The 2019 2nd Q Newsletter

Half the year has come to pass with 2 more quarters to come. Market commentaries and other news can be found in our most recent newsletter. You’ll note on the front page, we’ve been selected by Financial Times as one of the top registered independent advisors in the country. For the 4th straight year, we’re honored to be recognized on the FT300. Please click here.

Market Movements

We recently saw some sharp, downward move in stocks. While the absolute numbers are historic, the percentage change is quite modest. In point of fact, we have just started to resemble a ‘normal’ market.

While this might be disconcerting to some, we don’t see it that way.  A market in a relentless uptrend is unhealthy.  A market with some volatility will give us the opportunity to invest some of your cash in stocks at better prices.  We prefer to buy ‘on sale.’

The underlying fundamentals are healthy.  The 2017 earnings reports are coming in very strong.  Interest rates, while rising, are still extremely low by historic measures.  Inflation is under control.  The only thing that worried us was valuations.  A quick, sharp downturn will present some opportunities.

This pullback is healthy, and will help sustain a healthy market longer term than the abnormal run-up we experienced over the past several years.