To all our clients and readers of this newsletter – Happy Thanksgiving and Seasons Greetings.
It has been a tough year for investors with the S&P 500 down 16% ytd and Nasdaq down 29% ytd. Surprisingly, the Dow Jones is only down by 5.5% ytd, a reflection of the shift from growth to value – a strategy we have been recommending all year.
Yet, we have much to be grateful for given the suffering of millions in Ukraine from a needless war, the unfortunate plight of billions in China due to prolonged lockdowns and the tragedy facing numerous families as weekly mass shootings continue in the US.
As we celebrate the holidays, let’s set aside worrying about our stock portfolios for a moment and instead, say a prayer to those who have not been as fortunate.