Dear Clients and Friends, The sun has been shining lately, but the stock market has surely been putting a damper on our Spring! The stock market has had, to put it mildly, a very difficult start to the year. As I write this, the S&P 500 Index is down 17%, the tech-heavy Nasdaq is down …

The first quarter of 2022 was volatile for stocks. The S&P 500 Index fell 4.95%, the Dow Jones Industrial Average dropped 4.57%, and the MSCI All World ex USA Index was down 5.44%. Bonds, always considered less volatile than stocks, actually declined more with the Barclays Aggregate Bond Index falling 5.93%. Obviously, rising inflationary pressures …