerable attention to coming up with long term expectations for future investment rates of return.
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Brad Pitt’s Investment Strategy

The film Moneyball is about baseball. But it’s equally about the investment strategy that has made the clients at Abacus successful. Billy Beane, the Oakland A’s manager, selected the best players based not on their appeal, but strictly on the numbers.
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