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3Q20 Quarterly Letter

I have been pondering over the content for my 3rd quarter letter for the past few weeks. While I ponder, I am being asked about investing during the period immediately before and following the Presidential election.

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2Q20 Quarterly Letter

Over the years I have had numerous conversations with our clients that have begun with the question: Tom, what do you think the market will do over the next few months? There are numerous versions of the question but they all are asking me to make a forecast

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1Q20 Quarterly Letter

Instead of worrying about the present crisis, more attention needs to be focused on how people behaved in past bear markets. What have you learned? Have you learned that the rationale for selling because it is different this time has never proven to be true?

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3Q19 Quarterly Letter

I always pick up pennies. The power of compound interest or annualized rates of return has frequently been described as magical. Magical does not come close to describing it.

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2Q19 Quarterly Letter

The simple truth is no one knows when the market will rise or fall. We continue to be amazed at how much time and money is wasted on market forecasting. Finding a unicorn probably has the same probability for success. There is evidence that the market rewards the patient investor over time.

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1Q19 Quarterly Letter

The 1st quarter of 2019 provides an interesting comparison to the 4th quarter in 2018. One of the very best 1st quarters in history proceeded by one of the very worst 4th quarters.

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4Q18 Quarterly Letter

The BIGGEST challenge investors face following a severe financial crisis is lack of confidence. As a result history tells us people, when investing, are far too cautious for too long. At Curran, we believe this bull has far to run before the party ends. Many seem to believe buying now is much too late to join in the merry making. Perhaps but maybe buying now is the same as being fashionably late. History will tell us.

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3Q18 Quarterly Letter

Let’s get right to the point of Curran’s 3rd quarter investment letter. Stop worrying about bear markets and corrections. No one knows when the market will decline.

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