Greetings and happy August to everyone. After a Second-Quarter Rout in the U.S. Stock Market – the average stock fund fell by 16.3% according to Refinitiv Lipper Data - stocks staged a nice recovery towards the start of the third quarter. The S&P 500 rose about 9% in July. This was against a backdrop of extreme investor pessimism. Corporate earnings were not as bad as feared and there are signs that inflation may have peaked. Also, bond futures are already factoring in interest rate CUTS next year. It is very hard to predict the market, and time-in, not timing, is the way to make money and grow wealth long-term.
On a brighter note, we had another fantastic intern this summer. Kennedy Watts is pictured with Erin Brophy and me (far left), as well as some pictures of interns from past summers. I have found that hiring summer interns has been great for our practice. They bring fresh energy and enthusiasm. We typically have over 100 applications for one or two spots. It is extremely difficult to not hire several people every year. The students that work with us have been amazing, and bring a level of maturity that I did not possess at their age. We wish Kennedy all the best as she enters her senior year at the University of Richmond. We also wish you happiness and a great end to the summer of 2022. This year has been full of surprises, so we are hoping for an upside surprise and happier news for the rest of the year.