A Modest Memorial

This update is a little different. It’s a testimonial to a friend of mine.

Don Delapenha was a good guy. He coached his daughter’s soccer team. We used to exchange drills that we would use to help our kids develop dribbling and passing skills. A couple of our children were the same age.

Don would call me a couple times a week. We’d talk about the markets, our kids, and current events. Don sold corporate and agency bonds to banks. He probably would have been as surprised as the rest of us at Fannie and Freddie’s demise.

But Don worked for Keefe Bruyette and Woods in the World Trade Center. Seven years ago he and thousands like him were killed by a group of fanatical jihadists intent on making a statement.

I’ll never forget Don–an ordinary guy doing a decent job. Nor should we ever forget the 3000 others just like him.


Douglas R. Tengdin, CFA
Chief Investment Officer
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