Quarterly Thoughts – Q4 2008

The Chinese character for “crisis” is actually a composite of two other characters: “danger” and “opportunity.” Current financial markets are volatile, but also provide opportunity. By rebalancing portfolios, investors “buy low” and “sell high” systematically. At a time when stocks are “on sale,” by not selling, we are in effect “buying” at possibly bargain prices. Discipline pays off over the long haul.