The perception of risk is a tricky thing. The more frequently we check our securities portfolio, the riskier it appears. The simple reason: the daily ups and downs in stock prices naturally induce nervousness.

We believe it is prudent to critically review a portfolio every quarter. This way, you stay sufficiently on top of things, while short-term corrections fade into the background. Hence this report. 

The decisions we have made at Gutmann Portfolio Management and our market assessments can be found in the Gutmann quarterly report below for download in PDF format.