Broker Check

Newsletter Archive - 2021

Third Quarter 2021 Recap

October 1, 2021

We had a strong first half driven by the continued recovery from market lows in early 2020 driven by Covid factors.   The economy continues to perform well in spite of (and in many cases perhaps as a result of) Covid, but market performance may have gotten a little ahead of itself and the third quarter has been a bit of a period of “digestion” of earlier gains.  Now we are in the midst of historically normal seasonal issues.  For some reason September is almost always a down month into early October, and, usually, the market begins to recover in mid-October when the discussion turns to a “Santa Claus Rally” between Christmas and into the new year. ...

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Taxes? Should You Be Worried?

June 30, 2021

This letter is going to be a little different than my normal quarterly newsletter.  I will be both more forward looking, and also less investment-performance oriented than usual.  We usually discuss what has happened, largely avoid anything more than the most tempered predictions of future performance, and tell you to “stay the course”.  The market seems to be fairly stable presently, and while volatility is always a reasonable expectation, there’s no reason to expect any imminent actionable activity.  Sticking to your plan is usually the correct strategy, that’s why you have a plan after all, and there’s not much point in dwelling on that right now. ...

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Laissez Les Bons Temps Rouler

March 29, 2021

This is going to be a long one but stick with me. I think you will find it worth the time, but I’ll put the bottom line up front.  Your appropriate take-away, or translation:   The performance you have seen over the past 12 months is far beyond anything in my experience, and in no way should it inform your future expectations.  That’s not a bad thing.  I’m not telling you the market is going down, I’m managing expectations, and your expectations going forward should be what I have always encouraged you to expect … The market has good days, the market has bad days, and the market has gone up, over time, with rational and responsible asset allocation and disciplined cash flow management, at an average rate of 8 to 10%. ...

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2020 Is Finally Over!

January 14, 2021

Good riddance to 2020! It was the year that never ended. We started the year with impeachment proceedings (yes, that was in 2020!) and then Covid-19 hit the world hard. We social distanced, we wore masks, and we cleaned everything. Due to the economic uncertainty, the market panicked and we had a major selloff. It was hard to sit through, but it also presented an opportunity to buy investments much cheaper than they were months ago, so we repositioned our holdings accordingly. ...

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