Bottle It Up!

It is precisely times like these that I would like you to take a step back for a moment and realize all that we’ve come through. Remember the depths of Covid and how scary that was. Recall how in 2022, stocks fell into the abyss and looked as if the 12-month bear market would never end. Recall how just a few weeks ago, the media used words like “Crash” when it came to the 5% pullback we saw in the S&P, on news of a Japanese currency concern.?

In the moment, these events feel terrible, and it is never fun watching your portfolio decline in value, even if only for a day or a week. That said, when markets come full circle and new highs are achieved, I want you to soak it in, bottle it up, and place that enthusiasm on the shelf for the next time the environment becomes scary and uncertain.?

As an investment manager rolling into my 25th year, I’ve seen highs, lows and just about everything in between. I’ve watched companies soar to the moon such as Enron and Cisco while others crash into oblivion such as Bear Stearns and Lehman. Through it all, in my opinion, the American spirit has never died and capitalism has come roaring back despite continuous threats of demise.?

As the Dow crosses a new milestone today, breaching 42,000 for the first time in its more than 100-year history, we won’t high five nor fist bump but rather take the move in stride and remember that in the face of such uncertainty, we believe markets will do as they wish regardless of how we may feel about politics, inflation, war or what some media headline may say.?

We think it’s been a wild ride these last few years and my only hope is that you will take a step back and smile, not at the market or portfolio returns, but rather at your patience, fortitude and unemotional approach to long term investing. Bravo to you!

While we are enjoying this recent move, in our opinion sparked by the Fed’s new round of printing, we’ll continue to watch the exits closely and slowly reposition accordingly.?

Until next time

~ Quint

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