Special Market Commentary: September 19, 2008
PMFA: Committed to You, Our Valued Client
Needless to say, this has been a very volatile week in the markets. While details are still being announced, news this morning of the Treasury Department using its $50 billion Exchange Stabilization Fund to provide the guarantees for money market mutual funds has provided increased confidence to the system. In addition, Treasury Secretary Henry Paulson met with leaders on Capitol Hill last night to discuss a U.S. Government sponsored rescue plan that he hoped would “get to the heart of the problem." While details of the rescue plan are not known to us at this time, and there is a lot of work that will need to be done in order to get such a solution in place, the fact that such a plan is in serious discussion has also provided the market with increased confidence. Additional news will undoubtedly affect confidence in the weeks and months to come.
In light of the recent events in the securities market, we’d like to take this opportunity to reaffirm our commitment to you, our valued clients, and to our independent, objective model that allows us to always act in your best interests. Our research and due diligence on the markets and the investment firms that manage and custody your assets is ongoing. We remain committed to helping you achieve the fulfillment of your short and long-term goals.
We have attached a write-up regarding our ongoing conversations with Charles Schwab & Co. We have also provided a link included to the right that contains additional information from FINRA regarding the safety of brokerage firm assets. In these types of market situations, our experience has shown that misinformation is often prevalent. We want to make sure that our clients are highly informed and that we communicate frequently with you regarding these matters.
Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.
Data sources for peer group comparisons, returns, and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other source believed to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis non-factual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes only to reflect the current market environment; no index is a directly tradable investment. There may be instances when consultant opinions regarding any fundamental or quantitative analysis may not agree.
Plante Moran Financial Advisors (PMFA) publishes this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the sectors mentioned herein may not be appropriate for you. You should consult a representative from PMFA for investment advice regarding your own situation.
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