stable inflation

HFG Perspectives: March

March 6, 2014

“We all know by now that bull markets tend to take a few steps forward and then give a bit back. While it’s never enjoyable to watch our account balances decline over the shorter term, stock markets gave back a bit in January. While the talking heads on TV might attempt to make us think that the next crisis is at our doorstep—that’s just how the media business works—the decline we’ve been witnessing for the last month has been, if anything, average.”

We opened last month’s letter with the paragraph above, and we think it applies nicely today as well. After all, after having a rough go of things in January, the S&P 500 closed out February at all-time highs. Two steps forward and one step back, indeed. (more…)