Investment Wisdom Or Just Grumpy Old Men?

Will the markets decline, and will interest rates stay the same or increase?  I wish I could give you the answer, but I cannot.  Knowing that market prices are higher than historical averages, and interest rates are lower than historical averages, does help guide us in the construction and maintenance of portfolios.  It helps us recognize that easy money from owning common stocks and bonds is probably over.  That great opportunities are few and far between, and that a cautious approach for a conservative investor is warranted. 

Of course we could be wrong, and caution could result in a less than average rate of return.  We must be willing to accept that.  We also know that opportunities will make themselves available independent of averages.  We don’t know when, or for that matter what, these will be, but we will be prepared to take advantage of them when they arise with the reserves we have been building in portfolios.

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Disclosure: Anderson Griggs & Company, Inc., doing business as Anderson Griggs Investments, is a registered investment adviser.  Anderson Griggs only conducts business in states and ...

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