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Well, here we are again. This last quarter started on a somewhat positive note with stocks rising until the middle of August. That cheer didn’t last, however, as uncertainties about rising interest rates and the direction of the economy pushed us back to a bit lower than where we started. Bonds followed a similar pattern as folks wrestled with the idea that interest rates would climb higher than had been anticipated earlier this year  Warren Buffett, the Oracle of Omaha, once said to be fearful when others are greedy, and greedy when others are fearful.  The most recent downturn in stocks brought us to an official declaration that we have crossed the line denoting a 20% drop in the S&P 500 index and thereby entering an ‘official’ bear market. In truth we had been flirting with this number a few times already this year, but now it’s official.  Happy Spring! In the midst of all the turmoil we find ourselves faced with of late we can still depend on Mother Nature to put on her usual stupendous display, reminding us that hope always springs anew after even the grimmest of winters.  A variety of conflicts involving major world powers have tended to historically raise short-term volatility in global financial assets. However, market damage has tended to be short-lived, as in the magnitude of a typical market correction (-10% or a bit more).  Happy New Year! It’s always an interesting endeavor at this time of the year to stroll back along memory lane to see just how we got to where we find ourselves. The passage of time tells us the story, punctuated by the passing of things held dear and the emergence of new challenges, opportunities and technologies.  |