We at Reynders, McVeigh Capital Management believe in trust, vision, and honesty – for ourselves and for the investments that we make. We offer independent and unbiased advice, we deliver on our commitments, and we conduct our business with sincerity and integrity.

QUARTERLY LETTER:
OCTOBER 2014

“Strange, strange are the dynamics of oil and the ways of oilmen.”
~ Thomas Pynchon, Gravity's Rainbow

As we sit to compose this letter, the S&P 500 and the NASDAQ Composite have each just experienced their worst price performance week since May of 2012. European bourses have fallen into doubledigit negative performance for the year as weak economic reports out of Germany are fueling fears of potential deflation on the continent. Adding to these pressures, weakening productivity reports have cast doubt on the sustainability of growth in China, the newly crowned largest economy in the world according to the IMF.