DM Portfolio Commentary – Q3 2022

The most renowned investor of them all once said, “I never have an opinion about the market because it wouldn’t be any good, and it might interfere with the opinions we have that are good. If we’re right about a business, if we think a business is attractive, it would be very foolish for us to not take action on it because we thought something about what the market was going to do.”

While most individuals understand that durable investment portfolios are the product of patience and focus such as that described above, the temptation to “do something” when the news cycle turns negative, and stocks react can become excruciatingly difficult to resist. For most of this year, we’ve found ourselves mired in one of these mettle testing environments, as a generational spike in inflation and an accompanying surge in interest rates has pummeled the interim values of virtually all assets. The investor who hasn’t fretted over his or her portfolio at some point in 2022, or wondered if previously laid financial plans remain valid, likely doesn’t exist.

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