2nd quarter 2023 Client Letter

There is a Difference Between Newsworthy and Investable

I hope you and your family members are safe and healthy and ready for Summer. Many will finally resume their traveling as TSA reported June 30, 2023, the highest number of passengers ever of 2,884,683. Hotel occupancy levels are near all-time highs, cruise lines are over capacity and airlines are reporting demand has exceeded capacity. At the same time naysayers continue to say the economy is vulnerable.

There is rarely a dull moment in the 24/7 news cycle and the first half of 2023 has been no different. Fears of another banking crisis to worries about the debt ceiling, investors have been inundated with heavy headlines lately. Yet, despite all the negative news, most major indexes have increased significantly in value throughout the year. Thus, it is natural to ask. “To what extent should ‘the news of the day’ affect my investment plan?

After many years of following the headlines and monitoring their impact on stock prices, most of what appears in the headlines does not require immediate adjustments to long-term investment plans. For this reason, you may want to consider putting warning labels on newspapers, radios, televisions, computers and mobile phones, like those seen on other potentially dangerous products. A suggested warning label might read: DANGER headlines can impair investment decisions. Consult professional before portfolio adjustment.

That being said, not all news should be ignored. We believe that the best investment decisions are made when investors can tune out the noise and focus on the news that is most likely to carry meaningful investment implications. The final arbiter of news, in our opinion, is the market. Therefore, while we have theories about what news matters and how it should be interpreted, we must always recognize the market’s message, especially when it conflict with our own. As we wait for additional clarity and ultimate resolution of many of today’s headlines, we will stay vigilant, adjust our portfolios accordingly and continue to focus on ‘process over prediction’.

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.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.