When a team came from behind to forge a tie in the course of a game, a certain sportscaster in the last century would exclaim “It’s a whole new ball game!”
Games begin tied, zero to zero. So in a sense, a game that becomes tied in mid-course is a new game. We get the same sensation from the start of a new year. The coming of the new year is a good time to reflect on the year just ending, and to think ahead about the year to come.
2018 was interesting, to say the least.
• From a high point in January, the market became choppy and volatile. Some of the bargains we own got cheaper. Account values shrank over the course of the year.
• Some corporate earnings and economic indicators were strong, and interest rates rose.
• LPL Financial, our institutional broker dealer, used its increasing scale to reduce our overhead and improve the technology with which we serve you.
• We added staff at 228 Main, and started projects that will improve things in the years ahead.
• We will work to uncover potential opportunities as the economic cycle unfolds, and continue to monitor our holdings on a regular basis.
• Sorting out how to house a growing business in the years ahead will be a bigger issue as time goes on.
• We will continue to add systems and understudies to improve the sustainability and durability of the business. (I still want to work to age 92, after all.)
Your own look back and look ahead are about your own challenges and opportunities. Clients, if you would like to talk about those, please email us or call.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.