Capital Highlights

The very big picture: In the "decades" timeframe, the question of whether we are in a continuing Secular Bear Market that began in 2000 or in a new Secular Bull Market has been the subject of hot debate among economists and market watchers since 2013, when the Dow and S&P 500 exceeded their 2000 and 2007 highs.

Even if we are in a new Secular Bull Market, market history says future returns are likely to be modest at best.

NOTE: Areas with blue text show the most recent market updates since the June Capital Highlights email.

"All that is gold does not glitter; nor all those that wander are lost."
~  J. R. R. Tolkien

"Determine that the thing can and shall be done, and then we shall find the way."
~ Abraham Lincoln

"Life is a series of natural and spontaneous changes. Don't resist them; that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like."
~ Lao Tzu

"Ïncome taxes has made more liars than golfers."

~Will Rogers
April 1924

NOTE: Areas with blue text show the most recent market updates since the January Capital Highlights email.

“A long, healthy, and happy life is the result of making a contribution in the world, of having meaningful projects that are personally exciting, and to contribute to and bless the lives of others.”

“The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application.”

“Once you have commitment, you need the discipline and hard work to get you there.”