March Market Note

March 14, 2018

This month we wanted to share a piece with you written by our fellow Investment Committee Member Scott Welch, CIMA®, Chief Investment Officer of Dynasty Financial Partners.

We suspect many people are at least passingly familiar with the first line or two of Rudyard Kipling’s classic poem “If” but rarely, if ever, have read the whole thing or thought about its context. It was written as an ode of paternal advice from father to son, and in honor of the heroism and stoicism of a British mercenary who lead a losing raid against the Boer government in South Africa – a raid that ultimately lead to the second Boer War (1899 – 1902). So, to be clear – the protagonist was a mercenary, he lost, and his actions led to a war. Clearly, he deserved a poem written in his honor. But the market actions of late January and early February brought this poem to mind, as panic (briefly) overtook the markets, and it clearly was critical to “keep your head when all others about you were losing theirs.”

To continue reading, download the full document below: