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Market Update - WYNTK

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October 12, 2022

The past couple of weeks have been interesting to say the least. As September was ending, major global indices hit new lows while Treasury yields spiked to levels that we haven’t seen since the Global Financial Crisis of 2008 in reaction to the U.S. Federal Reserve’s continued hawkish tone and re-pricing of expected rate increase through the end of the year and into next. As October started, we saw a potential “Halloween rally” as global markets rallied between 5% to 7% in a few days on oversold conditions and hopes of a pivot by central banks.

Despite this renewed volatility, patient long-term investors can take advantage of the selloffs. While there may be continued short-term volatility and additional downside risk, it’s impossible to time the bottom. The good news is the consensus across the board is we have more clarity today than we did 6-8 months ago and in turn I am much more positive than at any time in 2022. Today I believe there’s a lot more certainty regarding inflation, interest rates, and the health of the global economy.

While in the middle of the storm it’s hard to see that clearer weather is ahead, I believe we’re much closer to the end of this bear market and if history has taught us anything, patient investors will be rewarded. Remember, the opportunity cost for investors to reach their financial goals is NOT protecting against the potential of another 5% to 10% downside from these levels, but rather missing out on the next bull market that happens after each and every bear market.

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