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| JANUARY 2008 NEWSLETTER As 2008 unfolds, the declines in stock prices in the US and around the world compete for top billing in the news. The emotional response has created downward volatility that rivals the market bottoms of 1998, 2001 and 2002. As your advisor for the long term, I am confident the strategies we have in place will stand this test. Your portfolio is diversified and prepared for these type of events. This is not the overall economic and market peak that I believe may start when consumer spending stops increasing as it has for the last twenty years. The market turmoil created by the confluence of the burst housing bubble and the subprime mortgage debacle will pass. Various sources project that June or August 2008 is when the peak of mortgage resets and foreclosures will occur. Some measure of normalcy will not return to the real estate and banking sectors until this logjam is cleared. These sectors are grabbing the headlines and overshadowing the strength of other sectors of the economy. Remember the media and politicians love to have topics like this to maintain your attention. Remember the savings and loan crisis when commonsense loan underwriting was forgotten? That created a mess so big that in 1989 the government had to step in and bail out the industry. It was expensive but the crisis passed. The key point is to be aware that there is panic in the markets now. The appropriate reaction for longterm investors is to take advantage of these times in the market. I am looking for those opportunities but for the most part am recommending staying the course or buying in select sectors if new cash is available. Your income plan is diversified. Your portfolio has its own internal cash flow and in some cases we have guarantees to draw against. I have learned the lesson of attempting to time markets by selling and buying to avoid short-term declines. It is a fool’s errand. We will take advantage of the underlying strength of the US and world economies, stay the course, and be ready for the next shift in the market. Don’t let the headlines mess with your head….let historical knowledge be your guide. Best wishes for a happy and prosperous new year from Dominion Wealth, Dominion Wealth Management, Inc. is a registered investment adviser. This publication is only intended for clients and interested investors residing in states in which the Adviser is qualified to provide investment advisory services. Please contact Dominion Wealth Management, Inc. at 703-673-7999 to find out if the investment adviser is qualified to provide investment advisory services in the state where you reside. The Adviser does not attempt to furnish personalized investment advice or services through this publication. Past performance is no guarantee of future results. Some of the information given in this publication has been produced by unaffiliated third parties and, while it is deemed reliable, the Adviser does not guarantee its timeliness, sequence, accuracy, adequacy, or completeness and makes no warranties with respect to results to be obtained from its use. | |
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