July 2018

Welcome back to volatility. The reason we say “welcome back” is because we haven’t seen much in recent years and appear to be returning to normalcy. The S&P500 hit an all-time high in late January only to see a pullback of just over ten percent. The market has been moving in spurts for much of this year and is currently ahead for the year as evidenced by the following chart. *

The market moves Up, Down, or Sideways. We are encouraged by the market despite the negative headwinds the economy is facing, such as rising interest rates, the potential of trade wars, and the negative impact of tariffs. The effects of the recent tax cuts, accommodative federal regulations on businesses, and the easing of

financial constraints on our banking system keep us optimistic as we continue to see resiliency in the economy. So again, we are encouraged as we continue to monitor your investments.

Operationally we are in the final stages of our arduous transition. Should you receive a notice directly from a fund company about an advisor change, please disregard. Let us reassure you that we are still your advisor. If you do get such a notice and have questions, please feel free to call our office at (520) 544-2500. Thank you for signing and returning documents and for your continued patience.

Now for some very pleasant news, please join us in congratulating Alix on the birth of her second son, Grant! We are happy to have her back in the office and look forward to adding Grant’s photo to our baby wall.

As always, thank you for your business and referrals.