Happy Thanksgiving to you and yours!

Do you recall as a kid going around the Thanksgiving table and naming things in which you were thankful?  This is a tradition that still holds in our family today.  Imagine the same may be true for you, as well.  Like you, we find there is so much in which to be thankful.  High on the list are the relationships we share with our trusted clients and friends.  Thank you!

Now, to the markets…

Market Update

As of the most recent FactSet report, with the vast majority of companies having reported, the S&P is currently trading at 18.6 times the Wall Street consensus forward average estimate.  This compares to a ten-year forward multiple average of 17.6 and a five-year forward multiple average of 18.8.  Therefore, we continue to find ourselves in a market that is fairly valued – neither overly expensive, nor cheap.

November

Although we still have today, a half-day Friday, and four full days of trading next week before November comes to a close, so far this has been a beautiful month in the equity market.  A pleasant change from the ugly past three months.  Historically, November, December, and January make for the three best consecutive months of the year.  There are plenty of exceptions, but all-in-all this tends to be a sweet-spot on the calendar.  We will be happy if the rally continues, and thrilled if it begins to broaden!

Year-to-Date

As indicated in our last update, so far 2023 has consisted of a narrow rally with few stocks responsible for the bulk of the year-to-date gains.  In fact, the returns for the market cap weighted S&P 500 are more than six times greater than a more esoteric equal weighted index.   However, asset allocation and diversification remain prudent strategies for long-term investors. 

Logistics / Housekeeping

We are reviewing portfolios and working on year-end tax planning.  Each portfolio is being evaluated and analyzed as we calculate current YTD overall returns along with taxable realized capital gains.  Should there be any questions, comments, or concerns, before we reach out to converse, we welcome the contact and communication. 

Thank you!

This finds us back to where we began.  It is an honor and a privilege to work with those who entrust us with their life savings.  We appreciate the opportunity and cherish the close relationships.  It is those relationships that make life interesting and provide professional purpose and a livelihood.  May your Thanksgiving list be abundant and may Thanksgiving itself be meaningful, special, and fun, for you and yours!  We are thankful for you!