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Market Update | October 9, 2023

If you’re a fan of Warren Buffett, you’ll recognize this quote: “Be fearful when others are greedy and greedy when others are fearful.”
 
In recent weeks, the investing outlook has become a bit murky, which has led some people to let their emotions get the best of them. As you can see from the accompanying chart, fear – almost extreme fear – has become the driving sentiment in the market as the Fed talks tough about “higher for longer” interest rates and the price of oil flirts with $90 a barrel.
 
A recent CNBC survey of 300 money managers found that 61% believe the stock market’s gains this year can be attributed to a “bear market rally,” and 41% expect a recession by mid-2024.
 
So, is it time to be fearful, or are the markets just moving through another cycle? That’s difficult to determine, but it leads us to another favorite Wall Street expression: “Bull markets climb a wall of worry.” A takeaway of this expression, in our view, is to remember that stock indexes are wealth-generating vehicles that have an upward trend over the long run.
 
At times like these, instead of worrying about the external, focus on your own investment strategy that reflects your goals, time horizon, and risk tolerance. Let us know if we can help you revisit or re-center on your unique financial planning objectives.

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