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Market Commentary | Apr 03, 2023

1Q2023 Market Commentary: The Confidence War

Michael J. Aroesty

CFP®

"Confidence thrives on honesty, on honor, on the sacredness of obligation, on faithful protection and on unselfish performance. Without them, it cannot live." - Franklin Delano Roosevelt

Confidence serves as the very foundation of our economic, political, and social institutions. As human beings, we must be confident that we can address the ever-evolving issues in our education, healthcare, and social systems. Recently, as consumers, we must trust that the Federal Reserve has the tools, the experience, and the resolve to eradicate inflation. As American citizens, we must believe that our elected officials share a commitment to face and solve the country's spending and debt liabilities - and to avert a catastrophic default. While our fragile confidence in these institutions has been under constant questioning since the formation of our union, the solvency of the banking system has reintroduced its own crisis in confidence.

This material has been provided for general, informational purposes only, represents only a summary of the topics discussed, and is not suitable for everyone. The information contained herein should not be construed as personalized investment advice or recommendations. Rather, they simply reflect the opinions and views of the author. D. B. Root & Company, LLC. does not provide legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications, you should consult appropriate professionals for advice that is specific to your situation. There can be no assurance that any particular strategy or investment will prove profitable. This document contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such sources, and take no responsibility therefore. This document contains certain forward-looking statements signaled by words such as "anticipate," "expect", or "believe" that indicate future possibilities. Due to known and unknown risks, other uncertainties and factors, actual results may differ materially from the expectations portrayed in such forward-looking statements. As such, there is no guarantee that the expectations, beliefs, views and opinions expressed in this document will come to pass. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. All investment strategies have the potential for profit or loss. Asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses.

Michael J. Aroesty

CFP®

Chief Investment Officer

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