Dear Clients and Friends,

I hope this message find you well and that you had an enjoyable summer! We are in the process of scheduling our fall meetings, and you will be hearing from Audrey shortly to schedule your meeting (unless you have one already on the calendar!)

I wanted to alert you to the fact that I will be taking an adventure in October and will be completely unavailable the second and third week of October. I will be in Northern Pakistan trekking in the foothills of the Karakorum range. (Exciting but a little scary!) Please let me know in advance if you need anything from me this week. Audrey will be available to assist with scheduling and dealing with any administrative matters while I am away. All money movement requests during this period will need to be processed via DocuSign and will require an extra day or two to process so please keep that in mind.

The third quarter is ending on September 30th and your quarter-end reports will be available in early October. They will be available in your client portal: https://kendall.advisorhubservices.com/login and we will be mailing them to you by regular mail.

Ignoring the Bumps

The US stock market had two declines this year that startled many investors. One was just over a month ago, when stocks fell about 8.5% from July 17 through August 5. I had actually forgotten about the other one back in April, when stocks dropped 5.7% from April 1st through April 19th. (1)

What may have gotten lost in focusing on the declines is how well the US market has performed for the overall year. Through the end of August, the Russell 3000 Index was up 17.1%. That’s substantially higher than the index’s average calendar-year return of 13.2% from 1979 to 2023.

There’s an important message here about not overreacting during a downturn—it could be a momentary blip in an otherwise upward climb for the markets. In fact, the Russell 3000 had an intra-year decline of at least 10% in 25 out of 45 years since 1979. In 17 of those 25, the index ended up for the year!

We look forward to seeing you later this fall!

Sincerely,

Anna & Audrey