Happy Independence Day! Yes, I'm referring to July 4th, the day we 'Mericans celebrate our independence from Britain. But another "Independence Day", at least termed by some, has made for a very exciting week in the markets. Or was it Brexiting?
After seeing the S&P 500® drop over 5% due to the June 23rd vote in the United Kingdom to leave the European Union, I had assumed that today I would be sending one of my Accountable email messages to all of ATX Portfolio Advisors' customers explaining that after four consecutive months of gains, we would be sharing the pain of the Brexit induced June swoon.
Our customers would be looking at their statements, wondering where the year's gains just went and I would be reminding myself that billing only in months where client portfolios increase in value squarely aligns the interests of the customer and advisor. I had teed up a Dimensional Funds article, UK’s EU Referendum Result, which was to reassure readers that this too shall pass.
In an effort to bring some cheer to what appeared to be a London Fog induced dreariness, I was going to share an article by Jim Parker titled, 10 Reasons to be Cheerful. Finally, I also was going to share another Parker column for those of you that prefer to self medicate depression called The Wine Lovers Guide to Investing.
But then the markets did what they so often do, they reacted differently than virtually everyone expected. The S&P 500® rallied to end the month almost where it started, and other markets actually finished higher than before the referendum. If you are an ATX client, you probably will notice that we are billing for the fifth consecutive month (great news for our customers and ATX!).
So, enjoy the material anyway while we celebrate together. Oh, and have a safe and happy Independence Day!