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| Season Changes: Bear Ready to Hibernate? |
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In September, we updated that statements would reflect significantly lower values, as most equity markets had recorded
declines in September ranging from 15 to 25%. Well, October proved to be one of those
See the full PDF version of this month's commentary as well as the archive in our Market Info Section.
periods that test every investor’s
fortitude. The series of financial and political events in the United States and around the world continues to rattle global
equity markets. Recessionary fears, following massive worldwide deleveraging in the financial arena, had taken equity
markets much lower in the first half of October. The last two weeks of October did begin to show signs of stabilizing and
forming a bottoming process on which we can build. This positive process has been furthered so far in November.
Having watched the events unfold over the past 60 days, we understand that the emotional response to your October statement may be difficult. Many of you may be wondering where you stand and whether you are still on track to achieve your long-term goals. The markets in the last several weeks have seen remarkable swings up and down, as the United States has been in a period of short-term political and financial uncertainty; which has spread to the global scene. As we highlighted in September, extreme short term fluctuations are almost certain to be with us for a while yet; as they were in October. Despite those ups and downs, prospects for the mid and long-term are very bright. We are confident that we’ll look back upon this period as a truly outstanding buying opportunity. That buying opportunity will be taken advantage of by the funds that you own and their investment managers. Over the next while, we will be looking at your current holdings and comparing them against other opportunities to ensure that you have the best possible portfolio when a rebound takes place. As we noted, we are getting optimistic in this bottoming process, but have yet to act on opportunities. In our opinion, they are in the process of still maturing. We’ve spoken to the majority of our clients about what’s happening in the markets. In the meantime, should you have any questions about current market circumstances and their impact on your portfolio; as well as prospects for the period ahead, give us a call at (403) 543-0006. If you’d prefer to make an appointment to talk on the telephone or to meet in person, please call Dexter (403) 543-0006. Please remember that we’re always available to answer any questions you might have - don’t hesitate to call. Thank you for the continuing opportunity to work together.
Sincerely, |