The third quarter was another difficult one for markets, as nearly all
asset classes globally made further moves to the downside. Although
we don’t see clear skies on the immediate horizon, there are reasons
to be optimistic. If history is any guide, periods of meaningful market
stress and volatility can create compelling—potentially generational
—buying opportunities. We might not be there yet, but with patience,
the time will come.
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Michael J. Aroesty