July Market Note

July 10, 2018

Bull markets are born in crisis, mature in confidence, and end in complacency. Though the beginning and the end of a cycle can be identified with some confidence in hindsight, the transition from one stage to the next can be problematic at best while in the midst of it. However, prudent investors will focus on eventual outcomes and will not assume that what happened yesterday will happen today or tomorrow or the day after that.

As evidenced by the number of investors who have predicted the end of the current bull market and were wrong, where we are exactly in the cycle is unknown, but we can at a minimum be aware of our surroundings and prepare accordingly.

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