Coronavirus Market Drop

Coronavirus Market Drop

It started in China, then spread to South Korea and Japan. Cruise ships have carried it; tourists have transported it. Now it’s in Italy and Iran, Thailand and Taiwan, and more countries besides. It has infected almost 80,000 people and been fatal to over 2,600.1

We are referring, of course, to the coronavirus.

COVID-19, as scientists call it, is a new strain of respiratory virus that can cause severe pneumonia and even death.  What started as a local outbreak in the Chinese city of Wuhan has rapidly become much more, and the markets are beginning to take it seriously.  On February 24, the Dow dropped over 1,000 points, and the S&P 500 over 100, after news broke that cases have surged in Italy and South Korea.2

Obviously, the human cost of an epidemic is more important than anything else.  But in addition to being a health crisis, COVID-19 also has the potential to create an economic crisis.  Viruses are small but insidious, and they can infect more than just people.

They can also infect supply chains.

This fact is what has investors – and even some of the world’s most powerful corporations – spooked.  As your financial advisors, we believe that it’s our job to explain why that is, as well as what we should do about it.

The Global Economy

There’s nothing like a virus to remind us that we are all connected.

To show what we mean, look at your phone for a moment. In a sense, you’re holding a miniature version of the world.  The screen you’re looking at probably came from Japan.  Your phone’s accelerometer likely came from Germany; the gyroscope, from Belgium.  The wi-fi chip may have come from Mexico, or perhaps Brazil; the audio chip, from the United States.

And your phone’s battery? That probably came from China.3

For a company like Apple to sell you an iPhone, they rely on the work of millions of people based in dozens of countries.  That is a supply chain, one of thousands of arteries that keep the world’s economy beating. A chain is only as strong as its weakest link, though. Imagine an epidemic breaks out near one link – a factory that produces widgets, for example.  Suddenly, people can’t go to work.

Manufacturing stops.  Fewer widgets are produced.

Somewhere down the chain, another factory makes gizmos – but they need widgets to do it. What happens when there aren’t enough widgets?  Soon, there won’t be enough gizmos, either.

And at the end of the chain, the company that turns the widget-powered gizmos into gadgets has fewer of those to sell. Which means they can’t reach their quarterly estimates, which means their stock price falls. As do the stock prices of the widget and gizmo manufacturers.

The result is a black day for the markets.  Like the one we had on February 24.

This is exactly what’s happening right now.  With one of the world’s largest economies, China is at the center of many, many supply chains. From electronics to blue jeans, the world relies on China for its resources and manpower.  But China is also at the center of the current outbreak, with over 77,000 confirmed cases and 2,500 deaths.1   This is why even companies like Apple and Adidas have recently admitted that COVID-19 will probably affect their bottom line.4&5

But the story doesn’t end there.

From Asia to Europe

The markets have long known about how the coronavirus could hamper global supply chains. But as long as the virus seemed limited to China, investors largely shrugged it off. That all started to change last week.

Take South Korea – small in terms of size, but a giant in terms of industry. On February 17, South Korea had 30 confirmed cases.6   Just one week later, there were over 800.1

Even more unnerving, to some analysists, is what’s going on in Northern Italy.  Last week, there were only a few reported cases. As of this writing, there are over 200, mainly centered in Lombardy, where some of the world’s most important carmakers are located.1   Officials have closed schools and put multiple towns on lockdown to keep the virus from spreading, but the fact that COVID-19 is now established on an entirely different continent is what’s causing fear.

Another cause of fear is that it’s not just supply chains and manufacturing being affected. Tourism, airlines, energy –many industries have seen a drop in business due to the coronavirus. And of course, the sheer fact that people have died is enough to make anyone wonder, “Should I be afraid, too?”

Let’s answer that right now.

Fear and financial decisions

Fear is at the heart of every market drop.  Usually, it’s fear of the unknown.  In this case, there are several unknowns for investors to contend with.  Why exactly is this virus spreading so fast? How far will it spread?  How long will it last? These are questions that no financial advisor can answer.

But fear, as we know, is a bad reason to make decisions. Fear of missing out, for example, often makes us behave too rashly. On the other side of the coin, fear of not getting out leads us to toss away opportunities or abandon the progress we’ve made to our goals.

Fortunately, whenever we feel fear, there are two tools that we can use to steady ourselves.

The first tool is history. Past performance, as you’ve no doubt heard many times, is no guarantee of future results. But past is also prologue, which means history can give us a good idea of what to expect in the future.  For example, here is how the S&P 500 performed over a 6-month period after other recent epidemics.7

Now, these are all imperfect comparisons, as they dealt with different viruses, at different times, in different regions, in different contexts.  The point is that the markets, while occasionally impacted in the short term by epidemics, are rarely impacted over the long-term. And as we are investing to help you achieve your long-term goals, it’s the long-term that we care about.

The second tool, of course, is our own plan. You’ve probably heard us say this before, but we invest expecting volatility to happen. As your financial advisors, we can’t predict exactly when it will occur, nor always what will cause it. But we know that it will, so we are prepared for it.

This particular bout of volatility is coming after months of astonishing growth, and a correction has always been bound to happen at some point.  If it’s not coronavirus, it could be the trade war, or the U.S. presidential elections, or any of a dozen other things.

Over the coming weeks, we’ll probably see more scary-sounding headlines. It’s possible that COVID-19 could spread, and further disrupt the world economy.  It’s possible that should these things happen, the markets will drop – and then climb again when more positive headlines emerge the next day.  Coronavirus is unquestionably a serious issue of global importance, but it’s not worth panicking over. So, our advice is to not overreact to these day-to-day or even week-to- week swings.  To do that would be like playing whack-a-mole with your investments. Our team certainly won’t do that!

What we will do is continue to keep a very close eye on how the coronavirus is spreading, as well as how the world is handling it. If we ever feel that the long-term situation has changed, we may then make changes, too.  But in the meantime, let’s continue to be cautious, but never fearful, investors.

As always, please let us know if you have any questions or concerns.  We are always happy to help with both.  Have a great week!

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SOURCES:

Market Commentary – February 24, 2020

Market Commentary – February 24, 2020

Weekly Financial Market Commentary

February 24, 2020

Our Mission Is To Create And Preserve Client Wealth

Risk on or risk off?
The coronavirus appears to have inspired two distinct schools of thought among investors. Some investors currently favor opportunities that are considered lower risk, like Treasury bonds and gold, because they’re concerned about the potential impact of the coronavirus on the global economy. Others are piling into higher risk assets, like stocks, that could benefit if central banks (like the United States Federal Reserve) take steps to stimulate economic growth, reported Randall Forsyth of Barron’s.

Currently, the Federal Reserve (Fed) is holding interest rates steady. The minutes of the January Federal Open Market Committee meeting indicated the Fed, “…generally saw the distribution of risks to the outlook for economic activity as somewhat more favorable than at the previous meeting,” reported Lindsay Dunsmuir of Reuters.

Last week, Fed Chair Jerome Powell said it was too soon to know whether the economic effects of the coronavirus on the U.S. economy would warrant a change in monetary policy.

During periods of uncertainty, like this one, the benefits of holding well-allocated, well-diversified portfolios become clear:

  • By holding asset classes (e.g., stocks, bonds, and other asset types) that respond differently to the same market conditions, investors protect themselves from the poor performance of a single type of asset.
  • By diversifying holdings within asset classes (e.g., investing in different parts of the world, investing in different industries), investors protect themselves against the poor performance of a single investment.

Choosing a well-allocated and diversified portfolio that aligns with your goals, objectives, and risk tolerance can provide peace-of-mind when markets are volatile.

Last week, major U.S. stock indices moved lower. Al Root of Barron’s reported, “The Dow Jones Industrial Average dropped 1.4 percent this past week, snapping two weeks of solid gains…The S&P 500 index dropped 1.2 percent for the week…The Nasdaq Composite dropped 1.6 percent on the week…”

The CBOE Volatility Index (VIX), known as Wall Street’s fear gauge, moved higher.

Some people must still take required minimum distributions at 70½.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law late in 2019. One of its provisions changed the rules for required minimum distributions (RMDs).

RMDs are the amounts owners of IRAs, 401(k)s, and other tax-advantaged retirement plan accounts must withdraw from those accounts every year to avoid tax penalties. In some cases, retirees take more than the required minimum amount, especially when they are using the funds for income.

Prior to passage of the SECURE Act, Americans were required to take RMDs in the year they reached age 70½. This rule continues to apply to anyone who reached age 70½ prior to 2020. The Internal Revenue Service (IRS) defines age 70½ this way: The date that is six calendar months after your 70th birthday.

Beginning in 2020, owners of tax-advantaged retirement accounts do not have to begin taking RMDs until the year in which they reach age 72.

While the SECURE Act changed the age for RMDs, Qualified Charitable Distributions (QCDs) from IRAs were not affected by the new law. QCDs still can begin at age 70½.

RMDs can be complex, especially for households that have several IRA and retirement plan accounts. It’s a good idea to consult with a financial or tax professional before making any RMD decision. If you would like to discuss the finer points of RMDs, or receive some assistance calculating RMDs, get in touch. We’re happy to help.

Weekly Focus – Think About It
“Friendship…is born at the moment when one [person] says to another “What! You too? I thought that no one but myself…”
–C.S. Lewis, writer and theologian

Best regards,

John F. Reutemann, Jr., CLU, CFP®

 

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

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Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.barrons.com/articles/the-bull-market-in-both-risky-and-safe-assets-51582333794?mod=hp_DAY_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-24-20_Barrons-The_Two-Day_Stock_Selloff_Hurts-Footnote_1.pdf)
https://www.reuters.com/article/us-usa-fed-minutes/fed-policymakers-cautiously-optimistic-on-us-economy-despite-new-risks-minutes-show-idUSKBN20D2K3
https://www.investor.gov/additional-resources/general-resources/publications-research/info-sheets/beginners’-guide-asset
https://www.barrons.com/articles/stocks-drop-on-the-week-but-still-look-bubbly-prepare-for-a-correction-51582334151?mod=hp_DAY_2 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-24-20_Barrons-Stocks_Drop_on_the_Week_but_Still_Look_Bubbly-Footnote_4.pdf)
http://www.cboe.com/vix (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-24-20_CBOE_Volatility_Index_Charts_and_Data-Footnote_5.pdf)
https://www.congress.gov/bill/116th-congress/house-bill/1865/text#toc-HA6E69DEA642642799C7E8CF1D7E50D72 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-24-20_Congress.gov-House_Bill_1865-Footnote_6.pdf)
https://www.investopedia.com/terms/r/requiredminimumdistribution.asp
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds
https://www.barrons.com/articles/answers-to-your-questions-on-the-secure-acts-impact-on-iras-rmds-and-qcds-51578502801 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-24-20_Barrons-The_SECURE_Acts_New_Rules_are_Causing_A_Lot_of_Confusion-Footnote_9.pdf)
https://www.goodreads.com/quotes

Where is Your Best Place to Retire?

Where is Your Best Place to Retire?

The best place to retire in the United States is in dispute. There’s no formal debate, but a review of reliable publications showed surveys have named different states and cities as the “best” place to retire. For instance:

  • Iowa was #1 in a best places to retire survey cited by Yahoo! Money.1
  • Fort Myers, Florida was #1 in the ranking from S. News & World Report.2
  • Athens, Georgia was the first name on a list of 25 places that are all the best, according to Forbes.3
  • Catalina Foothills, Arizona topped com’s list of eight equally best places to retire.4

In 2019, Kiplinger offered a list of the 50 best places to retire. There was one in each state.5

It begs the question, doesn’t it? How can there be so many ‘best’ places to retire? The answer is it all depends on the criteria used to make the determination. If you plan to move and start life in a new place during retirement, there are a variety of factors to consider. Some are general, like cost of living, state tax rates, and healthcare services. Others are personal, like livability or proximity to children and grandchildren.

Here are a few of the issues to consider when deciding where you’ll spend retirement:

Cost of living.
Affordability is an important consideration. The cost of living – the amount needed to pay for basic expenses like housing, transportation, groceries, and healthcare, varies significantly from state to state and city to city. According to a study by GoBankingRates.com, those four items cost retirees in Hawaii about $118,000 a year, on average. In Mississippi, they cost about $53,000 a year, on average.6

Home prices.
While cost-of-living calculations often include housing costs, some focus on renting rather than buying. If you plan to buy a home, then it will be important to learn about the average housing costs in the regions you’re considering. In September 2019, the U.S. Census Bureau reported the median home price in the United States was $299,400.7

Taxes.
There is a lot to think about when it comes to taxes. Kiplinger determines the most and least tax-friendly states for “a hypothetical retired couple with a mixture of income from Social Security, an IRA, a private pension, interest and dividends, and capital gains. We also gave them a $400,000 home (with a small mortgage) and $10,000 in deductible medical expenses.”8

The publication evaluates state income tax, taxation of Social Security benefits, retirement income tax-exemptions, property taxes, and sales taxes. You may want to consider these as well.8

Fiscal soundness.
Fiscal policy is the way a government balances taxes and spending, which can affect economic conditions in a city or state. A government that spends profligately will need to raise revenue and that could lead to higher taxes. Similarly, a government that restricts taxation may have little room to innovate and govern. A 2018 Pew Research report described the types of steps some states are taking to evaluate and adjust fiscal policies.9

Livability.
It’s a catch-all category that speaks to quality of life. For instance, how does the crime rate compare to other places? Can you get around without a car? Is it easy to walk or bike around town? Are there opportunities to take advantage of continuing education? What types of cultural events and entertainment are available?

If your list of potential retirement spots includes places you have not visited before, make sure you travel to them more than once. If possible, live in the community for a few weeks or months.

Availability of healthcare.
If your list of possible retirement locales is comprised primarily of cities, healthcare services may be readily available to you. If your preference is for more remote locations, it will be important to investigate the availability of healthcare services.

One of the criteria that informed Kiplinger’s ‘10 Great Places to Retire for Your Health,’ was the availability of a hospital with a five-star rating from the Centers for Medicare and Medicaid Services. In rural areas, you may need to consider physicians per capita.10, 11

Work prospects.
A lot of people would like to continue working in retirement. They may begin a new career, start a business, offer mentoring, or take on a part-time job. If a working retirement is a priority, you may want to research which cities have the highest percentage of workers age 65 and older, and where the growth of 65 and older workers is fastest. A 2019 CNBC article ‘Here are the cities with the biggest share of 65-and-older workers,’ offered some insights such as the top 10 cities, where these workers have a significant share of the workforce, five Texas cities are listed.12

Weather.
If you hate the cold, South Dakota will never be the best place for you to retire. Similarly, if you hate heat, Arizona may not be the most desirable choice.

The bottom line is the best place for you to retire is the place that meets your criteria. Money.com explained it pretty well:5

“What makes a great place to retire? It’s a trick question, of course – there are as many answers as there are retirees. Some love to golf in the sun, while others feel most invigorated by winter sports. For every history buff, there’s a modern art enthusiast, an adventurer for every homebody.”

The first step in finding your ‘best’ place to retire is to know yourself and your spouse and what will be important to you in retirement. If you would like to discuss the financial aspects of retirement, give us a call. We’d be happy to talk with you.

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Market Commentary – February 24, 2020

Market Commentary – February 18, 2020

Weekly Financial Market Commentary

February 18, 2020

Our Mission Is To Create And Preserve Client Wealth

Many stock markets around the world moved higher last week.

Investors’ optimism in the face of economic headwinds has confounded some in the financial services industry. Laurence Fletcher and Jennifer Ablan of Financial Times cited several money managers who believe investors have become complacent. One theory is investors’ buy-the-dip mentality has become so firmly ingrained that any price drop is seen as a buying opportunity, regardless of share price valuation.

Another theory is investors remain confident in the face of declining economic growth expectations because they expect central bankers to save the day:

“Key stock markets are hovering close to record highs even while the death count from the China-centered virus rises and travel in, out, and around the country remains heavily restricted, hurting the outlook for domestic and international companies. Regardless, stumbles in stocks are quickly reversed. To some traders, this is proof that investors believe major central banks will pump more stimulus into the financial system.”

Ben Levisohn of Barron’s doesn’t think investors in U.S. stocks are complacent. He wrote:  “Yes, [investors have] decided to stay invested in U.S. stocks, but compare it with the other options. Emerging market stocks near the epicenter of the outbreak? Treasury notes with yields of just 1.59 percent? Cash? But, they haven’t sat idly by, either. They’ve dumped the stocks most exposed to coronavirus and to a slowing economy – things like energy, cruise lines, airlines, steel.”

Treasury bond markets are telling a less optimistic story than stock markets. The U.S. treasury bond yield curve has flattened in recent weeks. On Friday, 3-month treasuries were yielding 1.58 percent while 10-year treasuries yielded 1.59 percent. When there is little difference between yields for short- and long-term maturities, the yield curve is considered to be flat.

Historically, the slope of the yield curve – a line that shows yields for Treasuries of different maturities – is believed to provide insight to what may be ahead for economic growth. Normal yield curves may indicate expansion ahead, while inverted yield curves suggest recession may be looming. Flat yield curves suggest a transition is underway.

What’s your favorite remedy for a Hangover? Consuming too much alcohol comes with an unwelcome side effect: the hangover. Symptoms of a hangover typically include dehydration, fatigue, vertigo, headache, nausea, and muscle aches. If you’ve ever had one you may understand the growing market for hangover treatments.

By one estimate, Americans experience 2.6 billion hangovers each year. That may be why market research analysts think hangover remedies have the potential to become a billion-dollar industry. The Washington Post reported the number of recovery (and ‘precovery’) treatments has ballooned during the past three years. So far, the hangover remedy industry has:

  • Offered treatments that include water-soluble tablets, capsules, beverages, and patches.
  • Attracted $10 million of Silicon Valley venture capital.
  • Birthed start-ups that generate strong sales during the first few months of operations.

The hangover market is small potatoes when compared to the market for alcoholic beverages ($1.4 trillion). However, the market for non-alcoholic cocktails is growing, too. In New York City, booze-free bars charge $13 a pop for dry cocktails.

Here’s a question: Are alcohol-free drinks a precovery hangover solution or a beverage?

Weekly Focus – Think About It
“A hangover is the wrath of grapes.”
–Dorothy Parker, American poet

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

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* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
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Sources:
https://markets.ft.com/data/world (Click on ‘Global indices’ at the bottom left of the map and choose ‘5 day’) (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-18-20_FinancialTimes-Global_World_Markets_Indices-Footnote_1.pdf)
https://www.ft.com/content/8732e814-4e82-11ea-95a0-43d18ec715f5 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-18-20_FinancialTimes-Investor_Complacency_Sets_in_While_Coronavirus_Spreads-Footnote_2.pdf)
https://www.barrons.com/articles/dow-jones-industrial-average-gained-1-this-week-as-stocks-ignore-the-coronavirus-51581726118?mod=hp_DAY_1 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/02-18-20_Barrons-The_Dow_Jones_Industrial_Average_Gained_1_Percent_this_Week-Let_It_Ride-Footnote_3.pdf)
https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/textview.aspx?data=yield
https://www.investopedia.com/terms/y/yieldcurve.asp
https://www.health.harvard.edu/staying-healthy/7-steps-to-cure-your-hangover-and-ginkgo-biloba-whats-the-verdict
https://www.washingtonpost.com/business/2019/12/19/drinking-with-no-consequences-this-was-year-hangover-hack/
https://www.businessinsider.com/bars-no-alcohol-sober-dry-january-nyc-2020-1
https://www.goodreads.com/quotes/370656-a-hangover-is-the-wrath-of-grapes

Will you be able to fly after October 1, 2020?

Will you be able to fly after October 1, 2020?

Did you know you will not be able to fly or access Federal facilities after October 1, 2020 without having your driver’s license updated to the federally mandated REAL ID?  

It is not mandatory that states update their driver’s licenses, but citizens will not be able to use old style IDs to obtain admission into federal facilities and at airport security checkpoints run by the Department of Homeland Security.
Read more on the DHS website>>

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