We hope this note finds you and your family well and enjoying the beginning of Fall. Unfortunately, “enjoyable” is not a word we’d presently associate with the financial markets. The 3Q marked the first time since 1976 where both stocks and bonds were simultaneously negative 3 quarters in a row. As we interact with clients, some jokingly request that we not send this quarter’s update as they are doing their best to not focus closely. That may not be the worst strategy!
Our newsletter this quarter includes the following brief perspectives:
- “A Fresh Pair of Eyes” – 2022 remains all about rates (interest & inflation), and the dynamics are very different than when the year began.
- “Always Late” – What’s it like to always be late? Maybe we should ask the Fed. Recognizing that monetary policy always acts with a lag, it is understandable the market is concerned by the aggressive changes pursued over the last 9 months. Will the Fed go too far before we see the impact of their actions?
- “The Times They Are a Changing” – What’s the market saying about the future; what can help the markets stabilize and ultimately turn the negative trend around?
- “Buckets of Time – Dead, or Alive?” – With bonds experiencing their worst stretch in over 40 years, some may be wondering if the “buckets of time” approach remains appropriate in today’s environment.
The printer-friendly version of the newsletter, including benchmarking and widely held fund performance data, can be obtained here: printer-friendly PDF version.
With so many issues affecting the current investment climate, we hope that these updates are helpful. Please do not hesitate to call, email with questions, or to coordinate a time to visit together.