“Captain’s Log, supplemental”
“Captain’s Log, supplemental.” Some of you will recognize these as the words spoken by Captain James T. Kirk after each commercial break, to be followed by a recap of what happened in the prior segment and a preview of the action to come. Those words come to mind today as we contemplate stock market developments of the recent past and our desire to share a brief update.
Specifically, we recognize that the significant positive shift in global stock markets over the past four months can be somewhat obscured within our normal reporting format. So we thought we’d take this opportunity to illustrate what has been going on in your portfolio since February. Admittedly, four months does not a trend make, but it’s nonetheless a welcome relief from what had been a rough start to the year.
It is also notable that our average client portfolio is now more than 1% higher than it was immediately prior to the Brexit vote in the U.K., showing that, whatever the long-run consequences for the United Kingdom, investors worldwide have, at least for the moment, shrugged it off and moved on.