Q2 2016 Quarterly Outlook
If you closed your eyes during the quarter, you missed one heck of a ride. The culmination of fears surrounding a Fed policy mistake, a crash landing in China, financial industry destruction by negative interest rates, and energy prices without a floor led to one of the worst starts to a calendar year in equity markets, only to bounce back off no real news at all. Such is the way of the equity markets these past few years, and such is a reminder of how emotions can overwhelm reason, which, if acted upon, can put an otherwise disciplined investor off the path to reaching his or her long-term goal. Sometimes the noise of watching the tick-by-tick action of the market can start to make you believe that maybe each tick has meaning. Most times, it is just noise. Instead, it is our job to cut through the noise and find what is meaningful.
In the link below, we lay out our views in the context of market-moving information where we recommend taking action.