Fourth Quarter 2018 Commentary - Turbulent Times

As we catch our breath in the wake of turbulent times, we must separate the emotional aspect of seeing dollar values decline and prevent ourselves from running out of the store when the merchandise goes on sale. While it was painful getting here, global stock markets are cheaper today than 12 months ago. And while valuations alone are not indicative of the markets near term direction, they do inform long term returns. And every investor’s long term returns will ultimately be woven into how they react when things get violent.

The Ugly Duckling

First published in 1843, the tale created by Hans Christian Anderson…