3rd Quarter 2021

Markets Encountered a Slight Detour Not a Derailment.

I hope you and your family members are safe and healthy. I soon look forward to finally meeting many of you in person as some of us are beginning to travel again. As we end this quarter we begin my favorite time of the year. When the cooler temperatures of fall start rolling in, saying goodbye to the summer heat is not hard to do. The holiday season encourages you to spend time thinking about what you and your family have been through in the last year as well as the memories you’ve made together while looking forward to a new and exciting year.

A flat quarter for Stocks and Bonds. The third quarter of 2021 began with optimism around strong corporate earnings, positive economic momentum, and consumers with cash to spend and places to go. Negative headlines received scant attention. More economically sensitive ‘value’ stocks seemed to be taking the reins from less cyclical ‘growth’ stocks as confidence increased that COVID-19 had loosened its grip on our daily lives. Some Wall Street strategists grew cautious and lowered growth forecasts, and some companies lowered future earnings guidance owing to higher costs associated with supply chain disruptions and labor shortages. Despite these short-term issues, we believe the recovery from the pandemic remains on track, acknowledging the road ahead could be bumpy as headline headwinds persist. Some of the equity volatility also due to rising rates and inflation numbers continues to suggest a Fed taper beginning later this year. But our advice for long-term equity investors remains the same: view a correction as an opportunity to add, particularly in cyclical stocks, many of which already have corrected by 10% to 20%. We believe these stocks will lead the market higher into the new year.

I believe every solid relationship should center on open communication. You have several options to access the information you need to know about your portfolio, my firm, Raymond James and the financial markets. In addition to our in-person meetings and one-on-one calls, we’ll also communicate with you through other channels, such as our website, newsletters and social media. You have already been receiving regular updates and emails from me. These communications are designed to provide you with insight into the ever-evolving financial markets and help build the confidence that comes from working with an experienced advisory team. If you haven’t already done so, I encourage you to go to my website to learn more about my firm and access some of the recent research and articles available to you. I also utilize social media channels such as Linkedln. If you already have an account on Linkedln consider following me. These channels provide an excellent way for me to keep you up to date with relevant, timely news. Please let me know how you prefer to receive important communications and how frequently. We’ll do our best to deliver. Guiding you toward financial independence is a collaborative process, and I hope you feel comfortable reaching out to me whenever you have questions, concerns or even new ideas to help me better serve you.

Regards,

Elliot Weissmark, CFP®, CPFA
Senior Vice President, Investments

Any opinion are those of Elliot Weissmark, CFP®, CPFA and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. Past performance does not guarantee future results. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Prior to making an investment decision, please consult with your financial advisor about your individual situation. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise.