As we approach the final month of this traumatic year, the major indices have broken through what had been viewed as key support levels, once again disappointing investors hoping for a definitive bottom. Having counseled our clients to stay invested throughout this turmoil, we realize our message might be rather threadbare – but we continue to maintain that a) to sell into the teeth of a broken market would be enormously counterproductive, and b) the prospects for generous future returns for anyone with a multi-year horizon are immense. Furthermore, as the 18% rally from October 27th to November 4th so vividly demonstrated, market recoveries tend to be dramatic, and unpredictable. Our message is not “Don’t worry, be happy” – the headlines are indeed sobering. Rather, as professional investment counsel it is our role to dispassionately and nimbly navigate the shifting investment landscape in search of value, and to position our clients’ portfolios accordingly.

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