Turning Points

If July was a month that was rewarding for our approach to investing in companies that offer quality and value for the long-term, August was a month that showed its challenges. At the beginning of the year we commented that this year would be decisive as the US economy overcomes the malaise of the past eight years, and economic growth, lower unemployment, and higher incomes allow the Fed to normalize its policy and begin raising rates. We said that the famous “New Normal” was likely to be more like the “Good Old Days”. We also thought that there would be market volatility as we approached that turning point. Well, here we are!

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