Congratulations, you just made it through another bear market! We think the cyclical bear is heading back to his cave and that the secular bull will soon resume its charge.  We have written many times that we believe that a secular bull market began in 2011 which was the valuation low of the previous secular bear market while the price low occurred in 2009. Having said that we have appropriate risk management strategies in place to increase our clients’ odds for success in the event that we are wrong.

In the short run, two emotions always ru...

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