Market Commentary

Stock indices made solid gains in October, but remain substantially lower for the year. While our model portfolios are also lower for the year, they continue to outperform their respective benchmarks. Losses are never a welcome event, however we feel quite relieved and thankful that we’ve mitigated much of this

Stock indices revisited their June lows toward the end of September. Usually when markets go through a bottoming process they revisit their initial lows within a month or two. In that light, September’s swoon looks entirely normal to us as the early stage of a market recovery. In a sign

This past month we were up across the board, with Growth up 0.3%, Income up 1.9%, American Growth up 4.1% and Small Cap up 4.5% as of August 25th. It’s been said that “markets climb a wall a worry” and emerging from the bear market of Spring 2022 has been

July saw much welcomed gains for stocks and bonds. As of the writing of this note on July 27th, Growth is up 2.9%, Income is up 2.0%, American Growth is up 0.3%, and Small Cap is down 4% for the month. We continue to be thankful for this and our

Stocks and bonds fell for the first half of June before rallying strongly into the end of the month. As of the writing of this note on June 28th, Growth is down 2.2% over the last year, Income is down 2.3%, American Growth is up 5.4%, and Small Cap is

Despite the ongoing volatility in stocks and bonds, each of the model portfolios remain in positive territory over the last year. We’re pleased with the results and look forward to what we believe will be a fruitful time for our investors in the year ahead. We view inflation concerns as

Our model portfolios saw gains as follows over the last year: Growth is up 10.7%, Income is up 5.6%, American Growth is up 10.6%, and Small Cap is up 16.3% as of the writing of this note. Public markets had some issues digesting inflation and rate hikes over the past

One must go on working silently, trusting the result to the future. – Vincent van Gogh The model portfolios saw gains in March, with Growth up 3.83%, American Growth up 4.49%, Income up 2.69% and Small Cap up 4.11%, as of the writing of this commentary. As we noted in

The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails. – William Arthur Ward Investing can be a case of three or four steps forward, one or two steps back — and so February was our step back. Markets were pressured lower in

Water does not resist. Water flows. – Margaret Atwood January saw some of the highest of high flying new-economy tech stocks finally grounded as concerns over interest rates and economic growth took center stage. As that pandemic-bubble burst, investors moved their capital into the relative safety of old-economy stocks, particularly

You have power over your mind – not outside event. Realize this, and you will find strength. – Marcus Aurelius December capped off a most satisfactory year of healthy double-digit gains across the model portfolios. Nearly every one of our companies continue to make new highs into year-end, setting up

Don’t judge each day by the harvest you reap but by the seeds that you plant. – Robert Louis Stevenson Nearly all of our companies continue to produce new monthly highs, propelling our portfolio values into strong results for the year. Dominant investment themes across our holdings include dividend-payers, retail-focused

Follow your honest convictions, and stay strong. – William Thackeray Markets rebounded strongly in October from the brief dip we saw last month, with each of the model portfolios finishing higher as well. The equity market in general looks to be firming up for a year-end rally, and we are

A wise man proportions his belief to the evidence. – David Hume While China’s Evergrande debacle may have spoiled the market’s months-long winning streak (as of the date of writing this note), we have much to be optimistic about going into year-end. Strength begets strength, and there is still lots

Who looks outside, dreams; who looks inside, awakes. – Carl Jung I’m happy to report that August saw another round of positive returns for each model portfolio, as of the writing of this note. Many of our companies continue to make new all-time highs, supported by strong cashflows, improving earnings,

I am an old man and have known a great many troubles, but most of them never happened. Worrying is like paying a debt you don’t owe. I have spent most of my life worrying about things that have never happened. – Mark Twain I’m happy to report all of

Time and reflection change the sight little by little ‘till we come to understand. – Paul Cezanne I’m happy to report the model portfolios recorded another positive month this June, as of the date of writing this note. Many of our holdings continue to make new all-time highs across the

The two most powerful warriors are patience and time. – Leo Tolstoy I’m happy to report the model portfolios each recorded another positive month this May. A healthy mix of recovering economic growth and newfound optimism continue to lead our stock prices higher. While inflation is starting to crimp consumer

Go confidently in the direction of your dreams! Live the life you’ve imagined. As you simplify your life, the laws of the universe will be simpler. – Henry David Thoreau Markets April was another good month for the portfolio models. Economic growth continues to pick up in North America, prompting

It is on the strength of observation and reflection that one finds a way. So we must dig and delve unceasingly. – Claude Monet Markets I am pleased to report all model portfolios finished higher in March. And after what’s been a raucous year, I am equally pleased to report

The secret of change is to focus all of your energy not on fighting the old, but on building the new – Socrates Markets Our positioning for inflation is earning handsome returns, as the world and nearly all of North America is reopening for business. As I explained in my

In times of change, learners will inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists. – Eric Hoffer Markets It is true that markets are at their most expensive levels in history now, but this doesn’t seem to be stopping the general

Therefore the Master takes action by letting things take their course. He remains as calm at the end as at the beginning. – Lao Tzu Markets We finished the year on solid footing, with many companies in our portfolios making new all-time highs. I am confident our best days are

You have power over your mind – not outside event. Realize this, and you will find strength. – Marcus Aurelius December capped off a most satisfactory year of healthy double-digit gains across the model portfolios. Nearly every one of our companies continue to make new highs into year-end, setting up