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April 1, 2020

Dear Client: Returns for the major stock indices for 2020, and the current bond and money market yields are as follows: Index1st QuarterDow Jones Industrial Average   -23.20%S&P 500   -20.00% Fixed Income Yields1 year5 year10 year30 yearMunicipals1.07%1.17%1.44%2.08%US Treasuries0.15%0.37%0.67%1.34% Fidelity Government Cash Reserves Money Market Fund0.15% We are all well aware of the latest market-moving news.  First, we hope this letter finds everyone healthy and safe.  We know it is an understatement to say that we are all impacted by the COVID-19 virus.  We are all confronted with similar challenges, primarily the question of what we should do to best protect ourselves and families from the threats of this virus.  These challenges range from healthcare concerns to employment and financial considerations and ultimately, how best to care for those we love.  The burdens are heavy, and the uncertainties can be overwhelming.  We know and empathize, as we feel it too.  As with all challenges in life, we have risks to measure, problems and opportunities to resolve and decisions to make. Fear, panic, and emotion; everything we have ever studied concerning making rational investment decisions has taught us to be mindful to not act on emotion.  We know that feelings and emotions are temporary, felt in real-time and spark internal responses associated with anxiety and fight-or-flight responses.  These feelings are real and they affect our behaviors, decisions and quality of life.  Though we are not medical experts and perhaps cannot well articulate the biological experience going on in times of stress, we can add some perspective on market history and reflect on how markets withstood other times of fear, panic and recovery....