December Client Letter

Will We Ever See Prices Like This Again?

From this month’s white-labeled client letter:

“Investing is the only business I know that when things go on sale, people run out of the store” – Mark Yusko.

On March 23rd, 2020, the S&P 500 closed at 2,237.

Will we ever see prices like that again in our lifetime?

History says no.

On October 12th of this year, the S&P 500 closed at 3,577. At the time, it was down 24.49% year-to-date.  However, it was still over 5% higher than the pre-pandemic February 14th, 2020, high of 3,380.

It would have had to drop over 37% to reach the March 2020 low.

In other words, at what might have been the trough of the current bear market, the S&P 500 would have had to drop another 37% to hit the trough of the last bear market just two years before.

Would you have believed me if I told you in March 2020 that you would never see prices like this again in your lifetime?

What if I said that again today, with the S&P 500 sitting at 4,026 after a 12.46% rally in the S&P 500 from October 12th to November 25th?¹

You may never see prices this low again in your lifetime.

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A note on the subscription:

Friends and subscribers have recently pointed out that the subscription cost for ‘The Value of Advice’ is, and I quote, ‘laughably low’ for offering a professionally written and white-labeled client letter plus other valuable content for planning-focused financial advisors.

Here’s my dilemma.

I must raise the subscription price to compensate for the value of the white-labeled client letter and my time. However, I don’t want to price out those advisors who don’t use the letter but want access to the growing archive of actionable and enlightening firm-building, operational, and investment how-to.

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Your Cause is Righteous.

Photo by Nathan Lemon on Unsplash

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