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Quarterly Market Review - Q4 2019

Q4 and 2019 saw strong positive returns across global equity and fixed income markets. US equity markets reached several new highs during Q4, the US yield curve is no longer inverted, and the Federal Reserve appears done cutting rates, for now


Timing Isn't Everything

“Timing markets is the dream of everybody. Suppose I could verify that I’m a .700 hitter in calling market turns. That’s pretty good; you’d hire me right away. But to be a good market timer, you’ve got to do it twice. What if the chances of me getting it right were independent each time? They’re not. But if they were, that’s 0.7 times 0.7. That’s less than 50-50. So, market timing is horribly difficult to do.” - Professor Robert Merton

Investing Planning

Market Review - Q2 2019

A fundamental characteristic of financial planning is that it is more of a long-term process than a singular event. While we can quantify where we are presently and what we'd like to achieve in the future, the actual journey from point "A" to point "B" will involve variables, such as inflation and portfolio returns, that we can only make estimates or assumptions about today. Fortunately, we have plenty of data on which to base those estimates. However, our short-term investing experiences most often don't align exactly with our long-term estimates, which can make "staying the course" difficult, particularly during times of increased market volatility.