Investing Newsletter - Jan 2019

• After declines of 10% or more, equity returns over the subsequent 12 months have been positive over 70% of the time.

• The increased market volatility in the fourth quarter of 2018 underscores the importance of following an investment approach based on diversification and discipline rather than prediction and timing.

• Investors should take comfort in knowing that past bear markets have all eventually been followed by positive returns.