April 2010 Investment Strategy

During the first quarter the market underwent an 8.2% correction, but quickly snapped back to achieve new highs by quarter’s end.  Despite this resiliency, the media continues to try to convince investors that both the stock market and the economy are ultimately doomed because of the lack of job growth.  The common belief is that unemployment will stay high for at least several years and 8%+ unemployment will become the ‘new normal.’ As consistent market participants over the past few decades, we are again amazed by the level of disbelief in the strength and sustainability of the current economic and market recovery.  Ironically this “wall of worry” has been a key element in every bull market over the past thirty years.

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