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Two Roads Diverged In a Wood

Two Roads Diverged In a Wood

December 20, 2023

And I—

I took the one less traveled by,

And that has made all the difference.

~Robert Frost

I think we can officially label 2023 as the year of the road less traveled. A year that opened with unprecedented negativity. Corporate earnings declining. Inflation as high as it’s been in my lifetime. Rumors of mass layoffs. Experts predicting a 100% chance of a recession. The biggest 7 stocks were too big. Interest rates so high they might kill us all. Multiple wars raging overseas. The only way the markets could go was down. Everything was bad. Or was it?

For those that tuned out the noise, remained disciplined and stayed the course—on the road less traveled—markets accomplished things few believed possible. As of this writing…

  • The S&P 500 is up over 25%
  • Nasdaq over 53%
  • Mid Caps over 15%
  • Small Caps over 16%
  • Small Cap Value over 20%
  • International Developed over 15%
  • Emerging Markets: over 7%
  • US Aggregate Bonds: over 5%

I would be remiss if I didn’t share a quote from an advisor that I greatly admire, Rubin Miller of Peltoma Capital Partners, that perfectly conveys my thoughts and actions over the last two years:

“For about 700 days, I have used careful language to describe the resiliency of markets. I have never promised a future recovery, only described its near inevitability at an unknown future time.

In encouraging investors to stay disciplined, I have offered this sentiment:

Every historical market downturn has recovered, except the one we are in. But there's no reason to think this time is special.

And it wasn't. And it has always been that way.”

If we’ve worked together for any length of time, I hope the above sentiment sounds familiar. I suspect you will hear a similar message from me again at some point in the future, although I hope we have some time between now and then. 

In closing, 2023 will always be the year that Park Hill Financial Planning & Investment Management was born. If you are reading this, know that you played a big part in the firm's success thus far. I look forward to building on this years’ momentum and continuing to be a trusted resource for you and your family in 2024 and beyond.

Thank you, as always, for your support and I hope you have a blessed holiday season!