August is finally behind us! That’s right, friends. For the last couple of months, I have been mentioning that August is traditionally the worst performing month for the S&P 500. All things considered, we fared pretty well. Overall, the S&P produced a loss of about 2.9%. In addition, the economy grew at a better-than-expected pace of 2.5% for the year. While that isn’t super, we’re not going backwards.
So what lies ahead? First, as I write, the U.S. is poised for a debate about whether or not we’ll order strikes on Syria. Gas prices are on the rise, and will continue to go up.
But there is good news too. We’ve had some of our alternative investments go public, and there are more that are positioning to do so. In addition, in two of the last three years the overall September to December S&P outperforms the January to August timeframe. So better months may be just ahead.
I know a lot is going to happen between now and my October commentary. Rest assured that I am watching everything very closely on your behalf.
Finally, the Third Annual Timmy’s Mountain One-Club Golf Tournament is this Friday at Bear Creek – and this year, it sold out two weeks early! I know I will see many of you there, and I truly appreciate your support. It’s a fun day, and the afternoon is capped off by a small oral auction. One of the “items” for auction is a selection of 12 framed pictures of the Honduran children. The proceeds from that auction goes to our work-for-food program, which last year provided 15 families with food for six weeks. We hope to make it even better this year.
We greatly appreciate your confidence in us, and know that we work very hard to earn it. We currently have over $370 million in assets under management, and every dollar is important to us. Stay healthy, wealthy and wise … and certainly, stay tuned.