Update On Current Times

Dear friend,

I hope this finds you and your loved ones safe and well.

We have been told by our health care officials to prepare for the next few weeks to grow “worse before it becomes better”.

Less important but, in a similar way, so will the stock market reaction.

Your March 31 statements will be arriving soon and they are not going to be pretty. However, as we have talked about before:

Current values are not relevant values unless you need the money now.

We have made adjustments to significantly reduce risk in your portfolio until we see clear skies again.  Additionally, many of you may have income programs and other protections in place.

We may have talked recently but if you want to talk again please let me know.

I leave you with these following thoughts that I subscribe to:

o        We have decided to be guided by history as opposed to headlines. Invited by the media to subscribe to the thesis “This time it’s different,” we respond instead “This too shall pass.”

o        My mission continues to be: not to insulate you from short to intermediate-term volatility, but to minimize your long-term regret. The best way I know to do that is by encouraging you to stay the course on your long-term plan.

o        In my experience, all successful long-term investors are continuously acting on a plan. All the failed investors I’ve ever encountered were continually reacting to current events – and always the wrong way.

o        In politics, the short term is crystal clear, and the long term is murky. In the stock market, the short term is murky, but the long term is crystal clear.  While the near-term is quite uncertain, I remain confident in the long-term resiliency of us all.

Be safe and stay well.

Jim & DWM team

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

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