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October 1, 2018

Dear Client:   Returns for the major stock indices through the third quarter of 2018, and the current bond market yields are as follows:   Index YTD 2018 Dow Jones Industrial Average      8.67% S&P 500      10.56%   Fixed Income Yields 1 year 5 year 10 year 30 year Municipals 1.92% 2.23% 2.62%     3.26% US Treasuries 2.57% 2.94% 3.05% 3.20%   Through the first three quarters of 2018, the markets have continued to deliver successful results.  The equity market indices have again reached all-time highs as have your stock based portfolios.  The economy is firing on nearly all cylinders as eight of the eleven sectors in the S&P 500 are positive for the year, and 80% of the companies topped their earnings estimates in the 2nd quarter.  The markets are still benefiting from the lower corporate tax rates, which have significantly contributed to impressive year-over-year earnings growth.  In each of the first two quarters earnings have been up over 20% and we have yet to see the 3rd and 4th quarter numbers, which we do not believe will be anything but remarkable.  The U.S. markets have dominated their foreign counterparts as the total U.S. equity market capitalization has risen this year from 36.60% to 40.16% of the total world equity market cap.  By now, you are fully aware we are in a bull market and have been for almost a decade. At LYNCH & Associates, we believe to be successful as an investor, one must be dedicated to a long-term vision.  We admit we sound like a broken record beating the long-term drum.  As highlighted in multiple...