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Monthly Investment Letter

November is the perfect month to give thanks and be grateful. It is also a great time to plan our investment strategy

for 2023. We will be in touch to discuss your Required Minimum Distribution (RMD), if applicable, and

also any tax selling to harvest gains and losses if we haven’t reached out already.

We continue to stay balanced and cautious ahead of what is proving to be a very volatile 4th Quarter.

Our economy continues to struggle with inflation, supply-side issues, and a very hawkish Federal

Reserve. Fourth Quarter earnings have been mixed, with visibility being a real issue.

It appears likely we are headed toward a recession. Some economists feel we are already in one. The

Federal Reserve continues to aggressively raise interest rates and the “yield curve remains inverted

(the 2-year Treasury Bonds pay more than the 10-year Treasury Bonds). Since the Stock Market is a

leading indicator of the overall economy; the markets being down in 2022 points to a recession in 2023.

However, the Stock Market could very well move higher next year in anticipation of the ending of a


We are staying cautious with regard to stock market investments unless we see a substantial further

decline. We would raise our equity targets if we see further substantially lower valuations.

We wish you an amazing Thanksgiving and, as always, we are thankful and grateful for your trust in us.

With kind regards,

Jerry Schuder


P.s. – It’s about you!

Monthly Investment Letters

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