Happy Independence Day!

Jun 30, 2023

“The support in the market is just growing confidence in the economy’s resilience. I think investors may be concluding that the economy has actually avoided a recession – which is a position that we’ve taken for quite some time. If there is going to be a recession – we thought it would be very, very light – maybe not even noticeable. So in the face of 500 basis points or 5% increases by the Federal Reserve – and that is a lot – it is amazing that we are where we are. So since the beginning of the year, some parts of the stock market are up 30%. The S&P 500 is up 14%, foreign stocks are up 11% and bonds are up 3%. When I look at the performance of the financial markets…it’s normal. It’s about as normal as one could ask for. So, I think that you’ll enjoy getting your second quarter reports and I hope you enjoy Independence Day and the long holiday weekend. There’s a lot of things to worry about, but don’t worry about your money or don’t worry about your investment portfolio. It’s going to do what it’s going to do.”


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