A Note from Our CIO - Q4 2018
One of the most interesting things that has occurred over the course of the last fifteen years has been the rise of “business news” as part of our day-to-day existence. The pendulum has swung from the days of minimal transparency, where the average American had little knowledge of what stockbrokers did all day – much less those bond traders – to the current environment, where you can turn on the TV or look at your smart device and get an unlimited number of great ideas for implementation in your portfolio. The challenge for investors, and for us as advisors, is to balance the need for a long term, goals-based perspective and approach with the reality that markets are constantly moving and adjusting, creating new risk/reward tradeoffs, and frankly, challenges for us in meeting those objectives. We are faced now with a scenario in which everyone knows a recession is coming, but nobody knows when. So while we continue to see strength in the economy and continued upside in the equity markets, we expect that as we move through 2019, we will likely adopt a more conservative stance, readying your portfolios for economic deterioration and keeping our focus on meeting your long term goals.
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