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In our latest quarterly investment outlook video, Ali Phillips, Executive Vice President and Partner, shares our firm's updated perspective on the economy and markets heading into the final months of 2023. One truth in investing remains constant: one can't consistently predict the future. However, our philosophy around long-term investing remains consistent. We construct portfolios and financial plans that account for a range of potential outcomes, seeking to put our clients in the best position possible over the long term while minimizing risk. It's been a positive year for investors, and our optimism is steadfast and grounded in our decades of experience.

September continued to live up to its reputation as being a challenging month for equities as the market cooled off after an impressive, albeit uneven, 2023 rally that lasted through July. While it was disappointing to see some of the year’s gains reversed, it is important to keep in mind that sudden pullbacks are not unusual; on average, investors can expect to see a 5% decline up to three times per year.1 Rising interest rates and economic slowdown concerns weighed on sentiment as investors remain hyper-focused on the Federal Reserve (the Fed).

In our latest quarterly investment outlook video, Wally Obermeyer, President and Co-Founder, shares our firm's updated perspective on the economy and markets for the summer of 2023. As we embark on this new season, we remain dedicated to guiding our clients through all market cycle phases. Over the last few months, market strength was driven by growing expectations for an economic soft landing and the rapid release of artificial intelligence. However, concerns remain around a more aggressive action from the Federal Reserve and a global tightening cycle. Watch Wally's latest video to learn more about how we are helping to position clients in this period of cautious optimism.

With summer in full swing and markets seemingly in bloom, it is important to remember that six months ago, nearly every economist and cable TV talking head was predicting that 2023 would be another painful year for the economy and investors. Yet here we are, halfway through the year, with markets in the green and chatter of a “soft landing” getting a little bit louder. However, we aren’t ready to spike the football just yet. If we have learned anything from our decades as investors, it is that humility and patience are key tenets of successful, long-term investing. While we are heartened by the resilience of the economy and the improvements in the markets, we know nothing is guaranteed.

In our latest quarterly investment outlook video, Wally Obermeyer, President and Co-Founder, shares our firm's latest views on the economy and markets. We remain focused on positioning our clients to build their wealth over the years and decades to come. We believe in the resilience of the American economy, and we can point to previous cycles that felt even scarier at the time. In each instance, the storm has passed and made way for continued growth and prosperity. We have no reason to believe this time is any different. Please reach out to our team if you would like to schedule a time to talk about your questions, concerns, or updates in your financial situation.

Investors are finding a balance. Long gone are the days of excessive exuberance marked by the rise of “meme stocks,” or stocks with relatively low earnings that were popularized by social media. Investors have also moved away from the desperate calls that there will be a corporate earnings meltdown and economic reckoning. Today the stock market is trading at reasonable valuations.