Review & Outlook

October 9, 2020

With the Summer Rally taking an early Fall Break through most of September, our stock sales outpaced purchases at a rate of 2:1. We’ve followed this course through most of the past 12 months given a late stage rally that has pushed valuations up 50% plus over the past 7 quarters to rank in the 90th percentile historically. Accounts have done well, and it’s not that we don’t enjoy the rush so much as we want to maintain our balance. The air thins at these high altitudes, and volatility usually follows. We expect conditions won’t materially change through year-end.

Review & Outlook

October 9, 2020

With the Summer Rally taking an early Fall Break through most of September, our stock sales outpaced purchases at a rate of 2:1. We’ve followed this course through most of the past 12 months given a late stage rally that has pushed valuations up 50% plus over the past 7 quarters to rank in the 90th percentile historically. Accounts have done well, and it’s not that we don’t enjoy the rush so much as we want to maintain our balance. The air thins at these high altitudes, and volatility usually follows. We expect conditions won’t materially change through year-end.