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December 2005 Client Letter

Our long-term performance

Last month marked the moment that our oldest portfolio, the Relative Value, hit three years old. We are just now entering into a time where our performance becomes more meaningful in determining our skill as stock pickers. Of course, even three years is still a short amount of time. One would need five years or more to make a decent assessment of a stock picker’s skill, 10 years would be better. The longer out you go, the less random chance is responsible for investment results. That said the 3-year mark may still be helpful in comparing our performance to date against our stated goals, which are to:

  • Increase your (and our) invested capital, consistent with reasonable risk, and

  • Outperform the market indices over long periods of time.



3-year Total Returns

Annualized 3-year Returns

Annualized Since Inception Returns†

3-year Sharpe Ratio

Relative Value










Portfolio Average





Wilshire 5000





S&P 50049.69%14.39%11.76%1.05

Avg. Domestic Equity Mutual Fund






†Relative Value model portfolio and the Portfolio Average since inception returns are from 12/6/2002. Index and mutual fund since inception returns are from 12/1/2002.

*Choice model portfolio since inception return is from 4/4/2003.


See the rest of Brick Financial Management's December 2005 client letter by clicking here


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About Brick Financial Management, LLC

Blogged by Brick Financial

51 JFK Pkwy, 1st Fl. West
Short Hills, NJ 07078
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Brick Financial Management, LLC is a Registered Investment Advisor specializing in providing investment management services to individuals, families, organizations and institutions. We implement highly focused stock, bond, and balanced portfolios using an investment approach commonly referred to as value investing. Disclosure


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