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  • Two Steps Forward and Three Steps Backward

    In This Issue:

    Our Monthly Performance Update
    Dollar Reality Check
    Are Valuations Justified?
    The Mother of All Carry Trades
    Market Summary
    Portfolio Performance Analysis
    Can I Do It This Year?

    Timing is everything and being early with your investment decisions can be almost as painful as being late.  Since most investors lost significant sums of money in 2008, they feel a deep-seated fear of getting left behind.  It is called the heard instinct.  This important emotion kept us alive when we hunted with knives and spears, but today it runs investors off a cliff.  In dealing directly with retail clients, the heard instinct is the most prevalent emotion I see.

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