QUARTERLY LETTER: OCTOBER 2013
– Thomas Jefferson
Here we go again. The debt ceiling debate has brought the politics of furious opposition back to the fore – leaving the rest of the world to wonder if a hyper-polarized and paralytic United States will honor its debt obligations. China is slowing under the weight of an enormous credit burden, and Middle East conflicts are at a boiling point. And yet, U.S. markets touched all-time highs last quarter on the back of better-than-expected growth and the prospect of a durable recovery in major developed economies.