“History is merely a lot of surprises. It can only prepare us to be surprised yet again.”
If nothing else, the last three years have painfully reinforced what Kurt Vonnegut, a counter-cultural idol of the 1960’s and 70’s, wrote.[1]
Just as the COVID-19 pandemic appeared to be evolving into an endemic disease, the surprise invasion by Russia into Ukraine continues to upend the lives of people in the war-torn country with negative implications for millions of people around the world. Add in the shock of higher inflation that is driving global interest rates higher and the value of financial assets lower, and Vonnegut’s words ring true.[2]
I would suggest that hoping things get back to “normal” would be inconsistent with history, and that moving optimistically forward in spite of fear, uncertainty, and doubt has been rewarded in the past.[3]
While this isn’t a Pollyannish prediction, as we all know that uncertainty and volatility in markets can increase, we take comfort in our fundamental beliefs that haven’t wavered since I started SJS:
We behave as if markets are efficient and are priced to reflect all known information, including the surprises we have experienced.
Trying to predict the short-term direction of markets is futile.
In the past, disciplined risk-taking has been rewarded over long periods of time, and we believe will be rewarded in the future.[3]
Unique portfolio design implemented in a disciplined manner is the value we bring to each and every client relationship.
The Team we have assembled - employees and partners alike - are giving their best every day, enabling us to act in your best interests.
My hope is that this is no surprise to you!
Important Disclosure Information & Sources:
[1] Slapstick or Lonesome No More! Kurt Vonnegut, 1999, Dial Press Trade Paperback.
[2] “Market perspectives June 2022“. Vanguard, 31-May-2022, vanguard.com.
[3] “Historical Returns on Stocks, Bonds and Bills: 1928-2021“. Aswath Damodaran, January 2022, pages.stern.nyu.edu.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
MarketPlus Investing® models consist of institutional quality registered investment companies. Investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
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