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• Market Performance • Questions for Your Investment Advisor |
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MARKET PERFORMANCE The market volatility of the previous six months carried over into 2008 with a fury. The up and down reactions to news are more pronounced today than they have been in several years. Fear of the unknown has created a temporary environment where valuation, fundamentals and investment rationale have been replaced by speculation, shifts of sentiment and momentum. Equities are down 15% from their peak last summer and the downturn has been secular in nature. Stock market volatility will not end until there is renewed confidence in the global financial system. Similar to 2002, when the market reacted negatively to numerous accounting scandals, investors do not trust the numbers on financial companies’ balance sheets. Just as greed pushes asset prices higher in a bubble, fear works in the opposite direction in a decline. |
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