The latest P&A quarterly letter to clients is available in PDF form. You can download it here. This letter covers the evolving set of standards that brokers and financial advisors have been held to over the years. In the last several years, there has been a discussion of instituting a fiduciary standard, which was actually passed into law by the Department of Labor, before being overturned in a court of appeals. Now, the brokerage industry is working on a “best interests” standard which muddies the water even further. Pitt takes the reader through this evolution. In addition, he discusses how we Really Like stocks at the current time.