Greetings Clients and Friends:

I hope you had a Happy Easter, or chag Pesach samech.

Year-to-date losses of the S&P 500 Index of large US company stocks now stand at 13% after the index posted a tremendous 12% rebound last week. This is due largely to the Federal Reserve’s announcement on Thursday that it would pump an additional $2.3 trillion into the economy.

We still have a long way to go. I have attached an excellent article by Howard Marks, Co-Chairman of Oaktree Capital Management and a thoughtful investor and writer who has had a significant influence on our thinking over much of our careers. If you take the time to read this, you will recognize many of the beliefs and strategies that I have shared with you in the past and which guide us now.

Chief Allocation Strategist Steve Bobo and I have our next scheduled meeting tomorrow.  We will continue to calibrate your investment strategies.

Stay safe, be kind, and please do not hesitate to contact me.

Sincerely,

John