Deficits and Debts

First, let's agree on definitions. By "deficit" I mean the amount by which government revenues (read: taxes) are less than what it spends in a given year. Second, by "Debt" I mean the accumulation of all the previous year's deficits. Another way of thinking of this is the total amount of what is owed by the government (read: taxpayers).

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Q4 2018 Market Returns

It's been a comparably rough 5 years to be a diversified investor. The S&P 500 has produced average returns over 11% annually in the five years ending Oct 31st while international and emerging market indexes produced far lower returns for the same period (1.86% and .78% respectively). Investors might ask themselves: "Should I stick with diversification?"

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Investing is Difficult

Twice this year markets have declined ten percent or more.  While a "bear market" (defined as a twenty percent plus decline) has not occurred in almost 10 years, it can be gut wrenching to watch portfolio values decline - not knowing how current volatility will end.

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