Market Analysis

September brings the fall season to our calendars and sometimes the market falls too.  No one really knows why this month brings more declines than any other month.  Our belief, and the broad body of evidence from numerous sources, points to the building of strength in the market which is exactly what should be happening right now if we are in the beginning stages of a powerful long term bull market.  Whether or not this correction is over we do not know, but there will be many corrections over the next several years that will each set the stage for new highs.

Bull markets, as we believe we are in, chronicle positive changes in the economy that bring about increased efficiency, employment to new industries and optimism for people to anticipate that things are getting better.  This optimism typically brings more volume in trading and broader participation across diverse sectors such as the adage of a rising tide lifts all boats.  This situation has not occurred since the early 1990’s because the rally that occurred during the 2003-2007 period was more of a big ending than a beginning with real estate topping out and experiencing a dramatic decline.

There are many in our business who are called “perma-bulls” promoting the belief that prices will always rise and in the long term have generally been proven right.  But there can be prolonged periods of decline that some are unable to recover from for a variety of reasons.  We at Marin Group pride ourselves on being pragmatists, letting the weight of the evidence guide our outlook and investment decisions and we believe we are entering the “fun time” in our business where we can see the fruits our labor bring about an increase in wealth of our clients and their families.

Gary and Dianne

This report is provided as a general market overview and should not be considered investment or tax advice or predictive of any future market performance.

Any security mentioned in this report may not be suitable for all investors. No investment mentioned in this newsletter constitutes a recommendation to buy, sell or hold a particular investment. Such recommendations can only be made on an individual basis after an assessment of an individual investor’s risk tolerance and personal circumstances. Past performance of any investment mentioned is not a guarantee of future performance. Statements regarding the investment concerns and merits of any company and fair market value computations are strictly the opinion of Marin Group. Employees of Marin Group and Marin Group clients may have positions and effect transactions in the securities of the issuers mentioned herein.