We are so proud of our clients! Not one of you emailed last week panicking about your portfolio. Russia is invading Ukraine and nobody is panicking. We appreciate your confidence in us and our investment process and want to share our perspective on the invasion and its potential impact on your portfolio.

In the long-run, assuming Russia’s actions are confined to Ukraine, we expect little impact on your investment results. In the short-run, increased portfolio volatility is likely. However, as you know, we don’t over-react to news stories or short-term volatility. Excessive trading and trying to time market movements negatively impacts investment returns.

We believe remaining calm, disciplined and retaining a prudent investment approach yields the best investment results. This is how we will continue to manage your investment portfolio.

Ironically, the first two days of the Russian invasion led to gains in the major stock markets. This outcome is opposite to expectations when the news first broke. Nobody can predict how these events will play out or impact markets over the coming weeks and months. While we will continue to monitor the events in Ukraine and elsewhere in the world, your investment goals and risk tolerance will continue to guide our investment process.