| June 14, 2022

Here we go again. When people realized that we were in a real pandemic two years ago, I decided to send a letter every Monday advising people not to panic. I cautioned people about changing their objectives or going to cash. Markets reverse with little prior notice and we miss out. We turn paper losses into real losses and experience terrible regret.

The challenges we face today are real and serious. The pandemic was real and serious. At the time, nobody could see what would get us out of it. Not only did we get out of it, but markets soared. Many people, perhaps most people, jumped on the train when it was too late.

We are approaching a time when real opportunities to lock in high-interest rates will finally return. Markets are approaching reasonable prices. Opportunity requires patience and a cool head though.

We are carefully monitoring the situation. We have been pretty defensive in the portfolios for seven or eight months. We will remove our defensive posture when we feel that the time has come. We are not there yet.

Do not hesitate to contact us with concerns and questions.

P.S. Thank you to an alert client. In my last blog, I did not do the calculations myself when converting the price of gas. I used a French website that was in Imperial gallons. Not U.S. gallons. The price conversion should have been $9.18.