3Q 2017 Market Commentary

“Autumn asks that we prepare for the future — that we be wise in the ways of garnering and keeping. But it also asks that we learn to let go…” Bonaro W. Overstreet

For all of its vibrant color, autumn is a sober season. We might love it for its beauty, but we respect it for its brevity and for the change it portends. Autumn asks much of us. It is distinctly unlike the heady spring and summer seasons, which dare us to dream. Rather, autumn compels us to choose between that which we’d like to accomplish with that which we can actually accomplish. It’s a season that forces us to be pragmatic, to prioritize our time and our goals before the snow flies. In short, autumn is a time to reconcile our wants with our needs.

Thus, if ever there were a season made for portfolio managers, it would be autumn. Investment management and financial planning are all about preparing for the future and juggling competing objectives. Think back to the last time you came in for a portfolio review, and you’ll likely recall us discussing the difference between needs and wants. A need is something you can’t live without, whereas a want is a luxury you’d like to have if possible.

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