You all know we are a financial planning firm, investments are but a piece of your overall planning.  Having said that, once a quarter we do let the investment folks have their time in the sun and allow them to share their thoughts.  Hope you find Rene’s quarterly commentary helpful.

It has been 5 days since the drone strike on the Iranian general and stock markets have basically shrugged it off.  Should there be an escalation from here we would expect stock markets to fall sharply in what has been a fairly predictable pattern: selling off when the US rattles its sabers, and then rallying once military operations are actually under way.  We dislike war as much as anyone but our job is to be clinical in the management of your portfolios.  With the economy enjoying strong growth, low inflation and low interest rates you can expect us to buy into the sell-off, were it to materialize.  Thank you.