Weekly COVID-19 Market Recovery Update

Greetings Friends,

Hope your week is going well.

Stock Market

The market is continuing it’s upward ascent. “It was a bumpy week for equities as investors wrestled with signs of an uneven economic recovery, a stalemate in Congress over another round of stimulus, and increasing tensions between the U.S. and China. Despite the headlines, the S&P 500 finished the week at a record close, increasing 0.8 percent. The returns were primarily driven by large technology and consumer discretionary stocks with less than one-third of the S&P 500’s components finishing the week in positive territory. Small cap stocks struggled as the Russell 2000 index fell 1.6 percent.” Greer, Jason. “Dunham Weekly Market Overview.” Dunham Funds. August 17, 2020. Small cap stocks struggled last week but the rotation in growth in small cap stocks from large cap stocks has begun.***

The Jones Industrial Average is changing its stock makeup. “The shake-up in the Dow Jones Industrial Average unveiled Monday will add three companies next Monday to the venerable index: Amgen, Honeywell, and Salesforce. They will replace Pfizer, Raytheon Technologies, and Exxon Mobil.  S&P Dow Jones Indices, the committee that oversees the Dow, may have erred in choosing Salesforce, which is barely profitable based on generally accepted accounting principles (GAAP) as opposed to the hugely profitable Facebook.” Bary, Andrew. “Big Changes are Coming to the Dow-Just Not the Right Ones.” Barron’s. August 25, 2020. The Dow doesn’t change its stock makeup often. The last time changes were made was in 2013.***

While many stocks have prices that are 26 times 2020 earnings, that does not mean that those stocks are over-valued or that the market is at a bubble or peak. “Much is made of the seeming disconnect between the stock market and the economy, as well as the high valuation of equities. The S&P 500 now trades for a steep 26 times projected 2020 earnings, 21 times estimated 2021 profits, and 18 times projected 2022 earnings. Leuthold Group chief investment strategist Jim Paulsen doesn’t think investors have lost their minds. Yes, a price/earnings ratio of 26 times is high, “but the market valuation was the same 26 times at beginning of the start of each of the past bull markets,” he says, pointing to the early 1990s, early 2000s, and 2009. U.S. corporations, he says, were forced to get lean quickly after the pandemic struck in March. “Companies have maximized efficiencies and brought down break-evens; there is incredible profit leverage, and we could blow the roof off earnings” if the economy roars ahead, he says.” Bary, Andrew. “Tech, Tesla, and Apple Star as Stocks Keep Rising.” Barron’s. August 21, 2020. Low interest rates, slow growth, increased consumer savings, pent up demand, etc. also point toward an extended market rally.

Apple and Tesla are leading the way. “Tesla’s stock blew through the roof this past week, gaining 24%, or $399, to a new closing high of $2,049.98 and valuing the electric vehicle leader at $382 billion. Investors have piled in ahead of Tesla’s 5-for-1 stock split, which will take effect on Aug. 31—the same day as Apple’s split. Black correctly forecast the stock split and thinks Tesla will afterward be added to the S&P 500. Tesla, he says, needs to be viewed as a Amazon.com -like growth stock with a huge market opportunity, rather than as a low-multiple auto maker. On Thursday, he lifted his price target to $2,700, from $2,350, arguing that Tesla could earn $80 a share in 2025, up from about $31 in 2022. He sees its sales rising to 3.2 million vehicles in 2025 from about 500,000 this year.” Bary, Andrew. “Tech, Tesla, and Apple Star as Stocks Keep Rising.” Barron’s. August 21, 2020. It is not unusual for high growth companies to have higher price to earnings multiples like Alphabet, Nvidia, Tesla, Amazon, Netflix, Alibaba, etc.

Apple and Tesla are currently the two biggest drivers of the growth in the NASDAQ. While Apple is included in the major US stock indexes, Tesla is currently only listed In the NASDAQ. Tesla is expected to be added to the S&P 500.“It’s Apple’s stock market now. The S&P 500 index hit a record high last week, but it’s probably fairer to say that Apple stock hit an all-time high. Apple Stock’s Rally Just Keeps Going as Valuation Touches $2.1 Trillion. The move past $2 trillion appears to be acting as a springboard. The stock is now up about 67% for the year to date.” Levisohn, Ben. “Fewer Stocks are Participating in the Market’s Rally. Why That’s Not a Disaster.” Barron’s. August 24, 2020. Both Tesla and Apple appear to have much more room to rally.***

Global Stock Market

US and China appear to be moving forward with their existing trade agreements, although more work needs to be done. However, both sides seem to be committed to getting additional agreements in place. Additional agreements will likely take place after the presidential election. “The Dow opened higher Tuesday after the U.S. and China affirmed [Monday night] that the first phase of the trade deal between the two nations is still on. A trade deal, you see, is good for the global economy and the industrial stocks that are in the Dow.” Levisohn, Ben. “The Dow Has a Confidence Problem.” Barron’s. August 25, 2020. Additional trade deals would be meaningful for companies like Apple that have a significant amount of trade with China. US companies and foreign companies like Taiwan Semiconductors that get any component from China are affected. Taiwan Semiconductors gets a majority of its business from the US.

China is in an acquiring mode. It has taken over Hong Kong. “Much has been written about a possible Chinese takeover of Taiwan, the threat such an invasion would pose to other regional countries and what the United States might or might not do in response. TSMC has also agreed to build a factory in Arizona to help bring the semiconductor industry back to America, even though it’s not an economically sound proposition. However, considering that TSMC’s founder, the legendary Morris Chang, spent 25 years at Texas Instruments, this is not as surprising as it might seem. Most of TSMC’s business comes from America. TSMC is the world’s largest and most technologically advanced dedicated semiconductor foundry, with about half of the global market for contract chip manufacture.” Foster, Scott. “US tech giants exposed if China takes Taiwan.” Asia Times. July 20, 2020. Hopefully, Taiwan will be able to remain a multiparty democracy. 

Last week, China’s indexes rallied while European indexes continue to lag. “As a result of the increasing geopolitical risk, most indexes in Asia declined with the Hang Seng Index falling 0.2 percent, and Japan’s Nikkei declining 1 percent. Chinese equities were one of the few bright spots this week. The Shanghai Composite surged over 3 percent early in the week as investors cheered a fresh round of economic stimulus. However, some of the gains were given back later in the week as the aforementioned geopolitical tensions weighed on investors. By Friday’s close, the Shanghai Composite rose 1.1 percent. European stocks put in a disappointing week amid a resurgence of coronaviruses infections and worrisome economic reports.” Greer, Jason. “Dunham Weekly Market Overview.” Dunham Funds. August 17, 2020. Many countries like South Korea are dealing with a surge in COVID-19 cases.

China’s economy is expected to be one of the only countries with net GDP growth in 2020. “With the coronavirus smothered for now, thanks to draconian control measures, J.P. Morgan recently boosted its 2020 China growth forecast to 2.5% from 1.3% in April. Economists at the World Bank and elsewhere have also upgraded their forecasts for China, the only major economy expected to grow this year.” Cheng, Jonathan. “China’s Economy is Bouncing Back-And Gaining Ground on the US.” WSJ. August 24, 2020. Nevertheless, both China and the US need for trade deals and trade disagreements to be worked through.

Tech stocks

Tech stocks continue to be some of the best performers in the stock market. “Big-cap techs dominated the coronavirus stock market rally last week, including Tesla stock and Apple. Amazon.com, Adobe, Netflix, Alibaba, and Google parent Alphabet are five large caps in or near buy zones right now…Amazon stock, Adobe, Netflix, Alibaba and Google are all in or near various buy zones. All five have early entries in their recent consolidations.” Carson, Ed. “Dow Jones Futures Rise on Apple Despite Long Term Stock Market Rally Warning.” Investor’s Business Daily. August 24, 2020. All seven stocks have high price to earnings ratios yet continue to significantly outperform and likely have much more room to grow.

TikTok’s management is apparently not happy about selling its US division. Kevin Mayer, CEO of TikTok, unexpectedly quit the company this week. “Kevin Mayer has quit his job as the chief executive of popular social media app TikTok after only three months in the role as pressure mounts on the Chinese company to sell its U.S. business…TikTok has been downloaded about 2 billion times globally and has more than 100 million monthly users in the U.S. alone, according to the app…Mayer said that the political environment had “sharply changed” in recent weeks and that he decided to resign after “significant reflection on what the corporate structural changes will require” in the event of a sale.” Denton, Jack. “TikTok’s CEO Just Quit. Here’s Why.” Barron's. August 27, 2020. Kevin Mayer left Disney on June 1st to join TikTok. Oracle and Microsoft are still competing for the opportunity to purchase TikTok’s US business holdings. Perhaps Mayer quitting should be an omen that Oracle and Microsoft should consider before moving forward with a purchase of TikTok’s US division.

Global Economy

Europe is struggling to restart its economy after their lockdowns. “The eurozone’s economy contracted more sharply than the U.S. in the second quarter, reflecting that the European lockdowns were more restrictive and longer-lasting. Eurozone policy makers had hoped that by getting a firmer grip on the virus, the currency area’s economy would see a stronger rebound during the remainder of the year and into 2021. If the surveys are backed up by other data in recording a slower-than-expected expansion, the European Central Bank is more likely to provide additional stimulus in the coming months.” Harrison, David and Paul Hannon. “US Economic Recovery Gains Steam While Others Stutter.” WSJ. August 21, 2020. Europe’s recovery is likely hampered by coordinating relief efforts with so many countries with various economic plights.

Economy

Many industries are bouncing back from the shutdown and returning to near full employment capacity and their normal payment structure. “Some companies are beginning to restore cuts they made to managers’ salaries and bonuses in the early, bewildering days of the pandemic shutdowns, a sign that some industries—and their white-collar workers—are benefiting from glimmers of a recovery while millions of others continue to endure job and income losses…They also indicate an economy increasingly cleaving to two tracks: one in which the livelihoods of white-collar professionals in certain industries have remained largely intact, and another for lower-income workers, many of whom work in service jobs in hard-hit industries such as hospitality, travel and retail. Millions of them have lost jobs, been furloughed or seen their hours cut.” Thomas, Patric and Chip Cutter. “COVID-19 Pay Cuts are Coming to an End at Some Companies.” WSJ. August 21, 2020. It will likely be a couple of years before full employment and pay levels return to their February 2020 levels.

Many industries are handling the COVID-19 recovery well. E-commerce retailers and grocers, industrial real estate, the housing industry, artificial intelligence, 5G, manufacturing, and e-learning businesses and institutions are positioned well for a faster recovery. “Many larger U.S. companies are also still planning on giving their employees pay raises and annual bonuses over the next year, according to a recent survey from Willis Towers Watson, an advisory firm. Companies gave employees pay increases between 2.5% and 2.7% this year and are projecting average salary increases of 2.8% in 2021, according to the firm. Salary increases have hovered around 3% for the past decade.” Thomas, Patric and Chip Cutter. “COVID-19 Pay Cuts are Coming to an End at Some Companies.” WSJ. August 21, 2020. Salary and pay increases are also a great recovery indicator.

Manufacturing continues to improve, as well. “Data firm IHS Markit said its composite purchasing-managers index, a measure of manufacturing and services activity, rose to 54.7 from 50.3 in July, an 18-month high, with both sectors seeing a big increase. A reading above 50 is a sign of expansion while a reading below 50 is a sign of contraction. The index of manufacturing output was up to 53.6 from 50.9 in July. The services activity index rose to 54.8 from 50.” Harrison, David and Paul Hannon. “US Economic Recovery Gains Steam While Others Stutter.” WSJ. August 21, 2020. New orders continue to grow. Inventories are low, so there is not enough supply to meet demand and prices will likely increase. Imports and exports are also growing. So, it is likely manufacturing and services activity will continue to be strong.

Most of the data points are positive from manufacturing and services to housing. August’s consumer confidence numbers came in lower than expected. “Tuesday brought an array of data points that provided a mixed picture of the U.S. economy’s recovery from the coronavirus crisis. New home sales increased to a seasonally adjusted annual rate of 901,000, the quickest pace of sales in 14 years. That figure easily exceeded FactSet’s consensus forecast for 782,000. The other economic news was less encouraging. The Conference Board’s latest consumer confidence figures for August came in lower than forecast. And home prices were flat for June, according to S&P/Case-Shiller, falling short of the 0.1% increase expected.” Levisohn, Ben. “S&P, Nasdaq Close at New Highs.” Barron’s. August 25, 2020. Consumer confidence numbers are increasingly tied to public perception of how soon a vaccine(s) will be in place, so those numbers can be fickle during the pandemic.

Durable and capital goods are performing well. “The Commerce Department reported an unexpectedly strong +11.2% rise in durable goods orders for the month of July. The third consecutive increase was largely driven by a +21.9% jump in auto and auto parts orders, following a +85.6% boom in June which reflected the re-ignition of major auto production in the U.S. Predictably, aircrafts orders remained depressed. Boeing reported no orders in July after recording just a single order in June. Capital goods orders ex aircraft and defense, considered a proxy for business investment, climbed +1.9% in July after a +4.3% rise in June. The July advance brought year-over-year goods orders back to pre-pandemic levels. There’s no denying that business spending has woken-up, and clearly a solid third quarter economic rebound is on track…Yesterday, new home sales surged by +13.9% in July to a 901k annualized pace, the highest level since December 2006. With overall housing inventories historically low and a major spike in demand, prices for new homes are on the rise. The median price for a new home climbed +7% year-over-year in July to $330,600. Bloomberg reported that 70% of builders had increased prices last month compared to 27% in June.” McIntyre, Scott. “Auto Production Drives July Business Spending.” Hilltop Securities Economic Commentary. August 26, 2020. Consumers are busy nesting, buying and improving their homes. Many are looking for improved home offices and improved entertainment areas for adults and kids, and a dedicated study area for kids.

Housing

The flight to less urban areas is increasing due to the pandemic. People are wanting to live in less populous areas. “Sales of existing homes saw a historic 24.7% spike in July after rebounding in June, according to the National Association of Realtors. Bloomberg reports the record increase is fueled, at least in part, by urban exiles seeking more space amid the pandemic and seizing on low mortgage rates…Moving companies in big cities also report being swamped, with at least one mover in New York City saying he’s had to turn away work. Perez, Jake. “Movers swamped as home buys spike.” LinkedIn News. August 23, 2020. Existing home sales and new home sales are both performing well.

Buyers are wanting to live in smaller communities and closer to family and friends. “Buyers are ready to move farther from cities, now that many workers aren’t commuting every day. The pandemic has spurred some households to live closer to family, or somewhere that offers more space with so much time spent at home, brokers and economists say.” Friedman, Nicole. “US Existing Home Sales Rose Nearly 25% in July.” WSJ. August 21, 2020. Less people are desiring to live in congested high rise locales.

The supply of existing homes isn’t sufficient to meet current demand. More houses need to be built. “In the 20 years through February (March 2000 through February 2020), housing starts only averaged 1.265 million. Too low. All of this suggests to us that home builders still need to make up for lost time, until the long-term average is closer to 1.5 million per year, which could mean reaching, and then averaging, a pace of something like 1.8 million starts for the next several years. But it’s not only home building that’s recovered so quickly; home sales have revived, as well. Existing homes were sold at a 5.76 million annual place in February, the fastest pace since the housing bubble burst…Since May, however, sales have soared, hitting a 5.86 million annualized pace in July, even beating where we were in February.” Wesbury, Brian. “The Housing Revival.” First Trust: Monday Morning Outlook.” First Trust. August 24, 2020. Builders are busy and lumber prices are increasing, so new home prices are likely to increase.

Home improvement companies like Lowe’s, Home Depot, and Sherwin Williams are each having a banner year in the midst of the pandemic. As people are spending more time at home, they have more time to remodel, are identifying more projects that need to be completed, and/or are focused on improving their current living space given their increased time spent at home. “Home has never been more important for Americans, and it’s showing up in the numbers. The National Association of Home Builders’ August housing index came in at 78, ahead of an expected 74, and up from 72 a month ago…Housing is also boosting other parts of the markets, including home-improvement chain Home Depot, whose shares are up 30% this year. Revenue jumped 23% in the second quarter to $38.1 billion, easily beating Wall Street’s forecast of $34.5 billion. Earnings also blew past estimates. Lowe’s stock has followed a trajectory similar to Home Depot’s. It’s up 32% in 2020.” Eule, Alex. “Housing Numbers Rise, and Lowe’s and Home Depot Stock Follow.” Barron’s. August 21, 2020. Low mortgage rates have helped spur refinancing and home purchases, as well. Please let me know if you would like the contact info for mortgage brokers, realtors, and/or title companies. This is a great time to buy or refinance your home loan.

Summer tends to be a popular time to buy homes, so the sales of previously owned homes and purchase of new homes are likely to continue booming. “The July sales numbers were among the strongest the housing market has ever seen. Sales of previously owned homes jumped 24.7% from a month earlier to a seasonally adjusted annual rate of 5.86 million, according to the National Association of Realtors on Friday. That was the strongest monthly gain ever recorded, going back to 1968. It was also the highest sales pace since December 2006. Mortgage rates that hovered near all-time lows helped the housing market break out of a long slump heading into 2020. Now, after a sharp decline in the early spring due to the coronavirus outbreak, pent-up demand is pushing the market even higher. Homes typically go under contract a month or two before closing, so July figures largely reflect purchase decisions made in May or June. “The housing market is actually past the recovery phase and is now in a booming stage.” Friedman, Nicole. “US Existing Home Sales Rose Nearly 25% in July.” WSJ. August 21, 2020. Who knew that the year of a pandemic could become one of the best years ever for purchasing residential real estate!

Back to School

The US economy is dependent on the back to school season. There is so much uncertainty regarding school re-opening dates. Parents and students will spend a lot less preparing for a return to school if students aren’t going back to an actual classroom. Students returning to the classroom is also essential for more parents returning to the workforce. “What began as a lockdown-induced recession, as Covid-19 cases started to rage in March, has transformed into what George Washington University economics professor Tara Sinclair calls “the school-closure recession.” At stake, she says, is parents’ ability to work and the willingness and ability of consumers to resume normal activities. No industry is tied more closely to a normally functioning school system than retail. In an ordinary year, back-to-school is second only to the holiday season for retailers.” Beilfuss, Lisa. “Keeping Schools Closed Could Cost the Economy at Least $700 Billion.” Barron’s. August 24, 2020. Schools’ ability to implement procedures for keeping teachers and students safe at school is critical.

Seemingly everything is impacted by the back to school season from retail shopping, those tax dollars funding our state and local budgets, to school lunches, janitorial services, and trash collection. School shopping and everyday activities for schools has a tremendous impact on our state and local economy. “52% of parents aren’t making back-to-school purchases and 22% plan to buy fewer items than normal. Retailers are bracing for a 20% decline in back-to-school sales year over year…Retail spending, though, is dwarfed by school budgets. State and local governments spent some $660 billion on schools in 2017, according to the Urban Institute. Now, school budgets could be cut by as much as a quarter, according to some estimates. In the past, budget cuts meant larger class sizes, but that’s precisely what schools can’t have right now, says Sinclair. As a result, some of the pain will have to fall on companies that service schools. Take Aramark, one of the largest school-lunch providers…their revenue dropped by half in the third quarter because of Covid-19, and the stock is down 46% this year. ABM Industries, which provides janitorial and other services and already took a $9 million hit in education revenue during its second quarter…Trash companies like Waste Management, get about 4% of the revenue from schools…a small but not insignificant portion of sales.” Beilfuss, Lisa. “Keeping Schools Closed Could Cost the Economy at Least $700 Billion.” Barron’s. August 24, 2020. Let’s hope schools are implementing the right procedures, so the transition from the online classroom to in person is relatively seemless.

With a delayed start for in person classrooms, back to school sales are likely to continue indefinitely and/or be staggered. “The good news is that every child going back to school has a multiplier effect, says Jefferies chief economist Aneta Markowska, referring to knock-on effects like apparel purchases that come with returning to school and work. With no more than a third of students heading back to school either full time or in a hybrid model, according to Jefferies, that’s not as much as it could be—but it is still better than having none.” Beilfuss, Lisa. “Keeping Schools Closed Could Cost the Economy at Least $700 Billion.” Barron’s. August 24, 2020. And more students returning to the classroom will allow more parents to return to work.

Retailers that master online shopping apps, options, and the intricacies of the home classroom experience will fare the best this season. “Of the country’s 20 largest school districts, 18 are expected to offer only remote instruction when they reopen. More than 60% of public-school students are likely to start the year via online courses. That means back-to-school outfits will be replaced by gadgets, and more people will be browsing screens than walking malls. Retailers are scrambling to keep up with the changes. Target, for instance, will extend its back-to-school season, featuring items for longer than usual, to accommodate places where school may not start until October or even January.” Rivas, Teresa and Avi Salzman. “Back to School Is Not the Same. Here are 4 Stocks to Play the Changes.” Barron’s. August 24, 2020. Returning to the classroom also helps ensure students participating in the reduced or free lunch programs get enough food, students who are abused have a better opportunity for teachers to identify such issues, helps prevent those without internet access from falling even farther behind and quitting school, and help reduce the social isolation many feel with being stuck at home.

COVID-19

The use of blood plasma from recovered COVID-19 patients is now approved for use in hospitals. “The FDA on Sunday authorized the use of blood plasma from recovered coronavirus patients for hospitalized Covid-19 patients. President Donald Trump touted this approval at a news conference. The Trump administration reportedly also is mulling an accelerated approval of a coronavirus vaccine from AstraZeneca and Oxford University.” Carson, Ed. “Dow Jones Futures Rise on Apple Despite Long Term Stock Market Rally Warning.” Investor’s Business Daily. August 24,2020. The efficacy of blood plasma from recovered COVID-19 patients appears to be in the 20% range, but some positive potential effect is certainly better than none. Many COVID-19 patients appear to do best with some combination of treatments anyway. It is certainly better to have more treatment options!

Mail In Ballot

The US Postmaster General is doing his best to allay concerns with the mail in ballot. The Postmaster General Louis Day told Congress, “we will deploy processes and procedures that advance any election mail, in some cases ahead of first-class mail,” he added…The Postal Service says it has ample capacity to handle election mail this fall but has urged voters to mail in ballots at least a week before their state’s due date, if not earlier.” Corse, Alexa and Jennifer Smith. “Postmaster General Louis DeJoy Defends Changes Before Senate Committee.” WSJ. August 21, 2020. Due to concern for the spread of COVID-19, more voters than ever are expected to mail in their vote. Many first time mail in voters, however, make mistakes that lead to rejected ballots. “Most absentee or mail-in ballots are rejected because required signatures are missing or don't match the one on record, or because the ballot arrives too late.” Fessler, Pam and Elena Moore. “More Than 550,000 Primary Absentee Ballots Rejected in 2020, Far Outpacing 2016.” NPR. August 22, 2020. So check your mail in ballot twice and mail it in early or better yet, vote in person if you are able!

Gold

Gold remains a good hedge for your equity portfolio. Fidelity recommends most equity investors consider investing five percent of their portfolios in gold or other hard assets. Gold tends to perform well when the dollar is weak and when there is market volatility. “The dollar’s recent fall is primarily a result of the U.S. government’s monetary easing policies in response to the pandemic-triggered economic disruptions. Lower interest rates have made the currency less attractive to hold. In addition, the dollar supply surged as the Federal Reserve opened swap lines with other central banks. And the huge fiscal stimulus and mounting national debt have boosted demand for foreign capital…Hard assets like commodities are another hedge against inflation. Precious metals, in particular, have soared lately.” Liu, Evie. “Prepare Your Portfolio for a Weaker Dollar.” Barron’s. August 24, 2020. Market volatility is likely to continue for quite some time and the dollar is likely to be weak for a time, as well. So, gold is likely to outperform for a while.

Warren Buffett also quietly purchased a significant holding in Barrick Gold. “Berkshire Hathaway in the 2nd quarter picked up a nice chunk of a New York Stock Exchange traded gold mining stock, according to whalewisdom.com, which keeps track of the holdings of big institutional investors. Warren Buffett’s firm bought about 21 million shares of Barrick Gold.” Navin, John. “Warren Buffett Buys NYSE Gold Stock: Why It’s a Fit for the Legendary Value Investor.” Forbes. August 14, 2020. I generally prefer my clients invest in a gold fund instead of purchasing individual gold stocks or buying gold bars. Adding a gold fund to an equity portfolio could provide additional diversification and additional return potential.*

Financial Education for Kids of All Ages

Jackson National has some fun and financial educational cartoons/animated episodes as part of their Cha Ching series that you can share with the favorite young people in your life. Please click here for a link on my website to share those fun videos with your young family/friends.

Miss a Previous Email from the COVID-19 Pandemic Recovery Series?

Please click here for a link to all the previous emails that I've sent out during the COVID-19 Pandemic Recovery. Please share them with your friends and family. If anyone you know has questions about the market, their portfolios, saving, investing, etc., please let me know. With their permission, I would be honored to call them.

Upcoming Seminars

Please save the date to join us for the September seminar on Tuesday, September 22nd from 11:30am-1pm featuring Rebecca Pearson with Dunham Funds. She will present COVID-19 Virtual Self Care: Improving the Five Domains of Well Being. It’s a great presentation. Rebecca has created some great seminar handouts for your reference. Please register early to get the materials mailed to you in advance.

Thank you for reading!

This is a great time to consider completing a financial plan, portfolio review, and/or insurance review. This is also a great time to do your estate planning. I am always delighted to recommend service providers from estate planning attorneys, CPAs, mortgage brokers, bankers, attorneys, title companies, realtors, etc. Thank you for your time!

Please let me know if you would like to schedule a time to talk, meet in person, or over Go to Meeting. Alicia, Rocio, and I are all here to help. Take care! Stay safe! That's all for this week.

Best regards,

Happy Franklin

Financial Advisor

*Diversification does not guarantee a profit or protect against market losses. It is a method used to help manage investment risk.

**Although, past performance is not a guarantee of future results.

***Indexes are un-managed, do not incur management fees, costs and expenses, and cannot be invested in directly. Past performance is not a guarantee of future results.