Reframing Our Perspective

“What I am looking for is a blessing not in disguise.” Jerome K. Jerome In response to aphorisms like “adversity builds character,” and “what doesn’t kill you makes you stronger,” is the honest plea from 19th century humorist Jerome K. Jerome, “What I am looking for is a blessing not in disguise.” While hard to…

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Glide Path 2023: Do Headwinds Require a Change in the Plan?

The headwinds (and headlines) of 2022 included this: 2022 was a year of volatility and concern over the prospects of a recession in 2023. However, for many defined benefit plans, those headwinds were favorable in the way they affected plan funded status, or the measure of plan assets to meet future obligations. Funded status is…

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January 2023

Summary With 2022 in the rearview mirror, a year one would like to forget, markets in January kicked off afresh with positive returns across asset classes. The first inflation news for 2023 showed a continuation of the recent easing trend, as December’s Consumer Price Index (CPI) of 6.5% marked the lowest 12-month change since late…

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Gemini Cruise on Lake Erie

We enjoyed a wonderful cruise of the Lake Erie Islands on September 28, 2022, with incredible weather and scenery, in addition to our guests.  We are sure the Battle of Lake Erie discussion will be treasured by all who participated. It was delightful to spend time with those that could make it; sorry to miss…

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December 2022

Summary Markets closed out a difficult year by finishing lower in December. After a late year rally, stocks slid, with the S&P losing 5.8 percent for the month. The Federal Reserve raised rates by 50 basis points mid-month, a slight reprieve from the series of 75 basis point moves earlier in the year and bond…

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November 2022

Summary Stocks and bonds were broadly positive in November as inflation slowed, with the Consumer Price Index (CPI) coming in at +7.7% year-over-year and below market expectations (+8%). Treasury yields declined and stocks rallied, as investors took the positive inflation surprise as a signal that the Federal Reserve would likely begin scaling back their tightening…

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