Monthly Archives: January 2019

  • 2018—Not as bad as it seemed… Not long ago I was walking through a city park.  High on a tree was a sign showing the high-water mark from the last great flood.  The analogy struck me… We as investors always remember the high-water mark of our portfolio’s value.  Never mind that we didn’t liquidate it […]

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  • This was the year the long, seemingly endless bull market came to a crashing halt–and U.S. investors finally, for the first time since 2008, experienced the normal definition of a bear market (down 20% from the S&P 500’s all-time high on September 20).  The bottom fell out in the final month of the year, which […]

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