Cycle of Market Emotions

The track records of many successful professionals can be attributed to keeping it simple and avoiding unforced errors

Every year over the past 10 years we have written a similar letter.

Investment professionals and financial commentators are not immune.

Normal is the market going up and down in a manner that can be unnerving over short-term periods.

We want to understand what's happening around us. But what else are we doing? Sticking to our plans.

Stay calm and stick to the plan.