As we finish out 2010, we would like to take some time to consider the year we just had, and consider what may lie ahead. 2010 has been an extraordinary year for our clients, with our average account up approximately 43% for the year as of December 1st. December has also been a great month for clients, and we are eager to finalize our 2010 numbers for publication (see here) .
Much of our outperformance this year stemmed from our view that the summer pullback was little more than a correction during an ongoing bull market in risk assets (stocks, commodities, etc.). Our research regarding the differential between the earnings yield on the S&P 500 and the yield on the 10 year US Treasury note gave us great conviction in adding to all of our long stock and commodity positions, as well as establishing new positions to short volatility. Our original research can be found here.
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MAXIMUS MANTECH INTERNATIONAL MANHATTAN ASSOCIATES LSI LINEAR TECHNOLOGY
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