This year has continued to be a strong one for the stock market and for Broadleaf Partner’s Growth Equity Portfolio, which is up 35% on a year to date basis.
For details on our performance, related disclosures, and insights on our current market outlook and strategy, please read the attached Third Quarter 2009 Commentary & Performance.

As a quick aside, there is considerable discussion over the last two trading days over speculation that oil exporting countries may abandon the dollar pricing of crude in favor of a basket of alternative currencies.  
With gold hitting new highs (one of the few asset classes doing so) at the same time, the interpretation is that inflation expectations could be on the rise.

At this point, we believe it is easy to make the case for a declining dollar, but what that might mean for the stock market remains unclear.  If the source of the dollar’s decline is primarily a retreat from its role as a safe haven in difficult times and a resumption in the risk trade, it might be less worrisome.  If it’s decline, however, reflects a change in purchasing power/pricing pressure dynamics (ie inflation), it could be more worrisome.  And yet, even with all that, a declining dollar can also benefit exports, which might be a benefit to earnings and perhaps the stock market.  Confused?

The issue makes for great financial headlines, but both the impact and implications appear less clear.  There are many moving pieces.

Stay tuned, it will be an interesting issue to monitor.