An End-of-Quarter Letter to Clients
July 12, 2011
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Given recent unrest in Europe and uncertainty about economic growth, many clients are looking to their advisors for direction.
This template for an end-of-quarter letter is intended to be a starting point for your own letter to clients, one that can be a catalyst for a conversation about how to position portfolios.
In the past, I have used quotes from Mark Twain, Winston Churchill, Benjamin Graham and Warren Buffett to set the tone for these templates. This quarter’s letter again uses a quote from Buffett, along with Larry Fink, Bill Gross and Jeremy Siegel.
One note of caution – to be effective, this letter has to reflect your approach, personality and point of view. Be sure to take the time to customize the letter to incorporate your own views.
Buffett, Fink, Gross and Siegel – Finding opportunities in today’s market
“Money will always flow toward opportunity and there is an abundance of that in America …. Human potential is far from exhausted and the American system for unleashing that potential … remains alive and effective.
Berkshire Hathaway Letter to Shareholders, February 2011
“We are telling investors if you’re worried about sovereign credits, if you worry about US Treasuries, there may be greater safety in equities, especially high dividend stocks”
Larry Fink, CEO, Blackrock
CNBC – June 29, 2011
“In terms of the stock market, there are amazing opportunities … (compared to US government bonds) there's a huge gap and a huge differential.”
Bill Gross, Morningstar Fixed Income Manager of the Decade
CNBC - June 7, 2011
“We’ve almost never seen valuations (on the US stock market) this low when interest rates are as low as they are today …. relative to bonds today, I’ve almost never seen such compelling values.”
Professor Jeremy Siegel, Wharton School
Author: Stocks for the Long Run
Business News Network – June 28, 2011
At the end of each quarter, I send clients a letter summarizing events of the past three months … and try to find relevant quotations to establish the tone.
Given the recent concerns about European debt and uncertainty about economic growth, in this quarter’s letter I am sharing recent perspectives from four of today’s most respected stock market observers: Warren Buffett; Morningstar fixed-income manager of the decade Bill Gross; Wharton professor Jeremy Siegel, considered today’s leading stock market historian; and BlackRock CEO Larry Fink.
Before getting to their views, here’s a quick recap on the first quarter.
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