The first six months are nearly in for 2023, and the markets are starting well. Markets try to price in the economy six months ahead of time. Many analysts are assuming a recession this year, which was probably priced in at the beginning of the year. It’s what investors think will happen after that recession that’s being priced in now. A popular Wall Street maxim is that Bull markets (rising markets) climb a wall of worry. It seems that’s happening now—but we’ll see.
On the local level, we have been alerted that Pershing is raising the costs of mailing paper statements. It’s already high—as in $1.25 per statement—but it’s going to $2 after August 31 and $3 after January 2024, then $5 by June 2024. There is nothing I hate more than paying for a statement. This annoyance is Pershing’s deal—they want to be “paper-free by 2023.” I guess they’re trying to be green. I think they’re trying to add $5 (in green) to their bottom line. (I ordered a 55-pound window air conditioner from Walmart.com this Spring, and they were so grateful for my business that they delivered it for free.) But perhaps folding those statements is really, really hard.
Anyway, don’t hesitate to contact Jenna (410-810-0735) to get set up for E-deliver for your statements if you want to dodge this nuisance. And while I am disappointed with Pershing, they are all doing this—all custodians charge for this—which doesn’t make it right, but it is the business. Pershing, like all custodians, never misses a chance to be difficult.
Lastly, let’s enjoy the summer (if it ever gets here), and if you have some free time, let’s meet and go over your investments and long-term plans. Having client meetings while the markets are doing well are way more fun than those in the middle of a downturn like 2022.
Thanks for reading, Marty
Ps—for your “enjoyment,” see the attached chart from JP Morgan—it shows how challenging and unique last year was for fixed income. That should correct this year.
https://am.jpmorgan.com/us/en/asset-management/protected/adv/insights/market-insights/guide-to-the-markets/?slideId=fixed-income/gtm-blusanualreturns
Martin Knight, MBA CFP®
Chesapeake Investment Advisors, Inc.
106 Spring Ave.
Chestertown MD 21620
800-994-0221 or 410-810-0735
Fax 410-810-3422
Cell Number 410-490-9415
Website: www.chesadvisors.com
Securities and Advisory Services offered through Geneos Wealth Management, Inc. Member FINRA/SIPC
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